Sei Network users and TVL drop sharply, signaling a pause in growth despite steady trading activity.

Sei Network's daily active users fell from over 2 million to about 1-1.2 million in April 2026, indicating a slowdown in new user growth but stable engagement from existing users. Total value locked (TVL) plummeted from $626 million in July 2025 to $41.6 million, showing significant capital outflows, though some liquidity remains bridged. Trading volumes on decentralized exchanges and perpetual markets remain active, but revenue and capital inflows have weakened. The network is in a consolidation phase, maintaining a loyal user base but facing challenges in regaining momentum and increasing liquidity, with potential selling pressure from yet-to-be-circulated tokens.