Sei (SEI) has become the talk of the crypto market following a sharp 47% rise in 24 hours, driven by Wyoming's choice to utilize its blockchain platform for launching a stablecoin.
Why Sei Was Chosen by Wyoming
The choice to select Sei for the launch of the state stablecoin, known as WYST, is an unexpected turn of events. Wyoming, which positions itself as a cryptocurrency laboratory, opted for Sei amidst the overall competitive pressure in the blockchain space.
Increased Activity on the Sei Blockchain
Over the past two months, there has been a sharp increase in activity on the Sei blockchain: the number of active addresses increased by 180%, while the total number of transactions rose by 20%. The Total Value Locked (TVL) reached $542 million, adding credibility to the network amid increasing investor caution.
The Future of Sei and Potential Risks
Canary Capital's request to create an ETF based on SEI could significantly boost interest from institutional investors. However, there are risks associated with the approval of the stablecoin and potential delays from the SEC that may impact future growth.
Sei represents an intriguing example of how technology and political initiatives can influence the dynamics of the crypto market. The key question remains whether Sei can maintain its relevance amidst competition and uncertainty.
