🚨 Is $SEI one of the most mispriced L1s right now?
I keep coming back to the same question: is the market massively underpricing what’s actually happening on SEI?
On paper, $SEI is trading around $0.12–$0.125, sitting at roughly an $800M market cap and ~$1.25B fully diluted.
That’s almost 90% off the $1.14 all-time high. If you stop there, it’s easy to write the whole thing off.
But once you look past the chart and dig into onchain activity, the picture changes quickly.
Usage has been quietly exploding.
In 2025 alone, SEI averaged around 800K daily active addresses in Q3, then ramped up to roughly 1.3–1.4M by the end of the year. That puts it firmly in the top tier of EVM-compatible chains by actual users, not just hype.
Transactions followed the same trend.
Daily tx volume pushed past ~2M with consistent uptime, which matters more than most people admit. Even through the broader market drawdown, people kept using the chain.
TVL peaked near $680M mid-year and, while it’s come down with everything else, it’s still holding around ~$185M.
Stablecoin supply and peer-to-peer volumes both hit all-time highs. Protocols like Takara Lend and Yei Finance onboarded tens of thousands of real users, not just mercenary capital chasing yields.
Valuation is where things get really interesting.
At today’s TVL, Sei’s MC/TVL ratio is roughly 4.4. At peak TVL, it was closer to ~1.2. That’s dramatically lower than comparable L1s like Solana, Sui, or Aptos.
Even more striking: Sei has flipped Aptos on daily active addresses and regularly matches or beats Sui on raw activity — yet trades at a fraction of their valuation.
That gap feels less like “market efficiency” and more like neglect.
Looking ahead to 2026, there are real catalysts on the roadmap:
1. The Giga upgrade aiming for massive throughput and lower latency
2. Expansion into RWAs and institutional integrations
3. Distribution plays like Xiaomi wallet pre-installs
4. Signals of deeper legitimacy: Binance as a validator, Robinhood listing, even early ETF chatter
