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Sei Network is in a consolidation phase characterized by steady user retention but softening capital inflows. On-chain data for April 2026 indicates the network is maintaining a functional base of activity, while several growth indicators trend downward.
Daily active users on Sei Network have eased from over 2 million to a range of 1 million to 1.2 million during April 2026. While the decline is notable, it does not suggest a collapse in network participation.
Returning users continue to account for the majority of on-chain activity, indicating the existing community remains engaged. New user growth, however, has slowed significantly over the same period, consistent with a shift from an initial adoption wave to a slower, more organic phase.
Crypto analyst Kingjaz described the network as showing “a mix of resilience and weakness,” noting that user activity remains supported while liquidity and capital inflows are clearly slowing.
Trading volumes continue across decentralized exchanges and perpetuals markets. DEX volume reached $6.55 million over 24 hours, while perpetuals volume totaled $12.25 million in the same window.
Despite ongoing trading, liquidity and new user acquisition appear to have slowed. Protocol-level earnings also remain limited, with app fees reported at $11,155 and revenue at $2,872, suggesting usage without meaningful earnings growth.
The most significant concern in the current data is the drop in total value locked. Sei’s TVL is around $41.6 million, down from a peak near $626 million recorded in July 2025. This represents a substantial outflow of capital from the ecosystem over a relatively short period.
Other liquidity indicators are higher than TVL alone would suggest: bridged liquidity is approximately $251 million, and the stablecoin market cap stands near $179 million. Together, these figures imply capital has not fully left the ecosystem, but may be waiting for clearer conditions or rotating into other opportunities.
Sei’s price is currently in the $0.055 to $0.057 range, with a market cap of about $369 million. Fully diluted valuation is approximately $549 million, indicating that part of the token supply has yet to enter circulation, which could contribute to selling pressure later.
Overall, Sei appears to be balancing a stable floor from consistent trading and an engaged user base against weaker inflows and limited revenue. The network’s next phase will likely depend on whether capital inflows and growth momentum can improve alongside the current consolidation.
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