• TVL plunged 63.5% QoQ to $157.2M, stablecoin supply dropped 33.4%, reflecting DeFi deleveraging. • Lending protocols Yei Finance and Takara Lend drove 76.1% of the quarterly TVL loss, highlighting concentration risk. • Daily active addresses surged 492% YoY to 1M, while daily transactions jumped 598% QoQ to 2.3M. • DEX volume fell 33.9% QoQ to $28.8M, yet DragonSwap retained AMM dominance and Oxium launched on‑chain perpetuals. • Liquid staking consolidated: Splashing Stake captured 95% TVL after Silo exited, consolidating the market. • Sei remains a Layer‑1 that blends EVM tooling with Solana‑style performance, expanding infrastructure despite market shifts.
Article Summaries:
- State of Sei Q4 2025
Sei’s DeFi metrics fell sharply in Q4 2025, with total value locked (TVL) dropping 63.5 % QoQ to $157.2 million and stablecoin supply falling 33.4 % QoQ, reflecting a broader DeFi deleveraging trend. The decline was driven mainly by Yei Finance and Takara Lend, which together accounted for 76.1 % of the TVL loss. Despite this, network activity grew for a sixth consecutive quarter: average daily active addresses rose 492 % YoY to 1 million, and daily transactions by active addresses increased 599 % QoQ to 2.3 million. DEX volume fell 33.9 % QoQ to $28.8 million, though DragonSwap retained AMM dominance and Oxium launched on‑chain perpetuals in November. Liquid staking consolidated after Silo Stake exited, leaving Splashing Stake with 95.1 % of Sei’s liquid staking TVL.
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