The post Sei Foundation proposes a version 2 network upgrade to bring EVM compatibility appeared on BitcoinEthereumNews.com.

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…

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Filed under: News - @ May 21, 2024 1:24 pm