Sei Foundation, the overseeing entity of the Sei blockchain operating at Layer 1, has taken a significant stride towards version 2 of its network, as revealed in an announcement made on Monday. Spearheaded by Sei Labs, this upgrade aims to elevate the blockchain’s performance by introducing a high-performance instance of parallelized Ethereum Virtual Machine (EVM).

Following the necessary approval of the governance proposal, the network upgrade is scheduled to take place one week later. This swift timeline underscores the Sei team’s dedication to continually enhancing the efficiency of their network.

The introduction of Sei’s parallelized EVM marks a notable technological advancement in the company’s operations. This innovation enables Ethereum-based contracts to be seamlessly deployed on the Sei platform, resulting in near-instantaneous execution. Such a feature drastically reduces transaction validation times, significantly elevating existing efficiency and effectiveness standards.

Version 2 of Sei’s blockchain, slated for release, will support Ethereum and parallel execution, akin to other high-performance blockchains like Solana. This development further solidifies Sei’s standing as a formidable player in the industry. The upcoming Sei v2 update will also compete with other parallelized EVMs, including popular ones like Monad and Neon, in the fiercely competitive blockchain landscape.

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Sei Labs has already indicated that the current upgrade is poised to attract significant interest, given the applications available on Ethereum. Notable investors and partners such as Uniswap, Frax, X2Y2, Bancor, Balancer, Rarible, Layer Zero, Nansen, and The Graph are currently in discussions with Sei to access v2. The anticipated adoption of Sei v2 is a significant testament to the platform’s potential to emerge as a leading hub for blockchain collaboration.

Since its beta launch on the mainnet within Cosmos in August 2023, Sei has primarily focused on applications developed with Rust that run on Cosmos. However, with the introduction of Sei v2, the team intends to expand its reach by engaging both new and existing users and optimizing network compatibility. This strategic pivot aims to foster inclusivity and adaptability for development.

Having secured substantial funding in April 2023, Sei Labs is now prioritizing the transition to Sei v2. The successful funding round, which raised $30 million across two rounds from investors such as Jump and Multicoin Capital, underscores Sei Labs’ commitment to supporting the Sei blockchain ecosystem financially and technologically.

The recent developments at Sei exemplify a strategic direction aimed at enhancing the blockchain’s efficiency and competitiveness. By embracing cutting-edge technological innovations and bolstering support for Ethereum-based applications, Sei positions itself as a potential catalyst for its services and a significant player in the blockchain industry. Investors and the broader tech community are closely observing how this substantial change could shape the future of blockchain.

Source: cryptonewsz.com

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