Is Sei the Next Solana?

Solana is up 64,161% since its ICO, and now we see a similar kind of potential building up for Sei. Check out this 45% gain in only a week. Did you miss it? It was Sei. Remember them?

They had an awful airdrop mess about 2 years ago, and most of the market forgot about them. Well, they recovered, learned their lesson, and are back with a vengeance! As a potential top RWA chain, could Sei become the Solana of this cycle? Let’s find out.

Wyoming Stablecoin Pilot Program

You probably noticed that Sei has been soaring lately. Even as we write this, with its price at 26c, that’s 30% higher than it was just 3 days ago. One of the big catalysts for Sei’s price jump was the State of Wyoming. That’s the state where the most Bitcoin-friendly Senator, Cynthia Lummis, comes from.

Wyoming announced in May that it will issue its fiat-backed stablecoin managed by the State called $WYST. 

But that alone doesn’t affect Sei in any way. Then came the testing of different blockchains to issue the new stablecoin. And here Sei excelled. It’s one of the top finalists for platforms to issue and manage $WYST. And honestly, it came as a surprise. Thus the surge.

Wyoming is telling the world that Sei has a much bigger, better offering than people were thinking. That said, don’t let the Sei bulls and shillers confuse you. Wyoming has NOT decided yet. Sei is a finalist and could get it. Aptos and Solana are finalists, too. So it’s not a sure thing.

Yet others looking to launch Stablecoins or CBDCs will now be considering Sei in ways they haven’t before. And regardless of Wyoming’s decision, THAT is super bullish for Sei.

Ecosystem Growth

While the main catalyst was in Wyoming, another reason Sei is still green and hasn’t given back all those gains is its ecosystem. It’s growing so fast, it’s like a virus. Sei has $572 million in TVL. That places it 16th among all chains. That’s not bad, and with lots of room to grow.

Lending protocol and AMM Yei Finance is the clear leader. They have over $330 million, or 60% of all the TVL on Sei. You can earn a nice 9.27% APY if you lend your USDC here. That’s better than many protocols, but not in the realm of “where is all this extra interest coming from,” like with Terra Luna. The degens have a place too. It’s Yaka Finance.

With over 8 million unique active wallets, it’s one of the fastest-growing EVM chains. Only Base is growing faster. And they have the Coinbase effect to help them.

Looking at this list in more detail, you see as a financial appchain Sei is not just preparing for the huge RWA wave that’s coming. They are creating all the necessary tools and platforms TradFi needs. That includes:

• Stablecoins.
• Yield Aggregators.
• Derivatives for traders.
• Liquid staking.
• And more.

To sum it up, Sei is putting in all the prep work, and has been for a while now, to create a full financial appchain experience. That’s both for crypto natives and for TradFi users. Have you tried using Sei or any of its Ecosystem projects yet? Let us know in the comments below.

Can Sei Be The Solana Of This Cycle?

As you all know by now, Solana was the darling of the last alt cycle. Up from $14 in March 2021, to $259 before all the FTX mess came out. That’s almost a 20x in one cycle. Is Sei going to do that? Probably not.

At $1.4 billion market cap, where it is today, that would put it at around $30 billion. That would put it in the top 8 above where Tron sits right now. And say what you want about Tron, but they have a real product-market fit in emerging markets for USDT transactions. Unlike most crypto projects, sadly.

So Sei likely won’t do a 20x this cycle. But the ingredients are there for a big run. 5x or maybe even 10x. Sei is likely to do a 5 or 10x if the following happens:

• RWA grows into the trillions, as many, including BlackRock, are predicting.
• The market wants or needs a reasonably big-cap alternative in RWA to Ondo. We’ve been showing Ondo as much love as anyone recently. Yet, there are other RWA chains and some diversity in the sector, but away from Ondo might be healthy.
• If Sei cracks its all-time high of $1.14 from March 2024. If it does, it could go parabolic. And that alone would be a 3x.
• If Sei wins one or more stablecoin or CBDC issuer business. It doesn’t have to be Wyoming, but that would speed it all up.
• If deregulation or smarter but less regulation comes out of the US. Specifically in the area of tokenizing US securities. Sei will be one of the biggest beneficiaries besides Ondo if that happens.

So if you believe in one or more of these things happening, then you are and should be bullish on Sei. After building quietly for almost 2 years, the results of all that work are coming to light right now. And it’s not too late.

Disclaimer

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers, and their risk tolerance may differ from yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.