While most new public chains are still talking about performance and TPS, Sei has already reached a point where institutions are starting to bet on its financial narrative. Especially recently, the Circle CRCL listing skyrocketed several times, and I noticed content related to Sei, so I researched and organized the key points below: ▪️ Valour launched Sei ETP in Europe, and Canary Capital has submitted an ETF application in the United States. ▪️ Sei has now become the 3rd largest active L1 across the entire chain, with the gaming chain ranked #1 (DappRadar) and daily transactions exceeding 5.1 million. ▪️ DEX daily trading surpassed $94 million, with TVL soaring to over $500 million (DefiLlama). Daily revenue from ecological applications is approaching $300,000, with several already entering the top 100 across the entire chain. ▪️ Circle has revealed in its IPO documents that it is an investor in Sei, with stablecoin supply growing 7 times in recent months, and even Wyoming has chosen it to participate in the stablecoin pilot. From on-chain to off-chain, from users to governments, and from retail to institutions, it seems that Sei is gaining traction, mainly due to the CRCL effect, which suggests that there is a possibility of funds flowing from the US stock market into related concepts. Previously, I also mentioned the analysis of WLFI buying Sei when it was still at a low of around 0.17, and now it has broken through previous highs. Observing this, it appears to be a relatively emerging bottom structure, and combined with the continuation of these speculative narratives, I believe there is still a wave of upward movement.