Sei Labs has unveiled its plans to launch the Sei V2 upgrade, heralding a significant milestone in blockchain interoperability by integrating Ethereum Virtual Machine (EVM) support.
This strategic move aims to seamlessly transition Ethereum-based contracts onto the Sei network, marking a pivotal advancement in enhancing blockchain functionality and cross-chain compatibility.
Enhancing Interoperability with Ethereum Integration
The upcoming Sei V2 upgrade will integrate support for the Ethereum Virtual Machine (EVM) into its framework. In addition, by leveraging Geth, the primary Go implementation of the EVM, Sei aims to enable a smooth migration of Ethereum-based contracts onto its network.
This development represents a significant shift from Sei’s existing smart contract framework, currently based on CosmWasm technology tailored for the Cosmos ecosystem. Further, an interface developed by Sei Labs will facilitate seamless interaction between the network’s CosmWasm smart contracts and the newly integrated EVM.
Additionally, Jay Jog, co-founder of Sei Labs, highlighted,
Sei V2 introduces an additive change by incorporating EVM while retaining existing components like CosmWasm. In addition, this modification allows EVM and Cosmwasm contracts to communicate, a groundbreaking integration within the chain.
Strategic Upgrades and Innovations
Sei V2 also introduces SeiDB, a tailored data structure aimed at optimizing the platform’s storage layer. Further, this enhancement aims to prevent state bloat, streamline state synchronization for new nodes with significantly improve Sei blockchain’s performance and scalability.
Anticipated Timeline and Impact on SEI Token
The Sei V2 upgrade, currently undergoing rigorous security audits, is set to launch its public testnet in the first quarter of 2024, followed by mainnet deployment in the first half of the same year. Furthermore, this initiative emphasizes Sei Labs’ dedication to advancing blockchain technology and empowering developers within the rapidly evolving digital landscape.
Simultaneously, the market has responded favorably to the Sei V2 upgrade announcement witnessing SEI, Sei’s native token, surge to an all-time high of $0.284978, as per CoinStats data. At the time of reporting, SEI was trading at $0.2666, reflecting an 8.62% increase from its intraday low.
Furthermore, during this upsurge, SEI’s market capitalization and 24-hour trading volume also saw notable upticks of 8.85% and 246.69%, reaching $579,842,125 and $812,078,699, respectively.
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