The Sei Network is experiencing unprecedented on-chain activity across its ecosystem, even as its native token, SEI, consolidates around $0.127. Data from AltCryptoGems reveals broad-based growth: the network has surpassed 89 million unique users, adding 2 million since the start of 2026. Usage is expanding beyond a single niche, with 19 dApps supporting over 100,000 monthly addresses and 11 native games boasting more than 300,000 users.
DeFi activity is particularly strong. Yei Finance, Sei's flagship lending protocol, ranks as the 5th most active lending platform of all time by transaction count, while TakaraLend is the second most-used EVM lending protocol by daily active addresses. Consumer app Kindred AI averages over 100,000 daily active users. Stablecoin usage is surging, with peer-to-peer supply up 155% in six months and weekly volume exceeding $1.5 billion, a 104% increase in three months.
However, the network faces near-term headwinds. A $6.7 million SEI token unlock is testing market demand, and Upbit recently paused SEI deposits and withdrawals for wallet maintenance. Traders are also closely watching the impending SIP-3 upgrade, scheduled for late March 2026.
This major technical overhaul will transition Sei into an EVM-only chain, discontinuing support for Cosmos-native assets like USDC.n. The upgrade, approved by the ecosystem in 2025, aims to enhance scalability and interoperability with the Ethereum ecosystem, paving the way for future innovations like the 'Giga' upgrade targeting sub-400ms finality.
The migration requires immediate action from users. Holders of Cosmos-native assets, including over $1.4 million in USDC.n, must convert to native USDC before the deadline. DeFi participants must close positions, such as withdrawing $194,000 from Yei Finance, which could cause short-term volatility. The process, while complex, is designed to align Sei with Ethereum's developer base and tooling, potentially attracting significant new liquidity.
Analyst price predictions for SEI in 2026 vary widely, reflecting uncertainty around the upgrade's success and market conditions. Forecasts range from a conservative $0.063 (Finst) to bullish targets of $0.75 (Changelly, DigitalCoinPrice) and even above $1.00 (Coinpedia). The consensus suggests that sustained high network usage could help the price eventually reflect the underlying ecosystem growth, with key resistance levels watched at $0.145 and $0.18-$0.20.
