SEI Multi-Platform Integration and Ecosystem Expansion Analysis

TL;DR

Sei achieved a major breakthrough in multi-platform integration in the second half of 2025. MEXC enabled USDC network support on September 15th and launched the SEI/USDC trading pair on December 3rd. Combined with native USDC integration from 10 major exchanges including Binance and Coinbase, this propelled Sei to become a leading stablecoin settlement layer. Although on-chain TVL retreated from $588M in September to $221M in December, daily active users reached a record high of 1.6 million in November (a year-on-year increase of 243%), processing over 4 billion transactions cumulatively. The rapid deployment of institutional-grade RWA, AI tools, and GameFi projects demonstrates a significant improvement in ecosystem quality.

Core Analysis

MEXC USDC Support Timeline

Price reaction : SEI fluctuated before and after its launch. It fell to $0.1234 (-10.2%) on December 2, the day of the announcement, and rebounded to $0.1378 (+11.6%) when trading resumed on December 3. It stabilized at around $0.1325 as of December 8.

Multi-platform integration matrix

Exchange coverage :

SEI has covered 10 major exchanges, including Coinbase, Hyperliquid, Upbit, Bithumb, etc., with a total of 25 trading pairs (24 of which are active), and a global 24-hour trading volume of $66.73M.

Native USDC infrastructure :

• Circle CCTP v2 (launching in July 2025): Contract address 0xe15fC38F6D8c56aF07bbCBe3BAf5708A2Bf42392 , supports bridgeless cross-chain transfers across 13+ chains.
• Institutional deposit channels : Circle Mint provides an institutional-grade fiat currency-USDC channel, with over $160 million flowing in after the launch of native USDC.
• DEX Integration : DEXs such as Sailor and DragonSwap support migration from USDC.n to native USDC.

Cross-chain bridge ecosystem :

• Official bridge : Sei App enables cross-chain asset transfers via Symphony/li.fi
• Third-party protocols : Hyperlane (permissionless interoperability), Axelar, Wormhole, and Skip Protocol support bridging ETH/wBTC/USDC from chains such as Ethereum.
• Connectivity : Chainspot shows 3 bridges connecting Sei and Base.

Ecological expansion index

TVL and Agreement Activities

Evolution of chain-level TVL :

Sei Chain TVL has experienced significant volatility since the launch of MEXC USDC support (September 15). After a brief rebound to $499 in early October, the price of the initial peak of $588M entered a period of continuous adjustment, hitting a low of $207M on November 24, and stabilizing at $221M as of December 8 (24-hour increase of 1.79%).

Key protocol features :

Yei Finance's TVL declined sharply mainly due to market volatility. Takara Lend peaked at $130M on October 13 before falling back. Sailor DEX maintained stable liquidity, remaining within the $50-60M range during October.

DEX trading performance :

Sailor DEX contributed approximately $400 million in cumulative trading volume during the research period, averaging $10-15 million per week, with a peak of $44.6 million on the week of December 1st, coinciding with the timing of ecosystem events (such as the listing on the above exchange). Recent data shows that SeiChain's 24-hour DEX trading volume is $23.19M, perpetual contracts are $29.84M, and the 30-day DEX cumulative volume is $792.91M.

User growth and on-chain activity

User milestones :

• Peak DAU : Reached an all-time high of 1.6 million on November 26, 2025, of which 1.2 million were returning users, representing a year-on-year growth of 243%.
• Competitive Position : In September 2025, Sei surpassed Sui, Polygon, and Aptos in terms of monthly active addresses (a16z report).
• Baseline Comparison : Q2 2025 average DAU was 426,000, with subsequent accelerated growth driven by ecosystem integration and exchange listings.

Trading volume indicator :

• Cumulative Transactions : Over 4 billion lifecycle transactions processed as of October 27.
• Average daily transactions : 720,300 transactions per day in Q2 2025, with further growth after September due to DEX and gaming activities.
• Fund inflows : Net inflows of $89.6 million in November, LTM DEX trading volume exceeds $10 billion.

Stablecoin growth :

The market capitalization of 7-day stablecoins reached $86.42M (+5.84%), indicating a moderate expansion in liquidity for stablecoins such as USDC.

New projects and application deployment

Institutional-grade RWA (Real-World Asset)

Apollo Global's launch of tokenized lending products on Sei through a partnership with Securitize marks the entry of a traditional asset management giant into the on-chain capital market.

