Sei Blockchain Unveils V2 Upgrade with EVM Integration
Sei Labs, the brains behind the trading-centric Layer 1 blockchain, Sei, has announced a significant upgrade: Version 2 (V2). This eagerly anticipated iteration will incorporate support for the Ethereum Virtual Machine (EVM), a development that promises to reshape the way developers interact with the Sei network.
The introduction of EVM support within Sei V2 is a pivotal step toward interoperability and versatility. This upgrade will empower developers to seamlessly migrate Ethereum-based contracts onto the Sei blockchain and leverage them within its ecosystem. Jay Jog, co-founder at Sei Labs, highlighted the significance of this advancement, stating, “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.”
The incorporation of the Ethereum Virtual Machine will occur through the integration of Geth, a Go implementation of the EVM. Sei Labs has developed a specialized interface to seamlessly facilitate interaction between Sei’s existing smart contracts component based on CosmWasm technology and the EVM component. CosmWasm, known as a custom Cosmos SDK module enabling smart contract operations in the Cosmos ecosystem, will coexist alongside the EVM within Sei V2.
Sei has been operational on the mainnet beta since the launch of V1 in August, primarily supporting Cosmos smart contracts written in Rust. However, the impending V2 upgrade aims to expand the platform’s appeal to a broader spectrum of developers. Notably, Sei V2 promises to introduce a fully parallelized EVM-compatible layer, boasting sub-second finality for transaction confirmation.
Aside from EVM integration, Sei V2 introduces SeiDB, a novel data structure designed to enhance the platform’s storage layer. SeiDB is envisioned to mitigate state bloat—where excessive data burdens the network—and streamline state synchronization for new nodes. The overarching objective is to bolster Sei’s performance and scalability, positioning it as a competitive force in the blockchain sphere.
This ambitious upgrade, nearing completion in terms of code development, is undergoing stringent security audits to ensure robustness. Scheduled for release on a public testnet in the first quarter of 2024, the mainnet deployment of Sei V2 is anticipated in the latter half of the same year.
Sei’s pivot toward EVM compatibility coupled with innovative enhancements like SeiDB showcases its commitment to fostering a dynamic and accessible blockchain environment. As the release of Sei V2 looms on the horizon, the industry eagerly anticipates the potential it holds for revolutionizing decentralized finance and blockchain-based trading.
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