Sei Launches First Parallelized EVM Blockchain, Price Rallies 8%

Highlights

Sei V2 introduces Pyth Price Feeds and Entropy on its platform, enhancing the parallelized EVM for developers.
Sei V2 allows seamless deployment of existing Ethereum applications without modifications.
Following the upgrade, the SEI token has surged by over 7% in value.

In an advancement for blockchain technology, Pyth Network has introduced Pyth Price Feeds and Entropy on Sei V2. This new development provides developers on Sei V2, a parallelized Ethereum Virtual Machine (EVM), with over 500 real-time price feeds and a reliable on-chain random number generator. These features aim to enhance the scalability and flexibility of decentralized finance (DeFi) applications.

Sei V2 Enhances Parallelized EVM Blockchain

Sei V2’s architecture is designed to improve the developer experience significantly. It allows the deployment of existing Ethereum (ETH) applications without any modifications, thus offering a seamless transition to a more robust environment. Moreover, the platform claims to deliver a performance improvement of up to 100 times compared to traditional EVMs. This enhancement is crucial as it supports the higher demands of current blockchain applications, including those in DeFi and other high-frequency trading environments.

Furthermore, Sei V2 continues to support CosmWasm, which adds to its versatility and appeal. This interoperability is vital for developers looking for a platform that can handle complex operations and offer expanded functionality without compromising on speed or efficiency.

SEI Token Climbs 7% with New Updates

The integration of Pyth Price Feeds on Sei V2 provides developers with access to real-time, low-latency price updates. This capability is essential for applications that rely on timely and accurate data, such as trading platforms and financial analytics tools. The Pyth Network employs a pull oracle architecture, which allows applications to request the necessary data as needed, thereby optimizing resource usage and reducing costs.

In addition to price feeds, Pyth Network’s introduction of Entropy brings a secure and dependable source of on-chain randomness. This feature is crucial for developing applications that require unpredictability, such as gaming, lotteries, and prediction markets. By ensuring fair and unpredictable outcomes, Entropy helps enhance trust and user engagement in these applications.

Following the launch of these new features, SEI, Sei’s native token, saw a significant price surge, increasing by over 8% to a trading value of $0.5752. The market capitalization also rose by nearly 5.52% to $1,683,533,322. The increase in trading volume by 56.90% reflects a bullish sentiment in the market in the hours ahead.

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Maxwell Mutuma

Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.

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