Carbon

Sei Network (<a href="https://x.com/SeiNetwork" rel="noopener noreferrer nofollow">@SeiNetwork</a>) has recorded $15.9 billion in cumulative decentralized exchange (DEX) volume, bringing the Layer-1 blockchain close to the $16 billion mark. The milestone was logged on October 19 and highlights how much trading has built up on the network that powers the <a href="https://x.com/search?q=%24SEI&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$SEI</a> token.
<h2 id="saphyre-dominates-recent-activity">Saphyre dominates recent activity</h2>
Over the past 30 days, Sei recorded $278 million in DEX volume. Saphyre (<a href="https://x.com/saphyre" rel="noopener noreferrer nofollow">@saphyre</a>) handled about $276 million of that total, leaving roughly $2 million for all other exchanges on the network combined, according to Crypto Briefing.
DefiLlama data shows a similar split. Its Sei DEX rankings list Saphyre with $275.08 million in 30-day volume, against $1.56 million for the next largest venue, Carbon Defi. Another outlet, TokenPost, reported that Saphyre accounted for 99.2% of tracked Sei DEX volume over 30 days, based on a check carried out on October 20.
Saphyre evolved from DragonSwap, an earlier exchange on the network. Crypto Briefing reports that it has processed more than $6.6 billion in DEX volume on Sei over its lifetime, which means the venue and its predecessor account for more than 40% of all trading volume the chain has recorded.
<h2 id="volume-far-outpaces-capital-on-chain">Volume far outpaces capital on chain</h2>
Trading activity is large relative to the assets held in Sei's applications. Total value locked (TVL) in Sei's DeFi protocols stood at about $31.71 million, per Crypto Briefing, meaning the past month's volume was nearly nine times the capital deposited. Volume measures transactions over a period, while TVL is a snapshot of deposited assets, so the two figures are not directly comparable.
Sei's 24-hour DEX volume was $6.61 million at the time of reporting, up 15.41% on a weekly basis, according to the same report. Growth in the cumulative total has been steady. Sei passed $4 billion in cumulative DEX trading in early 2025, and Messari recorded the $4 billion milestone on April 7, 2025. Reaching $15.9 billion from that level in under two years means the total has nearly quadrupled.
The data also shows how concentrated Sei's trading has become. With one venue handling almost all recent volume, the network's headline figures depend heavily on the performance of a single exchange.
Sources:
<a href="https://cryptobriefing.com/sei-network-dex-volume-15-9-billion/" rel="noopener noreferrer nofollow">Crypto Briefing: Sei network nears $16 billion in all-time DEX volume</a> <a href="https://defillama.com/dexs/chain/sei" rel="noopener noreferrer nofollow">DefiLlama: Sei DEX Volume Rankings</a> <a href="https://www.tokenpost.com/news/investing/35355" rel="noopener noreferrer nofollow">TokenPost: Saphyre Accounts for 99% of Tracked Sei DEX Trading Over 30 Days</a>

Sei Network Closes in on $16B Milestone...

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