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• Sei Foundation proposes a significant upgrade to the Sei blockchain, aiming to transition to version 2.
• The upgrade will introduce a high-performance, parallelized Ethereum Virtual Machine (EVM).
• If approved, the upgrade will occur one week after the proposal’s acceptance.

The Sei Foundation has announced a governance proposal to upgrade the Sei Layer 1 blockchain to version 2, aiming to significantly enhance its capabilities. The proposed upgrade, managed by Sei Labs, will introduce a high-performance, parallelized Ethereum Virtual Machine (EVM). This move is designed to improve network efficiency and broaden its compatibility with Ethereum-based applications.

Enhanced Network Capabilities

The proposed Sei v2 upgrade will allow Ethereum-based contracts to be ported to the Sei blockchain, benefiting from sub-second finality. This means transactions will be confirmed much faster, enhancing the overall performance and user experience on the network. The parallelized execution feature will mirror functionalities found in other high-performance blockchains like Solana, positioning Sei as a competitor to other advanced EVMs such as Monad and Neon.

Broadening Developer Appeal

Since its mainnet beta launch in August 2023, Sei has supported Cosmos-based decentralized applications (dapps) written in Rust. With the transition to Sei v2, the network aims to attract a wider range of developers by expanding its capabilities to include Ethereum compatibility. This is expected to foster greater innovation and development within the Sei ecosystem.

Deployment of Major Ethereum Applications

Sei Labs has indicated that following the upgrade, several prominent Ethereum-based applications are planning to deploy on the Sei v2 network. These applications include well-known platforms such as Uniswap, Frax, X2Y2, Bancor, Balancer, Rarible, Layer Zero, Nansen, and The Graph. This anticipated deployment underscores the confidence these platforms have in Sei’s upgraded infrastructure.

Financial and Technological Commitment

Earlier in April 2023, Sei Labs secured $30 million in funding through two strategic rounds from venture capital firms, including Jump and Multicoin Capital. This substantial investment highlights Sei Labs’ commitment to advancing the Sei blockchain ecosystem both financially and technologically.

Conclusion

The proposed upgrade to Sei v2 represents a significant step forward for the Sei blockchain, promising enhanced performance, broader compatibility, and faster transaction finality. If approved, this upgrade could position Sei as a leading platform for Ethereum-based applications, attracting a diverse range of developers and fostering greater innovation within the blockchain space. As the proposal awaits governance approval, the crypto community eagerly anticipates the potential benefits this upgrade could bring to the network.