As a seasoned crypto investor with years of experience in the market, I’ve seen my fair share of upgrades and announcements that have resulted in significant price movements. However, the proposed upgrade to Sei (SEI) version 2 is particularly exciting for me due to its potential to revolutionize the performance and compatibility of the Sei blockchain.
The announcement of a proposed upgrade by the Sei Foundation has triggered a significant surge in Sei (SEI)’s price, resulting in an approximately 10% rise in its value. This uplift can be attributed to the excitement surrounding the transition to Sei blockchain version 2.
With this update, we’ll bring in a powerful, parallelized version of the Ethereum Virtual Machine (EVM). This new addition will significantly speed up the network and make it compatible with Ethereum contracts.
Proposed V2 Upgrade to Enhance Sei Blockchain
The Sei Foundation’s proposal to upgrade the Sei blockchain software to version 2 is a significant advancement in its growth. According to Sei Labs, this update will introduce a parallelized Ethereum Virtual Machine (EVM), resulting in transaction finality under one second and an enhanced user experience.
If the governance proposal is accepted, the upgrade will be initiated a week later, specifically on May 27.
It’s happening.
The Sei v2 gov proposal is live – if it passes, the mainnet upgrade will be next Monday May 27th.
Time to go Super Seiyan.
— Jay (@jayendra_jog) May 20, 2024
This transfer aims to enhance the blockchain’s capabilities and make it more compatible with Ethereum-centric apps. Among the anticipated applications that could potentially run on this enhanced network are Uniswap, Frax, and The Graph.
As a researcher on the Sei team, I can share that our recent finding signifies an enhancement to the blockchain’s capabilities. This improvement, we believe, positions it as a formidable competitor within the high-performance network domain, alongside other parallelized Ethereum Virtual Machines such as Monad and Neon.
Integration with Ethereum Virtual Machine
In November 2023, Sei Labs unveiled plans for adding EVM support during the rollout of Sei V2. This development is geared toward making it easy for Ethereum contracts to migrate onto the Sei network. By accomplishing this transition, blockchain interoperability and functionality will be significantly boosted.
Sei’s upcoming V2 will adopt Geth, the Go-based Ethereum Virtual Machine implementation, to enhance the compatibility between our existing smart contract infrastructure (constructed using CosmWasm tech) and the emerging Ethereum Virtual Machine features.
Further, Sei V2 introduces SeiDB, a novel data structure for Sei’s storage layer, enhancing its functionality. This innovation lessens state congestion and streamlines the procedure for state synchronization among newly added network nodes. The anticipated benefits include enhanced Sei performance and scalability due to these technological advancements.
SEI Price Response
The announcement of Sei’s V2 upgrade has resulted in a 10% price increase in the cryptocurrency, reflecting the market’s positive outlook on the potential enhancements this update brings to the network.
Simultaneously, the market capitalization of SEI rose by 8.84%, amounting to $1,670,526,000, and its 24-hour trading volume increased by 122% to reach $120,509,493. At this moment, the price of SEI was being traded at $0.5705, representing a 8.46% increase from the day’s lowest point.
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2024-05-21 00:02