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Sei Network Version 2 Introduces Advanced EVM Capabilities

2 mins
Updated by Daria Krasnova
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In Brief

  • Sei Foundation proposes upgrading the Sei blockchain to version 2, introducing a high-performance, parallelized EVM.
  • The upgrade, if approved, will support Ethereum-based applications like Uniswap, Frax, and Balancer on Sei v2.
  • Sei v2 will improve performance with features like sub-second transaction finality and a new data structure, SeiDB.
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The Sei Foundation has proposed a significant upgrade to the Sei blockchain, transitioning to version 2.

This upgrade aims to introduce a high-performance, parallelized Ethereum Virtual Machine (EVM), set to enhance the network’s capabilities. 

Sei Network’s Transition to Version 2: Enhancing Performance

On Monday, the foundation announced a proposal to upgrade the Sei blockchain to version 2. If approved it will take place a week later.

The upgrade will enable seamless porting of Ethereum-based contracts to Sei, offering sub-second transaction finality. This means the blockchain will confirm and finalize transactions in less than one second, enhancing user experience and network efficiency with near-instantaneous processing.

In addition, Sei v2 will provide compatibility and advanced features like parallelized execution. This positions it to compete with other parallelized EVMs like Monad and Neon.

The blockchain will also integrate SeiDB, a new data structure for the platform’s storage layer. This will help manage data more efficiently. It will reduce state bloat and minimize the excessive growth of stored data. This integration will also facilitate smoother state synchronization for new network nodes. New nodes will update quickly and accurately with the latest information.

Market Impact and Future Prospects of the Upgrade

The proposed upgrade will be implemented in three stages: governance voting, alpha launch, and beta launch. The initial stage involves governance voting, which, if approved, will lead to an alpha launch where only partners can use the infrastructure.

Read more: Which Are the Best Altcoins To Invest in May 2024?

“Crucially, the work to continuously optimize Sei does not end here. The goal is to build a blockchain that can support truly consumer-grade applications, serving millions of users,” Sei team noted.

According to Sei Labs, prominent Ethereum-based applications such as Uniswap, Frax, X2Y2, Bancor, Balancer, Rarible, Layer Zero, Nansen, and The Graph plan to deploy on the Sei v2 network. Since its mainnet beta launch in August 2023, the network has supported Cosmos-based dapps written in Rust.

SEI 1 Day Chart
SEI 1 Day Chart. Source: BeInCrypto

The announcement of the v2 upgrade positively impacted its market performance. The cryptocurrency’s value increased by 10% following the news, highlighting the market’s optimistic view of the upgrade’s potential to enhance the network’s functionalities.

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Shota Oba
After interning at a domestic blockchain media company while enrolled at a university in international relations, he worked as an intern trainee at two foreign crypto asset exchanges. Currently, as a journalist, he focuses on the Japanese crypto asset market, both technical and fundamental analysis. He has been trading crypto assets since 2021 and is interested in economic and social affairs.
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