Messari’s State of Sei Network Q2 2025 report shows gaming continuing to dominate activity on the chain. The network recorded 49.5 million gaming-related transactions during the quarter, a sharp rise from 39.9 million in Q1, marking a 24% increase.
Hot Spring, a tycoon-style mobile game developed by Nika Labs, overtook World of Dypians as the top gaming contributor. Hot Spring averaged 130,310 daily transactions, representing a 134.9% quarter-on-quarter jump.
World of Dypians, a multichain MMORPG on the Epic Game Store, maintained strong growth at 95,910 daily transactions, up 56.7% from Q1.
Archer Hunter, a roguelike mobile game, saw vitality as well at 57,700 daily transactions, up 22.7%. Piratopia, DragonLand, Empire of SEI, and Sugar Senpai were other projects making up Sei’s varied gaming universe.
Gaming contributed overall to a rise in average daily active addresses by 36.6% to 426,000 and in average daily transactions by 12.6% to 720,300, the fourth successive quarterly increase.
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The DeFi aspect of the network has been on an upswing since the launch of EVM support through Sei V2 in May 2024. Up to the end of Q2 2025 in dollar terms, TVL increased by 67.8% to a record high of $609.4 million.
The network’s token price helped too, up 63.5% on the quarter to $0.28. In SEI units, TVL recorded a smaller gain of 2.6% to 2.16 billion.
Messari’s data also noted that the network’s DeFi Diversity score fell once, from six protocols to four. That is a signal that larger platforms are establishing their dominance and smaller protocols are unable to maintain.
Sei’s market cap of its stablecoin reached $276.8 million at the end of Q2, an all-time high. Circle’s USDC comprised the vast bulk, with $233.7 million or 84.5% of the supply. USDT, though smaller in terms of size, grew by 464.7% to $27.4 million in the aftermath of the April migration related to USDT0.
Lending and borrowing are again topped by Yei Finance, which finished the period at $365.9 million in TVL, up 90.5%, and controlling 60.1% of Sei’s DeFi. Takara Lend also captured market share gains, up 374.9% to $71.3 million. From a trading standpoint, Sailor led DEX action with average daily volume up 52.6% to $24.6 million.
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