Sei (SEI) Price Soars 10% as Foundation Proposes V2 Upgrade

Sei’s (SEI) price has experienced a bullish rally after the Sei Foundation announced a proposed upgrade. The news of transitioning to Sei blockchain version 2 has seen the cryptocurrency’s value increase by 10%. 

This update will introduce a high-performance, parallelized Ethereum Virtual Machine (EVM), allowing the network to work much faster and be compatible with Ethereum-based contracts.

Proposed V2 Upgrade to Enhance Sei Blockchain

The upgrade proposal by the Sei Foundation to the version 2 of the Sei blockchain software is a crucial step in its development. Sei Labs, moreover, claims that this new version will integrate a parallelized EVM, which will provide sub-second finality for transactions and a better user experience.

Should the governance proposal be approved, the upgrade is planned to be implemented in one week (May 27).

It's happening.

The Sei v2 gov proposal is live – if it passes, the mainnet upgrade will be next Monday May 27th.

Time to go Super Seiyan. https://t.co/P4y9WIlHXy

— Jay (@jayendra_jog) May 20, 2024

This transfer, as a result, is intended to improve the performance of the blockchain and to increase its compatibility with Ethereum-oriented applications. Some of the applications that are anticipated to run on the improved network include applications like Uniswap, Frax, and The Graph.

The Sei team, in addition, points out that this improvement will make the blockchain a robust contender in the high-performance network sphere together with other parallelized EVMs including Monad and Neon.

Integration with Ethereum Virtual Machine

Previously, in November 2023, Sei Labs announced its plans to integrate EVM support into the upcoming Sei V2 upgrade. This integration focuses on a smooth transitions of Ethereum based contracts into the Sei network, thereby improving blockchain interoperability and functionality. This integration aims to facilitate a seamless transition of Ethereum-based contracts onto the Sei network, marking an enhancement in blockchain interoperability and functionality. 

The planned V2 is to use Geth, a Go implementation of the Ethereum Virtual Machine, improving the integration between Sei’s current smart contract framework which is built on CosmWasm technology and the new EVM functionalities.

In addition, Sei V2 aims to bring SeiDB, which is a new data structure specially designed for the storage layer of the platform. This function helps to reduce state bloat and to facilitate the process of state synchronization of new nodes joining the network. Sei’s performance and scalability are envisaged to be greatly improved due to these technological developments.

SEI Price Response

The V2 upgrade announcement has had a positive effect on Sei’s market performance, its price rising by 10% after this news. This response emphasizes the market’s optimistic view with respect to the upgrade’s ability to improve the network’s functionalities.

Source: CoinMarketcap

Concurrently, SEI’s market capitalization and 24-hour trading volume surged by 8.84% and 122%, respectively, to $1,670,526,00 and  $120,509,493. At press time, SEI price was exchanging hands at $0.5705, an 8.46% surge from the intra-day low.

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