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Home»ADOPTION NEWS»The Sei Foundation proposes a version 2 network upgrade for EVM compatibility.
ADOPTION NEWS

The Sei Foundation proposes a version 2 network upgrade for EVM compatibility.

By Crypto FlexsMay 20, 20242 Mins Read
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The Sei Foundation proposes a version 2 network upgrade for EVM compatibility.
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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.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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