Sei’s total value locked rises, but revenue drops 32% QoQ

The total value locked (TVL) in USD on Sei grew by 715% quarter-over-quarter from Q4 2023 to Q1 2024. According to the State of Sei report by Messari, the growth was primarily driven by Astroport.

The Sei blockchain is a Layer 1 blockchain based on the Cosmos SDK and Tendermint core. It is designed to provide a high-performance infrastructure for decentralized exchanges (DEXs), marketplaces, and other trading applications.

Astroport is a decentralized marketplace built on the Cosmos ecosystem. It is designed to provide a neutral platform for trading and liquidity provision, allowing users to interact seamlessly with various assets and tokens.

It is also the largest decentralized exchange on Sei, and its market share increased by 468% from Q4 2023 to Q1 2024. By March 31, 2024, Astroport accounted for 99% of Sei’s TVL.

Despite the increase in Sei’s Total Value Locked (TVL), quarterly revenue in SEI tokens declined 68% compared to the previous quarter.

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If it had not for SEI’s price surge of almost 500% between September 2023 and January 2024—primarily driven by Inscriptions—the revenue measured in USD would have fallen by over 32%.

More NFT sales on Sei

In Q1 2024, the NFT scene on Sei demonstrated impressive growth. Sales surged by an extraordinary 2,936% quarter-over-quarter, reaching 5,550 NFTs sold.

There was also a notable increase in the number of unique buyers, sellers, and collections, which rose by 2,429%, 2,419%, and 1,835, respectively, all while the trading volume in USD expanded by 1,062% QoQ.

Messari attributes much of this expansion to the bustling activities on MRKT, Sei’s NFT marketplace. Dagora and Pallet platforms have also seen significant engagement, contributing to the ecosystem’s vibrancy.

Within Sei’s ecosystem, NFTs are a major force, dominating monthly active addresses. The NFT sector on Sei is particularly lively, with a total trading volume exceeding $20 million.