Sei Labs has announced plans to introduce support for Ethereum Virtual Machine (EVM) on its trading-focused Layer 1 blockchain. This upgrade, set to be released in the first half of 2024, will enable developers to bring Ethereum-based contracts onto the Sei network and utilize them. By doing so, Sei aims to expand its offerings and attract a wider range of developers. The team emphasizes that this upgrade prioritizes developers, with the belief that user adoption will naturally follow. This update positions Sei v2 as the first parallelized EVM blockchain. Sei has been operational on the mainnet beta since its V1 launch in August. As a Cosmos SDK-based proof-of-stake blockchain, Sei is optimized for trading and offers faster decentralized trading compared to other Cosmos chains like Osmosis, Kava, Injective, Neutron, and Kujira. The project has already raised $30 million in strategic funding rounds from venture firms, indicating investor demand for such products. Sei v2 is an additive change that maintains existing components like CosmWasm. Additionally, the upgrade allows different virtual machines to interact with each other, enabling Sei v2 to become the first network where EVM and Cosmwasm contracts can call each other. During its initial launch earlier this year, Sei achieved impressive trading volumes of over $1.6 billion within the first few hours. This success can be attributed in part to its listing on major exchanges such as Binance and Coinbase. Sei prides itself on its speed, boasting transactions that are 10 times faster than Solana. The network has already undergone a successful testnet phase, attracting over 200 teams to build on it and garnering more than 7.5 million unique wallets. Despite these positive developments, Sei’s native token SEI has experienced an 8 percent loss in the past 24 hours. Currently trading at $0.240976, the altcoin recently corrected after reaching a new all-time high of $0.296983 earlier in the week. Ranked 120th by market cap, investors remain optimistic that the token will surpass its previous all-time high and climb higher in the rankings.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Jay Jog |
| Companies | Sei Labs, Coinbase, Ethereum Virtual Machine (EVM), Binance, Cosmos SDK |
| Currencies | Sei |
| Securities | None |
