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The foundation announced Monday that it has launched a governance proposal to upgrade the Sei layer 1 blockchain to version 2.
This proposed upgrade, to be implemented by Sei Labs, introduces a high-performance parallel Ethereum Virtual Machine (EVM) aimed at improving network capabilities. Once the governance proposal is approved, the network upgrade will take place one week later.
This development allows Ethereum-based contracts to be ported to Sei and used with sub-second finality, reducing the time required to confirm transactions.
In addition to compatibility, Sei v2 offers advanced features such as parallel execution, mirroring features found in other high-performance blockchains such as Solana. This puts Sei’s v2 implementation in competition with other parallel EVMs such as Monad and Neon.
The Sei team said that following the upgrade, major Ethereum-based applications including Uniswap, Frax, X2Y2, Bancor, Balancer, Rarible, Layer Zero, Nansen, and The Graph are planned to be deployed on the Sei v2 network. laboratory.
Since its mainnet beta launch in August 2023, Sei has supported Cosmos-based dapps written in Rust. With the transition to Sei V2, the team seeks to expand the network’s capabilities and compatibility to attract a wider range of developers.
In early April 2023, Sei Labs, the core developer of the network, raised $30 million in funding through two strategic rounds from venture capital firms including Jump and Multicoin Capital. This funding highlights Sei Labs’ financial and technical commitment to advancing the Sei blockchain ecosystem.
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