Sei Network Q2 2025: Gaming & DeFi Hit Record Highs

The Sei Network witnessed an extraordinary quarter in gaming activity, with 49.5 million transactions recorded in Q2 2025—a sharp 24% increase from Q1’s 39.9 million. This growth underscores the blockchain’s emerging dominance in the gaming sector, as highlighted in Messari’s State of Sei Network Q2 2025 report. Leading the charge was Hot Spring, a tycoon-style mobile game developed by Nika Labs, which averaged 130,310 daily transactions—a staggering 134.9% quarter-on-quarter jump—overtaking World of Dypians as the top contributor.

World of Dypians, a multichain MMORPG available on the Epic Game Store, maintained strong momentum with 95,910 daily transactions, up 56.7% from the previous quarter. Other notable performers included Archer Hunter, a roguelike mobile game, which saw a 22.7% increase to 57,700 daily transactions, and titles like Piratopia, DragonLand, Empire of SEI, and Sugar Senpai that enriched Sei’s diverse gaming universe. This vibrant activity drove a 36.6% rise in average daily active addresses to 426,000 and a 12.6% increase in average daily transactions to 720,300, marking the fourth consecutive quarter of growth.

The DeFi ecosystem on Sei Network experienced a transformative upswing, with total value locked (TVL) reaching an all-time high of $609.4 million by the end of Q2 2025—a 67.8% surge in dollar terms. This remarkable growth was largely fueled by the launch of Sei V2 in May 2024, which introduced Ethereum Virtual Machine (EVM) compatibility, broadening the network’s appeal to developers and users familiar with Ethereum’s ecosystem. The native token SEI also played a pivotal role, appreciating 63.5% over the quarter to $0.28, though TVL measured in SEI units saw a more modest 2.6% gain to 2.16 billion.

However, Messari’s data revealed a contraction in DeFi diversity, with the number of protocols dropping from six to four, indicating a consolidation where larger platforms are cementing their dominance. Yei Finance emerged as the clear leader in lending and borrowing, boasting a TVL of $365.9 million—a 90.5% increase—and commanding 60.1% of Sei’s DeFi market. Takara Lend also captured significant market share, surging 374.9% to $71.3 million in TVL. On the trading front, Sailor led decentralized exchange (DEX) activity with average daily volume up 52.6% to $24.6 million, reflecting heightened liquidity and user engagement.

Sei Network’s stablecoin market cap reached a record $276.8 million in Q2 2025, underscoring the network’s growing utility for transactions and settlements. Circle’s USDC dominated this landscape, accounting for $233.7 million or 84.5% of the total supply, highlighting its entrenched position as the preferred stablecoin for users and developers. USDT, while smaller in scale, exhibited explosive growth of 464.7% to $27.4 million, largely driven by migration activities related to USDT0 in April.

This robust stablecoin infrastructure not only facilitates seamless gaming and DeFi operations but also enhances the network’s appeal for real-world asset (RWA) integrations and broader financial applications. The dominance of USDC, coupled with USDT’s rapid expansion, points to a maturing ecosystem that is increasingly aligned with mainstream financial instruments, potentially paving the way for greater institutional adoption and cross-chain interoperability.

Sei Network’s Q2 2025 performance paints a picture of a blockchain in hypergrowth, driven by synergistic advancements in gaming, DeFi, and stablecoin adoption. The consecutive quarterly increases in daily active addresses and transactions suggest strong user retention and network effects, while the record-breaking TVL and stablecoin metrics indicate deepening liquidity and financial sophistication. However, the decline in DeFi protocol diversity signals a need for continued innovation to prevent over-reliance on a few dominant players like Yei Finance and Sailor.

Looking ahead, the network’s ability to maintain this momentum will hinge on further leveraging Sei V2’s EVM compatibility to attract Ethereum-native projects, expanding its gaming portfolio with high-quality titles, and fostering a more diverse DeFi landscape. With the SEI token’s price rally and growing ecosystem fundamentals, Sei Network is well-positioned to capitalize on the broader crypto bull market, though it must navigate challenges such as scalability, competition, and regulatory developments surrounding stablecoins like USDC and USDT.