SEI, driven by the four pillars of performance, user TVL, organization, and compliance RWA, has become the brightest star of the year I took a look at Sei's on chain data and ecosystem: At present, the TVL on the chain has reached 206m, a decrease of about 50% compared to November, but this data is due to the overall market downturn Due to the end of the reward campaign for Yei Finance @ YeiFinance, TVL has experienced a significant decline, dropping by 73% from November to today, mainly due to the completion of CLO token rewards. Compared to Takara Lend @ TakaraLend, TVL has not decreased significantly from November to today, mainly due to the high utilization pool, which incentivizes growth and instead increases daily. The utilization rate of funds is very high, as can be seen from the interest rate, mainly in stablecoins.  However, the two major protocols still account for over 70% of DeFi TVL. Currently, DeFi's liquidity staking is very intense, and whoever's mother has milk to eat, their child will run there. Believe in Sei's DeFi ecosystem, there will still be innovation to retain users even after incentives. However, Sei's performance has improved and it has also partnered with institutional RWA assets, totaling approximately $20-30 million (official data as of the end of November 2025: nearly $30 million RWA will be on the chain within 2 months); Currently, Securitize dominates by 75%, KAIO ~25%）。 As RWA on chain assets require compliance and can be achieved in a short period of time, it is not easy to grow from zero. Data shows that they will accumulate rapidly from early 2025, with a short-term increase from 0 to $30M, driven by institutional funds. Although Sei is small in scale, it has high quality. Funds from BlackRock (trillions), Apollo, Hamilton Lane ($986B AUM), Brevan Howard, Nomura, and others Realize KYC/AML, redemption, and cross chain flow through Securitize/KAIO to attract TradFi. I personally think that there will be great potential for growth. Currently, it is a newborn calf, and it will eventually grow without fear of tigers. The decline in TVL is only temporary, and it is currently only a period of choice for the DeFi market. RWA information: https://app.rwa.xyz/networks/sei  Let's take a look at the rapid growth of Sei's gaming ecosystem. Currently, according to the on chain ecosystem data, there are already 45 games running on Sei. Today, TOKCombat @ TOKCombat has also migrated to the Sei ecosystem. The migration of this game is also due to the performance improvement of Sei, which requires low latency and fast confirmation speed for a game. The user base of this game is quite large, with 4.21 million TG fans, 380000 YouTube subscribers, and 0.34 million fans. TOKCombat is a popular Web3 RPG auto battler game primarily played through the Telegram mini program. Originally developed on the TON blockchain, it has now expanded to SeiNetwork and supports wallet login and USDC on chain payments. After the listing of TOK, the potential of Play to Earn will be unleashed on the chain (such as airdrops, markets), and everyone will come in to play games and make money, injecting vitality and ecological prosperity into Sei. By introducing high traffic from games to Sei and converting them into sticky users, the growth of the entire Sei ecosystem will be sustained and stable, and TVL can be elevated to a new level. With speed performance, users, institutions, and compliant RWA, the trading market on Sei will gradually experience fluctuations again.