Sei, a blockchain platform focusing on speed and EVM compatibility and offering trading infrastructure for decentralized exchanges (DEXs) and other decentralized applications (dapps), is gaining traction in the decentralized finance (DeFi) sector. The blockchain’s total value locked (TVL) in DeFi has increased by nearly 80% over the past month and reached a new record of $115 million on September 5.

Thanks to its rapid increase over the last few months, Sei has joined the top 40 largest chains by DeFi TVL, overcoming BSquared, Osmosis, Celo, and Fantom, among others.

On September 5, the blockchain registered record daily inflows, with nearly $10 million worth of tokens being deposited on the dapps that it hosts.

Sei’s TVL surge has been mainly driven by Yei Finance, the largest DeFi app on the chain.

Yei is a lending dapp forked from Aave V3, enabling users to lend and borrow crypto assets by connecting their non-custodial wallets.

The total liquidity on Yei is at a record $72 million, increasing by over 25% in the last 24 hours.

The most deposited tokens in Sei pools are wSEI – the wrapped version of Sei’s native coin, USDT, and USDC.

USDT’s share has doubled over the last two days as the Yei platform saw record inflows dominated by Tether’s stablecoin.

Another DeFi app making waves on Sei is SiloStake, a liquid staking protocol for the SEI coin. SiloStake’s TVL crossed the $30 million mark on September 5 to set a new record. The metric has surged over 450% in the past month.

While SiloStake is the second-largest DeFi app on Sei, the blockchain’s TVL displayed on DefiLlama doesn’t include the protocol’s liquidity to avoid double counting.

SEI holders can stake their coins on SiloStake to target an annual percentage rate (APR) of 4% and receive iSEI while staking, which can be used to explore more yield opportunities in DeFi.

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The post Sei Blockchain Hits Record $115M TVL, Driven by Yei Lending App Surge appeared first on NFTgators .