- With an eye toward a switch to version 2, the Sei Foundation has suggested an update to the Sei blockchain.
- The goal of this update is to present a parallelized, high-performance Ethereum virtual machine.
The Sei Layer 1 blockchain will be upgraded to version 2 through a governance proposal, the Sei Foundation stated on Monday.
The goal of this proposed update is to improve the network’s capabilities by introducing a high-performance, parallelized Ethereum Virtual Machine (EVM), which will be constructed by Sei Labs. The network upgrade is scheduled for one week after the governance proposal is approved.
This development will shorten the time needed to confirm transactions by enabling the porting of Ethereum-based contracts to Sei and their use with sub-second finality.
Apart from compatibility, Sei v2 will provide sophisticated functionalities including parallelized execution, which will emulate the characteristics seen in other high-performance blockchains like Solana. As a result, Neon and Monad, two additional parallelized EVMs, would compete with Sei’s v2 implementation.
Prominent Ethereum-based applications, such as Uniswap, Frax, X2Y2, Bancor, Balancer, Rarible, Layer Zero, Nansen, and The Graph, are going to launch on the Sei v2 network after the update, according to Sei Labs, the Sei team reported.
Ever since its August 2023 mainnet beta debut, Sei has provided support for Rust-based Cosmos-based dapps. The company hopes to draw in more developers by increasing the network’s interoperability and capabilities with the switch to Sei V2.
The network’s primary developer, Sei Labs, raised $30 million in funding earlier in April 2023 through two strategic rounds from venture capital firms, including Jump and Multicoin Capital. The financial and technological dedication of Sei Labs to developing the Sei blockchain ecosystem is demonstrated by this funding.
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