The decentralized perpetual exchange (Perp DEX) market is a dynamic battleground where networks like Sei and Avalanche are actively competing for dominance. Recent analyses reveal a nuanced contest, highlighting Sei's burgeoning user base and trading momentum juxtaposed against Avalanche's established market depth and significant liquidity.
Sei's Surging Momentum and User Adoption
Sei Network recently demonstrated its capacity for rapid recovery and growth in the Perp DEX space. After a brief period where Avalanche surpassed it in 7-day Perp Volume, Sei quickly rebounded, adding approximately $23 million in volume within 48 hours to reclaim its lead. This surge underscores Sei's growing appeal among active traders. Furthermore, Sei showcases impressive user engagement, recording 7.6 million monthly active addresses, a substantial lead over Avalanche's 1.6 million. This indicates strong user participation and suggests rising adoption, particularly among traders prioritizing faster execution and lower latency on the network.
Avalanche's Deep Market Liquidity and Stability
While Sei demonstrates strong momentum and user acquisition, Avalanche maintains a significant advantage in Open Interest (OI), a key metric for market depth and capital commitment. Avalanche boasts a commanding $443 million in OI, considerably higher than Sei's $74 million. This disparity highlights Avalanche's deeper liquidity, stronger market confidence, and greater stability within the DeFi ecosystem. The larger Open Interest suggests a more robust foundation of capital committed to Avalanche's derivatives market, giving it an edge in long-term viability and resilience. For Sei to truly challenge Avalanche, it must bridge this gap by converting its growing user base and trading activity into lasting financial strength and comparable market depth.
