Sei Labs to Incorporate Ethereum Virtual Machine Support in Sei V2 Upgrade
Sei Labs has announced plans to integrate Ethereum Virtual Machine (EVM) support into its upcoming Sei V2 upgrade. This move will allow for a seamless transition of Ethereum-based contracts onto the Sei network, marking an important step in blockchain interoperability and functionality.
Facilitating Ethereum Contract Integration
Sei V2 will utilize Geth, the predominant Go implementation of the Ethereum Virtual Machine, to embed EVM support. This signifies a notable progression from Sei’s current smart contract framework based on CosmWasm technology. A specialized interface developed by Sei Labs will facilitate the interaction between the network’s existing CosmWasm smart contracts and the newly integrated EVM.
“Sei V2 represents an additive change, retaining all existing components like CosmWasm. Different virtual machines will interact with the proposed chain modification, enabling EVM and Cosmwasm contracts to communicate for the first time.”
The V2 upgrade aims to broaden Sei’s developer appeal by adding a fully parallelized EVM-compatible layer, enhancing transaction confirmation speed.
Innovating with SeiDB
Sei V2 introduces SeiDB, a data structure designed to optimize the platform’s storage layer. This feature aims to prevent state bloat and streamline the state synchronization process for new nodes, significantly boosting Sei blockchain’s performance and scalability.
The Sei V2 upgrade is undergoing security audits and is scheduled for public testnet launch in Q1 2024, with mainnet deployment expected in H1 of the same year. This upgrade demonstrates Sei Labs’ commitment to advancing blockchain technology and enhancing developer capabilities.
SEI Records All-time High
The anticipation surrounding the Sei V2 update has influenced the market, with SEI, Sei’s native token, reaching an all-time high of $0.284978. At press time, SEI was priced at $0.2666, reflecting an 8.62% surge from the intra-day low.
During the upsurge, SEI’s market capitalization and 24-hour trading volume increased by 8.85% and 246.69%, respectively, to $579,842,125 and $812,078,699.
Hot Take: Sei Labs Paves the Way for Ethereum Integration with Sei V2 Upgrade
Sei Labs’ announcement of Ethereum Virtual Machine support in its upcoming Sei V2 upgrade marks a significant step towards blockchain interoperability and functionality. By incorporating EVM support and developing a specialized interface, Sei Labs enables seamless integration of Ethereum-based contracts onto the Sei network. This move broadens Sei’s developer appeal and enhances transaction confirmation speed with its fully parallelized EVM-compatible layer. Additionally, the introduction of SeiDB optimizes storage and improves performance and scalability. The market has responded positively to this news, with SEI reaching an all-time high. The Sei V2 upgrade is set to further advance blockchain technology and empower developers in the evolving digital landscape.
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