Taking to Twitter on January 2, Jay Jog, the co-founder of Sei, Sei V2, announced that the platform is “code complete” after undergoing audits from blockchain security firms Zellic and OtterSec. This news comes as the native coin of the platform, SEI, continues to surge and reach all-time highs.
What’s The Big Deal About Sei V2?
Sei V2, set to launch in Q1 2024, will introduce a parallelized Ethereum Virtual Machine (EVM). Developers believe that this model, combining features from Solana and Ethereum, could drive Sei adoption and support SEI prices.
The Sei V2 code base will bring three major upgrades. One of these upgrades is compatibility with Ethereum, allowing Sei Network to leverage Ethereum’s popularity among developers and tools. Users will be able to connect with the mainnet using popular Ethereum and EVM-compatible wallets like MetaMask.
Optimistic Parallelization will also be a significant addition in Sei V2. This feature gives developers more flexibility by allowing the blockchain to handle parallelization automatically for efficient and cost-effective transaction processing.
SeiDB is another update introduced in Sei V2 to enhance full node efficiency and mitigate state bloat. Implementing this storage method is expected to improve Sei Network’s performance while maintaining resilience.
Sei To Outperform Ethereum Layer-2s, Will Prices Follow Suit?
The impact of integrating this update on SEI prices remains uncertain. However, developers are optimistic that Sei V2 will significantly enhance mainnet capability by processing transactions faster than Ethereum layer-2 solutions like Base and Arbitrum. In November, Jog claimed that Sei V2 had a theoretical throughput of 12,500 TPS.
SEI prices continue to trend higher as bulls remain resilient. Since its launch in August 2023, SEI has already increased 11X and is trading at all-time highs.
Looking at the daily chart, buyers are pushing SEI prices higher, with a bull bar on January 1 propelling the coin to new levels. Key support levels to watch in the coming days are $0.55, marking January 1 lows, and $0.40 if there is a cooldown.
Hot Take: Sei V2 Poised to Boost Adoption and Performance
The completion of code audits for Sei V2 marks an important milestone for the platform. With its parallelized EVM model and compatibility with Ethereum, Sei aims to attract more developers and users while offering faster transaction processing than existing layer-2 solutions. The introduction of Optimistic Parallelization and SeiDB storage method further enhances the platform’s efficiency and performance. As SEI prices continue to soar, it remains to be seen how the integration of Sei V2 will impact price movements. However, the positive sentiment among developers suggests that this update could drive further adoption and support SEI’s upward trajectory in the market.
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