Many people in the market like to compare SUI and SEI together, but based on data, these two chains actually have quite different characteristics.

SUI performs more like a relatively mature project. Its market cap is solid, application revenue is good, and TVL approaches $1 billion, with a historical high of $2.6 billion. From an ecosystem perspective, the investment in stablecoins and RWA tracks clearly indicates its focus. Plus, with ETF filings, Grayscale trusts, and support from leading DeFi platforms like Suilend and NAVI, trading volume is substantial. However, the reality is that new token unlocks pose pressure, with circulating supply accounting for about 37%, making dilution risk a key concern.

SEI's story is quite different—it adopts a transaction-first approach, more like a niche public chain. Its market cap is smaller, and the market cap/TVL ratio looks comfortable, but its revenue levels are indeed lower. However, this chain has its own features: a significant number of active addresses, a growing gaming ecosystem, support from the Wyoming stablecoin pilot project, and recent efforts in AI integration. Overall, it seems to be betting on a high-risk, high-reward future—whether it can become the main chain for transactions and AI.

If I had to choose one, I personally lean towards SUI because its fundamentals are more solid—stronger revenue engines, deeper TVL ecosystem, and a more complete story around stablecoins and RWA. SEI's beta coefficient is indeed higher, which can be seen as a smaller-scale betting option.