Sei Labs Introduces Upgrades for Sei L1 Network with EVM Support
Sei Labs has announced version 2 upgrades for its Sei L1 network, which now includes support for the Ethereum Virtual Machine (EVM). This upgrade allows developers to migrate existing Ethereum-powered smart contracts to the Sei platform and build decentralized applications (dapps) that are compatible with the Ethereum standard. The network, designed for fast and inexpensive crypto trading, will add EVM compatibility by integrating Geth, a popular Ethereum software used by developers for building dapps and web3 solutions. The upgrade code has undergone an audit and is set to be released in Q1 2024.
Potential Applications of Sei’s EVM Compatibility
The addition of EVM compatibility on Sei opens up possibilities for various applications, including scalable high-performance decentralized exchanges (dexes), massive multiplayer games, global payment and settlement platforms, and NFT projects targeting large global audiences. These applications aim to achieve mass adoption by leveraging the benefits of Sei’s parallelized EVM blockchain.
Contested Claims of Being the First Parallelized EVM Blockchain
While Sei Labs claims to be the first parallelized EVM blockchain, this assertion was contested by Austin Federa, head of strategy at the Solana Foundation. He mentioned that Neon_EVM on Solana may have been the first parallelized EVM. Nevertheless, the improvement on EVM by Sei Labs is still seen as a positive development.
Sei’s Position in the Competitive EVM Market
The v2 upgrades position Sei as a competitive player in the EVM market, directly competing with networks like Kava and Kujira that cater to traders. Despite having a total value locked (TVL) of just over $3 million, Sei aims to challenge the TVLs of Kava and Kujira, which are above $50 million. The native token of Sei, SEI, experienced a 10% decrease in value on November 29 amidst a market dip following Bitcoin’s price movement.
Hot Take: Sei L1 Network Embraces EVM Compatibility to Foster Innovation
Sei Labs’ introduction of EVM support on its Sei L1 network marks a significant milestone in the blockchain industry. By allowing developers to migrate Ethereum-powered smart contracts and build dapps compatible with the Ethereum standard, Sei opens up new avenues for innovation and collaboration within the crypto ecosystem. The addition of Geth as an Ethereum software integration further strengthens Sei’s capabilities and widens its appeal among developers. As Sei continues to enhance its features and compete in the EVM market, it has the potential to drive mass adoption of decentralized applications and contribute to the growth of the broader blockchain space.
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