Sei Foundation proposes a version 2 network upgrade to bring EVM compatibility

Sei Foundation, the parent company of the Sei blockchain operating at Layer 1, has made an important step to version 2 of its network, as announced on Monday. This upgrade, led by Sei Labs, aims to improve the blockchain’s utilization by implementing a high-performance instance of parallelized Ethereum Virtual Machine (EVM).

The network upgrade will occur one week after the governance proposal receives the needed approval. This rapid chronology encapsulates the Sei team’s commitment to further enhancing the effectiveness of their network.

Sei’s parallelised EVM is a significant technological advancement in the company’s operations. This approach allows Ethereum-based contracts to be passed on the Sei platform and delivered almost instantly. This feature significantly cuts the time needed to validate transactions, significantly boosting current efficiency and effectiveness standards.

The upcoming version 2 of Sei’s blockchain will support Ethereum and parallel execution. This is comparable to other efficient blockchains, such as Solana, and will solidify Sei’s position as a strong firm in the industry. The v2 update for Sei will also compete with other parallelised EVMs, such as trendy ones like Monad and Neon, in the intensely competitive arena of blockchain.

Sei Labs has already announced that the current upgrade will likely attract considerable interest due to such applications on Ethereum. Investors and recipients such as Uniswap, Frax, X2Y2, Bancor, Balancer, Rarible, Layer Zero, Nansen, and The Graph are currently in discussions with Sei for access to v2. Sei v2’s upcoming adoption is a massive statement of intent that the platform can become one of the leading centres for blockchain collaboration.

Sei has been present on Cosmos since its beta launch on the mainnet in August 2023 and has, to date, primarily focused on applications that run on Cosmos and are developed with Rust. However, with the arrival of Sei v2, the team also plans to grow by engaging more new and old users and optimizing their networks and compatibility. This strategy shift is geared towards fostering inclusive – adaptability for development.

Having raised significant capital in April 2023, Sei Labs is now prioritising the transition to Sei v2. The successful funding round raised $30 million in two rounds through Jump and Multicoin Capital, among others. This shows Sei Labs’ commitment to supporting the Sei blockchain ecosystem financially and technologically.

The recent changes at Sei demonstrate one of the unique strategic directions to enhance their blockchain’s efficiency and competitive nature. By embracing some of the latest technological innovations and improving support for applications that run on the Ethereum platform, Sei positions itself as a potential booster of its services and a significant player in the blockchain industry. Investors and the broader tech community are watching closely to see how this considerable change could impact the future of blockchain.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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