Taking to X on January 2, Jay Jog, the co-founder of Sei, Sei V2, is functionally “code complete” with Zellic and OtterSec, two blockchain security firms, auditing the code base. This development comes as the platform’s native coin, SEI, continues to surge, reaching all-time highs just four months after the launch of the high-performance blockchain in August.
What’s The Big Deal About Sei V2?
Once it launches in Q1 2024, Sei V2 will introduce a parallelized Ethereum Virtual Machine (EVM). According to developers, this model combines the best features of Solana and Ethereum, possibly driving Sei adoption and propping up SEI prices.
Of note, the Sei V2 code base will introduce three major upgrades. One is that Sei Network will now be compatible with Ethereum following the planned support for the EVM. Herein, Sei aims to leverage Ethereum’s popularity, especially among developers, tooling, and wallets.
The goal, Jog explained in a post on X, is to ensure the integration is smooth without compatibility issues. With V2, Sei users will connect with the mainnet using popular Ethereum and EVM-compatible wallets like MetaMask.
However, a big addition in Sei V2 will be the actualization of Optimistic Parallelization. This feature will give developers more flexibility and leeway, preventing them from defining dependencies between transactions. Instead, Sei developers say this option allows the blockchain to automatically handle parallelization for transactions to be processed efficiently and cheaply.
To enhance full node efficiency and mitigate state bloat, Sei V2 introduces SeiDB as a new storage method. Implementing this update is expected to maintain Sei Network’s resilience while improving its performance.
Sei To Outperform Ethereum Layer-2s, Will Prices Follow Suit?
How SEI prices will react once this update is integrated remains to be seen. For now, developers are upbeat, claiming that Sei V2 will drastically enhance the mainnet capability, allowing it to process 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.
Ahead of this, SEI bulls are resilient, and prices continue to trend higher. SEI is already up 11X after launching in August 2023, trading around all-time highs.
Looking at the candlestick arrangement in the daily chart, buyers are pushing higher, with the bull bar of January 1 thrusting the coin to new levels. For traders, key support levels to watch in the days ahead are $0.55, marking January 1 lows, and $0.40, if there is a cool-off.
Feature image from Canva, chart from TradingView
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