2026-01-02 03:20:59

SEI once attracted attention with Parallel EVM technology. But this once "scarce advantage" was completely lost by 2025.

After high-performance L2 solutions like Monad and Arbitrum were launched, the market realized a harsh truth: fast speed ≠ user adoption. Even with high TPS, applications are needed to support it. SEI now is like an empty highway—technically impressive but with almost no traffic.

What’s more painful is that SEI has no "killer app" to retain funds. That’s the real problem.

**Double Ecosystem Collapse**

Most projects in the SEI ecosystem are copies. Protocols like Yaka Finance and DragonSwap are essentially just imitations of proven models from other chains, with no innovation whatsoever. And they perform even worse than the original.

Developers are leaving even faster. The Ethereum L2 toolchain (especially Base) is becoming more complete, and Solana’s developer ecosystem is accelerating integration. In comparison, SEI is almost unattractive to new teams. Without new applications, there are no new users, and no growth in locked-in funds. A negative feedback loop has formed.

**Valuation Paradox Endgame**

SEI’s price-to-sales ratio is ridiculously high, but actual revenue is completely disconnected from market cap. This valuation bubble will eventually return to reality. When funds realize there’s no real value backing this, the moment of being trapped is near.

SEI6,14%

ARB3,53%

ETH4,14%

SOL5,05%

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SerumDegen

· 22h ago

nah sei is literally a cautionary tale about confusing throughput with actual product-market fit. empty highway vibes fr fr.

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WalletDetective

· 22h ago

No cars on the highway, no matter how advanced the technology is, it's just a show; ultimately, the ecosystem is still rotten.

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AirdropHarvester

· 22h ago

Highways with no traffic, no matter how fast, are useless --- Honestly, SEI is just a pretty technical indicator; all its applications are just copycats --- In terms of ecological collapse, developers have all moved to Base and Solana. How to play this? --- The price-to-sales ratio is artificially inflated; a crash is inevitable, being trapped is just a matter of time --- Parallel EVM has been hyped for so long, but still no one uses it, awkward --- Where are the killer apps? Speed alone is useless --- Look at Arbitrum and Monad next door; their ecosystems are on completely different levels --- SEI is now just an empty city; no matter how good the technology, it can't save the lack of applications --- Projects copied and pasted are even less effective than the original; this logic is truly brilliant --- Valuation bubbles should have burst long ago; those entering now are just fools --- Locked-up tokens can't grow; once a negative feedback spiral forms, it's over --- The toolchain is so poor, no wonder developers are fleeing --- A disconnection in market cap is a warning sign; only those with no vision are bottom-fishing --- I never thought that the once "scarce advantage" would be lost so quickly

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SquidTeacher

· 22h ago

Ha, another story about high speed but no one using it --- The analogy of an empty highway is perfect; SEI is the downside of that --- Developers have moved to Solana and Base; who would still mine SEI --- Basically, there's no killer app; no matter how advanced the technology is, it's useless --- This valuation bubble will burst sooner or later; those who haven't escaped yet should reflect --- Copycat ecosystems deserve to be eliminated; without innovation, you're just waiting to die --- I've never believed in scarcity advantages; users are the real king --- High TPS is great, low gas fees are good, but without real demand, it's all nonsense --- Base and Solana have really taken away all developers; SEI has indeed lost a lot of blood --- Friends who got caught, this is the lesson to learn

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MrRightClick

· 22h ago

Sei is still too awkward. No matter how powerful the technology is, without an ecosystem, it's all in vain. --- The highway has no cars running; that analogy is perfect. --- To put it simply, no one cares about its speed; the ecosystem is just copy and paste. --- This should have been clear early on: speed has never been a selling point. --- Developers are moving to base and sol, Sei is cooling off. --- With such a ridiculous market share, they still want to keep users? Laughable. --- Regretting buying Sei now must be very painful. --- A chain built on garbage applications is doomed to have no future. --- The bubble will eventually burst; it’s just a matter of when. --- The statement "no killer app" hits the sore spot.

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blocksnark

· 22h ago

Honestly, SEI is just a joke. The highway has no cars running, what's the point of being so fast? --- Projects that rely on technical indicators to bluff will all die; without applications, it's just a zero-sum game. --- Another copy-paste ecosystem, no wonder developers have all left. --- The price-to-sales ratio is ridiculously high; it will be hit by reality sooner or later. Friends holding positions, be careful. --- The empty highway perfectly describes it; SEI is truly 🪦. --- Honestly, compared to Solana and Base, SEI seems especially powerless. --- Without killer applications, it's a dead end; this logic can't be argued with. --- The ecosystem is all copied; how good can it be? I've seen through it long ago. --- This valuation bubble is about to burst; those caught in it will be miserable. --- High TPS ≠ strong ecosystem; the lesson from SEI is very deep.

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