In a significant development, Sei Labs co-founder Jay Jog announced the upcoming launch of Sei v2, a landmark upgrade for the Sei blockchain. This version marks the first integration of Ethereum Virtual Machine (EVM) support into the Sei platform, a Layer 1 blockchain known for its trading focus. The innovative move allows Sei to offer parallelized EVM functionality, effectively merging the efficiency of Solana with the extensive tooling and community support of Ethereum.
Sei v2 aims to expand the blockchain’s capabilities to a broader developer community, particularly targeting those skilled in EVM. The upgrade promises a host of features: backward compatibility with EVM smart contracts, familiar application and tooling reuse (like MetaMask), and a novel approach to parallelization that doesn’t require developers to define dependencies. Additionally, SeiDB is set to enhance the storage layer, preventing state bloat and improving performance.
From a performance standpoint, Sei v2 is poised to deliver remarkable throughput, with 28,300 batched transactions per second and 390 ms block times, all while reducing transaction costs significantly. The mainnet deployment is anticipated in the first half of 2024, following a public testnet release in early 2024.
The technical underpinnings of Sei v2 are noteworthy. The upgrade includes an interface that enables smooth interaction between existing Cosmwasm smart contracts and the new EVM component. Moreover, Sei’s storage interface has been restructured for optimized performance, with the introduction of PebbleDB for enhanced read/write capabilities. The chain’s ability to process transactions in parallel, without the need for developers to specify state access, is a key feature that simplifies the development process while maintaining high efficiency.
Sei v2’s integration of various blockchain elements ensures seamless interoperability within its ecosystem. This unified approach allows developers to easily access native tokens and other chain features, such as staking, enhancing the overall user experience.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.