Everyone Mocked $SEI. Now It’s Winning.

VCs poured $1.3 billion into new L1s.
Here's what they got in return.
↓
💀 DEAD Chains
Berachain - $142M raised - 5,700 daily users
Story Protocol - $216M raised - 613 daily users
Movement Labs - $141M raised - 7,000 daily users
Celestia - $156M raised - no consumer users
↓
The cost per daily user:
> Story Protocol - $352,000 per user
> Movement Labs - $20,000 per user
> Berachain - $24,912 per user
↓
Story Protocol raised $216 million.
It now has 613 daily users. 😳
That's fewer people than a quiet Tuesday at a Starbucks drive-through.
on $216 million raised.
Movement Labs rebranded to "Move Industries" to escape the embarrassment. Didn't work.
The 2025 L1 playbook:
> raise $100M+ from top VCs
> hype CT for 2 years
> airdrop to farmers who dump same day
> DAU collapses 90% in 60 days
> blame "market conditions"
And the chain nobody expected?
> SEI. $120M raised.
> 1.7M daily active addresses.
> 7 straight quarters of growth.
The same chain everyone buried in 2023.
VC money buys you a launch. Not a product.
2025 proved the difference.
VCs Got Cooked by L1s