TL;DR
- Sei launches the V2 upgrade with the first highly performant parallelized Ethereum Virtual Machine (EVM), crucial for DeFi and blockchain development.
- The V2 upgrade will be implemented in three phases to improve network scalability and performance while maintaining robust security.
- The SEI token surged 25% following the V2 announcement. Highlighting integration with Ethereum’s decentralized applications ecosystem and offering new tools for developers.
Sei, the Layer 1 blockchain, has announced the launch of its V2 upgrade, which will bring the first highly performant parallelized Ethereum Virtual Machine (EVM) into production. This innovation is key to the development of decentralized finance (DeFi) and blockchain technology. Opening new possibilities for developers and users.
The V2 upgrade is designed to improve the scalability and performance of the network while maintaining the robust security characteristic of the blockchain. This rollout will be structured in three distinct phases to ensure a gradual and controlled implementation.
In the first phase, called Governance, the approval process by SEI token holders, who play a crucial role in the network’s decision-making, will begin. Development engineers have conducted numerous audits and optimizations during the public testing period on the Devnet, preparing the network for this significant upgrade. Once validators are notified and the governance process is approved, the upgrade will start to be implemented.
SEI Soars High with V2: 25% Increase for its Token
The second phase, known as Alpha Launch, will be important for evaluating network stability and deploying the necessary infrastructure. During this stage, validators will upgrade their software, enabling the deployment of EVM-based smart contracts. Although users will be able to start interacting with the network, some functions, such as bridges to other blockchains, will need additional time to become fully operational. Sei Labs will closely monitor chain stability and report its findings to ensure everything functions correctly.
Finally, in the third phase, called v2 Ready, an official announcement will be made indicating that the upgrade is stable and that all critical infrastructures. Such as RPC nodes, bridges, indexers, and multisigs, are operational. During this initial phase, a block gas limit will be set to maintain network stability. Which will be adjusted progressively according to demand. This approach allows Sei to measure and optimize network performance as more users and operators join the ecosystem.
The impact of this upgrade has already been reflected in the market. With the SEI token experiencing a significant increase in value following the V2 deployment announcement. The token’s price rose by 25%, from $0.44 to $0.58, before stabilizing around $0.56.
The Sei V2 upgrade also enables the blockchain to access Ethereum’s ecosystem of decentralized applications (dApps). This integration provides developers with more tools and a broader programming language. Facilitating the creation of innovative and robust applications on the Sei platform.
