The SEI token has demonstrated significant growth, leading among the top 100 crypto assets over the past day. This surge occurred alongside a general recovery in the crypto market, with Bitcoin also reaching a new level.
SEI's Rise in the Crypto Market
SEI price surged by more than 40% in the last 24 hours to hit $0.268, marking its highest level since May 12. Its 24-hour trading volume spiked by 258% to stand at $793 million. The token now boasts a market cap of $1.53 billion.
DeFi Dynamics on SEI
The crypto market rebound followed US President Donald Trump’s announcement of a potential ceasefire between Israel and Iran. This eased geopolitical tensions and sparked a risk-on sentiment across global markets. According to data provided by DefiLlama, the total value locked (TVL) on the SEI blockchain soared 26% over the last day to hit $535 million, just shy of its all-time high. At the beginning of the year, its TVL was around $208 million.
Surge in Interest for SEI Futures
The total stablecoin supply on the SEI chain has jumped from just $1.2 million in March to over $225 million today, with USDC commanding more than 83% of the market share. Protocol revenues have also followed suit, with monthly earnings from SEI-based DeFi protocols ballooning from $116,000 in March to $562,000 in June, reflecting high user activity. Open interest in SEI futures has soared by over 84% in the last 24 hours.
The growth of the SEI token and its DeFi metrics highlights the increasing interest in this asset, especially amid improving conditions in the crypto market.