DeFi Protocol Expansion

• Morpho (a leading lending protocol) is deployed to Sei via Featherlend, leveraging parallelized infrastructure to achieve deeper liquidity.
• Kalshi (a US prediction market) integrated native SEI and USDC deposits on December 3, connecting real-world event markets with on-chain execution.
• Oxium DEX Extended Hybrid CLOB-AMM Solution (October 2025), with a cumulative trading volume of $865M.

AI and the gaming ecosystem

AI tools :

• Allora Network launches dynamic predictive feeds
• Cambrian AI App Builder supports AI agents performing swap/staking operations.
• Kindred AI 's "The Great Awakening" candidate list surpasses 3 million registrations (October 2025), integrating AI companions with 25+ intellectual property (IP).

Games and NFTs :

• RuneHero, Dive Diary, and Archer Hunter HQ NFT series are all sold out (September 2025).
• Dawnshard TCG (an AI-powered card game) is coming to Android via Google Play (October 2025).
• PlaySakuraNexus NFT sold out quickly

Ecological incentives :

• AI/Accelathon is awarding a $1 million prize to the winning AI protocol (September 2025).
• Monaco Protocol TraderCodes Unified Ecosystem Reward Mechanism (October 2025)

Institutional infrastructure

• Crypto.com Custody adds Sei support, providing regulated, institutional-grade storage.
• PayPal PYUSD integrates with Sei through LayerZero, connecting traditional payments with on-chain settlement.
• SEI's inclusion in the Vanguard DIME ETF (the largest 401(k) manager in the US, managing $11 trillion in assets) covers 50 million investors.
• CoinShares Staked SEI ETP on Interactive Brokers, expanding regulated access to 200+ countries.
• The Coinbase COIN50 index was included in the SEI on December 3rd.

Social sentiment analysis

Key Narrative Themes

Influencer perspectives

Bullish view :

• @CryptoMichNL : I believe Sei's ongoing ecosystem news is undervalued amid the market slowdown, and I expect upward momentum.
• @MerlijnTrader : Emphasizing that SEI's inclusion in the Vanguard ETF is a major milestone for Altcoin entering retirement portfolios.
• @0x99Gohan : The inclusion of the Coinbase COIN50 index is seen as a turning point that changed the trajectory of Sei institutions.
• @Tanaka_L2 : Differentiating Sei through scalable EVM, active institutional channels, expanded GameFi, and multiple narrative focuses (RWA+AI)
• @FabiusDefi : High confidence due to rapid delivery and upcoming catalysts (such as ecosystem maturation).

Community consensus :

• Emphasizing Sei's role as a high-performance layer for DeFi, gaming, and institutional finance
• The discussion surrounding the dominance of stablecoins highlights Sei's value as a settlement infrastructure.
• Positive sentiment regarding the speed of ecosystem delivery garnered attention in November with its AI breakthroughs, intent transactions, and builder surge.
• No high-quality negative discussions were found; the focus was on protocol validation such as Morpho and institutional fund inflows.

in conclusion

In the second half of 2025, Sei successfully built a liquidity network and native stablecoin infrastructure covering 10 major exchanges through a multi-platform integration strategy, including support for MEXC and USDC. Although TVL (TVL) retreated from its September peak of $588M to $221M in December (-63.5%), mainly reflecting the overall volatility of the DeFi market, ecosystem quality indicators showed strong growth: daily active users reached a record high of 1.6 million (YoY +243%), with over 4 billion transactions processed cumulatively, and the stablecoin market capitalization increased by 5.84% weekly.

More importantly, Sei has achieved a strategic transformation from retail liquidity to institutional adoption: RWA deployments by traditional asset management firms such as Apollo Global and BlackRock, inclusion in the Vanguard ETF and COIN50 index, and native integration with leading protocols such as Morpho and Kalshi demonstrate its differentiated value as a scalable EVM and stablecoin settlement layer. The rapid iteration of AI tools (Allora, Cambrian) and GameFi projects (Dawnshard, PlaySakuraNexus) further validates Sei's execution capabilities in multi-narrative integration.

Social sentiment is generally bullish, with influencers focusing on the accelerating effect of institutional penetration and the undervalued fundamentals. While USDC support for MEXC is not the sole driving factor, its integration with systemic partners like Binance and Circle strengthens Sei's narrative as a next-generation trading infrastructure, laying the foundation for further ecosystem expansion in Q4 2025 and 2026.