Sei’s (SEI) price surged 10% following the Sei Foundation’s proposal for a V2 upgrade aimed at improving Ethereum compatibility and performance. The announcement of transitioning to Sei blockchain version 2 sparked a bullish rally in the cryptocurrency’s value.
This upgrade will introduce a faster, parallelized Ethereum Virtual Machine (EVM), enabling quicker processing and compatibility with Ethereum-based contracts.
Sei Blockchain V2 Upgrade Boosts Performance and Compatibility
The Sei Foundation’s proposal to upgrade to version 2 of its blockchain software marks a significant advancement in its development. According to Sei Labs, this new version will incorporate a parallelized Ethereum Virtual Machine (EVM), promising sub-second transaction finality and a superior user experience.
Pending approval through governance, the upgrade is scheduled to go live in one week, starting May 27. The primary objective of this upgrade is to enhance blockchain performance and expand compatibility with Ethereum-based applications. Notably, applications such as Uniswap, Frax, and The Graph are expected to operate seamlessly on the improved network.
Additionally, the Sei team highlights that this enhancement positions their blockchain as a robust competitor in the high-performance network sector, alongside other platforms utilizing parallelized EVMs like Monad and Neon. This move underscores Sei’s commitment to innovation and scalability within the blockchain ecosystem.
Sei Blockchain V2 Upgrade Enhances Interoperability and Performance
In November 2023, Sei Labs unveiled plans to integrate EVM support into the upcoming Sei V2 upgrade, aiming to seamlessly incorporate Ethereum-based contracts onto the Sei network. This initiative is set to significantly enhance blockchain interoperability and functionality.
The V2 upgrade will utilize Geth, an Ethereum Virtual Machine implemented in Go, to enhance integration between Sei’s current smart contract framework, based on CosmWasm technology, and new EVM functionalities.
Moreover, Sei V2 will introduce SeiDB, a new data structure tailored for the platform’s storage layer. This innovation is designed to minimize state bloat and streamline state synchronization for new nodes joining the network. These technological advancements are expected to substantially improve Sei’s performance and scalability capabilities.
Sei V2 Upgrade Boosts Market Sentiment and Performance
The announcement of the V2 upgrade has significantly boosted Sei’s market performance, with its price surging by 10% following the news. This positive market response underscores optimism about the upgrade’s potential to enhance the network’s functionalities.
Simultaneously, SEI’s market capitalization and 24-hour trading volume experienced substantial increases of 8.84% and 122%, respectively, reaching $1,670,526,000 and $120,509,493. At the time of writing, SEI’s price was trading at $0.5705, marking an 8.46% increase from its intra-day low. These metrics reflect strong market interest and activity driven by the anticipation of Sei’s upcoming enhancements.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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