Sei Network’s early 2026 momentum faced a brief test as Avalanche overtook it in perpetual DEX volume.
According to YAP Network data, Avalanche’s 7-day Perp Volume stood at $3.19 million, down 34.66%. Sei’s Perp Volume reached $28.81 million, rising 0.54% over the same period.
That shift proved short-lived.
Source: X
Within 48 hours, Sei added roughly $23 million in Perp Volume, reasserting control over the leaderboard. The rebound restored Sei’s lead and highlighted its ability to attract short-term trading activity.
However, volume alone did not settle the contest.
Active addresses tilted toward Sei
Sei Network recorded 7.6 million Active Addresses on a monthly basis, per Token Terminal data. Avalanche, by comparison, logged 1.6 million Active Addresses.
Source: Token Terminal
That gap pointed to stronger user participation on Sei’s network. The growth suggested rising adoption, especially among traders seeking faster execution and lower latency.
Even so, Active Addresses did not fully capture capital commitment.
Open Interest favored Avalanche
Despite Sei’s dominance in Active Addresses, Avalanche continued to outperform it in Open Interest (OI), with Avalanche’s OI standing at a commanding $443 million, compared to Sei’s much smaller $74 million.
At press time, Sei [SEI] was trading at $0.11.
Source: CoinGlass
This disparity highlighted Avalanche’s deeper liquidity and market confidence.
Open Interest is key in DeFi, and Avalanche’s dominance gave it an edge in stability and long-term viability. At press time, Avalanche [AVAX] was trading at $11.48 within the $8.77-$12 range, confirming its stronger position.
Sei’s volume surge showed potential, but it’s still lagging in market depth. To challenge Avalanche, Sei must turn its growing user base into real financial strength and liquidity.
Momentum vs. market depth
Sei’s Perp Volume rebound showcased its growing appeal among active traders. Avalanche’s Open Interest dominance, however, reflected superior market depth and capital durability.
This left traders watching whether Sei could convert address growth into lasting liquidity. The next phase depended on whether usage translated into deeper derivatives positioning.
Source: https://ambcrypto.com/seis-momentum-vs-avalanches-depth-which-network-is-winning-the-2026-race/
