Sei V2 Upgrade Boosts SEI Token Rally to All-Time High
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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…
Filed under: News - @ November 30, 2023 7:26 am