Sei Foundation Proposes V2 Upgrade for Enhanced Blockchain Capabilities
The Sei Foundation is aiming to enhance the capabilities of its Layer 1 (L1) blockchain by introducing a governance proposal for the upgrade to Sei Version 2. This proposed upgrade is set to bring a high-performance, parallelized Ethereum Virtual Machine (EVM) to enhance the overall functionality of the network.
Multi-Phase Rollout of Sei V2 Upgrade
The Sei V2 launch will be implemented in three phases, with the primary objectives being risk mitigation, setting clear user expectations, and optimizing network performance. This phased approach will enable Sei Contributors to establish a stable and scalable network for all users.
- The first phase will focus on validating software upgrades and transitioning the existing Sei Pacific-1 mainnet to the new v2 version.
- This phase will pave the way for deploying EVM-based contracts and infrastructure integrations on the Sei network.
- While not all functionalities will be available at the beginning of this period, essential infrastructure components like bridges, RPCs, and indexers are being prepared for deployment.
- An official announcement will follow once the v2 network is deemed stable, and critical infrastructure is ready for use.
Market Reaction to Sei V2 Upgrade Announcement
The announcement of the Sei V2 upgrade has already generated significant market interest, particularly in the SEI token, which has experienced an 11% price surge in the past 24 hours. This surge indicates growing optimism and anticipation surrounding the upcoming network upgrade.
Focus on All-Time High Potential Post Mainnet Upgrade
The SEI token is currently trading at $0.5830, surpassing its previous resistance level of $0.560. This breakthrough marks an important milestone towards consolidating the token’s price above key levels and potentially reaching its all-time high of $1.14, achieved on March 16.
- The token’s trading volume has seen a significant 150% increase post-announcement, reaching $95 million, reflecting heightened market activity and interest.
- Despite the positive price momentum, the ultimate decision on the Sei V2 upgrade rests on the approval of the governance proposal.
Potential Price Trajectories Post V2 Upgrade Decision
Should the governance proposal be accepted and the V2 upgrade successfully implemented, several key resistance and support levels are crucial to monitor for potential price movements:
- Key resistance levels to watch on the upside include $0.592, $0.613, and $0.637, acting as potential targets for bullish price momentum.
- In case of a price correction, the $0.544 and $0.527 zones are essential levels to observe for potential support and price stabilization.
Hot Take: Sei’s Path to Enhanced Network Performance
The Sei Foundation’s proposal for the V2 upgrade represents a significant step towards improving the network’s performance and functionality. With a strategic rollout plan and market enthusiasm surrounding the announcement, all eyes are on the upcoming decision regarding the network upgrade. Stay tuned for further developments and potential price movements as the Sei ecosystem evolves.
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