By the end of 2025, when everyone evaluates the value of a public chain

What do they usually look at? Token price? TVL (Total Value Locked)? Or those daily active user metrics that might be artificially inflated by bots?

Actually, none of these are very meaningful because these data points are not strongly related to the project and the token itself from certain perspectives.

In @SeiNetwork's latest announcement,

There is a often-overlooked but highly valuable data point that has hit a new all-time high: the P2P stablecoin supply has reached $78.4 million, a surge of 157% since the beginning of the year.

I think this news is quite important.

➡ First, let me explain why I no longer focus on TVL, because TVL can be withdrawn at any time.

Many projects see their TVL plummet immediately after TGE.

But the stablecoin supply is completely different. It is determined by actual user demand scenarios. For example, when buying assets on a DEX, purchasing items in on-chain games, or transferring funds to friends for settlement.

Stablecoin supply is the most reflective of real user activity data.

And the fact that Sei's stablecoin data has hit a new all-time high indicates that funds on Sei are "running" at an unprecedented speed.

This increase in "fund turnover rate" is a key signal that a public chain is transforming from a "casino" into an "economy."

➡ Of course, stablecoins are just one aspect; other metrics can also reflect project quality.

For instance, on December 20th, Sei's daily active addresses reached 1.13 million, setting a new annual high.

This is proportional to the growth in stablecoin circulation—more users mean faster money flow.

And we can also see that ecosystem projects like Oxium (DEX) experienced a 23% weekly increase in TVL, and Web3 games like Seimurai and Isekai Blade are expected to explode in the new year.

➡ In the competition among public chains in 2025, the race of "who can save more money" is outdated; the new focus is "who can make money move faster."

Sei's nearly $80 million stablecoin supply is like the blood flow in the body's major arteries.

It proves that Sei is evolving into an efficient, user-driven payment and settlement network.

What does this mean for investors and developers?

It means there are real trading counterparts, real consumption scenarios, and genuine liquidity.

When the tide recedes, those relying on lock-up incentives for prosperity will fade away, but ecosystems like Sei, with high-frequency "cash flow," will be the ultimate survivors.