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- Sei Labs has confirmed that it will add support for Ethereum Virtual Machine (EVM).
- Expected to roll out in the first half of 2024, the upgrade will allow the addition and use of Ethereum-based contracts on the network.
The Sei Blockchain is working on a game-changing upgrade to be released in the first half of 2024. The network which is a trading-focused Layer 1 blockchain plans to enable developers to port Ethereum-based contracts over to the network and use them on it. With this upgrade, the network hopes to expand its offerings, attracting a wider range of developers. The team notes that this upgrade puts developers at the front. Sei believes that by focusing on building, users and mass adoption will follow. With this update, Sei v2 is poised to become the first parallelized EVM blockchain.
Interestingly, Sei has been operational on the mainnet beta since the V1 launch in August. The Cosmos SDK-based proof-of-stake blockchain is designed to be optimized for trading. Offering faster-decentralized trading, Sei is looking to topple other Cosmos chains like Osmosis, Kava, Injective, Neutron, and Kujira. It is clear from investors that there is demand for such products, with the project raising $30 million in two strategic funding rounds from venture firms. Jay Jog, co-founder at Sei Labs told a leading news outlet;
Sei V2 is an additive change. All of the existing components like CosmWasm will continue to exist. Since this is a proposed chain modification, the different virtual machines will also be able to interact with each other, allowing for Sei V2 to be the first network where EVM and Cosmwasm contracts are able to call each other,
In the first couple of hours of launch earlier this year, the network boasted of trading volumes of over $1.6 billion. This was in large part due to its listing by some of the biggest exchanges including Binance and Coinbase.
Read More: Sei Network Makes Debut, SEI Token Trading Volume Surpasses $1.6 Billion
Compared to other chains, Sei prides itself on speed, boasting transactions 10x faster than Solana. With a successful testnet phase, on launch, Sei had over 200 teams building on it and more than 7.5 million unique wallets.
Despite the latest development, Sei’s native token SEI has lost around 8 percent in the last 24 hours. At the time of press, the altcoin is trading at $0.240976. This comes after a correction after hitting a new all-time high earlier this week, reaching $0.296983. Ranked 120th by market cap, investors are optimistic that the token will surpass its all-time high and see it climb higher in rankings.
