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Sei V2 Upgrade Boosts SEI Token Rally to All-Time High – Crypto News

Published

3 years ago

November 29, 2023

Dripp

Sei Labs has announced plans to incorporate Ethereum Virtual Machine (EVM) support into its upcoming Sei V2 upgrade. This development will enable a seamless transition of Ethereum-based contracts onto the Sei network, marking a pivotal step in blockchain interoperability and functionality.

Facilitating Ethereum Contract Integration

Sei V2 will utilize Geth, the predominant Go implementation of the Ethereum Virtual Machine, to embed EVM support. This move signifies a notable progression from Sei’s current smart contract framework, based on CosmWasm technology, a custom module for the Cosmos ecosystem. Moreover, a specialized interface developed by Sei Labs will facilitate the interaction between the network’s existing CosmWasm smart contracts and the newly integrated EVM.

Jay Jog, co-founder at Sei Labs, explains,

“Sei V2 represents an additive change, retaining all existing components like CosmWasm. Different virtual machines will interact with the proposed chain modification, enabling EVM and Cosmwasm contracts to communicate for the first time.”

Initially launched in August with its V1 on the mainnet beta, Sei offered support for Cosmos smart contracts written in Rust. The V2 upgrade aims to broaden its developer appeal by adding a fully parallelized EVM-compatible layer, notable for its sub-second finality, thus enhancing transaction confirmation speed.

Innovating with SeiDB

Additionally, Sei V2 introduces SeiDB, a data structure designed to optimize the platform’s storage layer. This feature aims to prevent state bloat, a condition where the network becomes overly data-heavy, and to streamline the state synchronization process for new nodes. These improvements will significantly boost the Sei blockchain’s performance and scalability.

The Sei V2 upgrade is undergoing thorough security audits in the final stages of code development. The public testnet launch is scheduled for the first quarter of 2024, with the mainnet deployment anticipated in the first half of the same year. This upgrade underscores Sei Labs’ commitment to advancing blockchain technology and enhancing developer capabilities in the rapidly evolving digital landscape.

SEI Records All-time High

The market has been considerably influenced by the anticipation surrounding the Sei V2 update, with SEI, Sei’s native token, enjoying a dramatic jump to an all-time high of $0.284978, according to CoinStats. SEI was priced at $0.2666 at press time, reflecting an 8.62% surge from the intra-day low.

During the upsurge, the SEI’s market capitalization and 24-hour trading volume increased by 8.85% and 246.69%, respectively, to $579,842,125 and $812,078,699.