SEI price surges to $0.8, Sei mainnet plans to upgrade to V2 in the first half of 2024

The native token $SEI of the Layer1 public chain Sei Network, which started rising in mid-December, hit a new all-time high earlier today, reaching $0.8, a surge of 28.5% in the past 24 hours. As of now, the quotation is $0.7549, with an increase of 186.7% in the past 30 days.

SEI hits a new all-time high of $0.8

Sei mainnet will be upgraded to V2 in the first half of 2024

In August this year, it will be built based on CosmosSDK The Layer1 public chain Sei Network was launched on the mainnet and successfully attracted the attention of the crypto community through airdrops. Since then, Sei Network has also successfully listed on Binance exchange. Recently, Sei Network announced that they plan to upgrade the mainnet to Sei V2 in the first half of 2025 and become the first L1 public chain to use multi-threaded processing to replace the single-threaded execution environment of the Ethereum Virtual Machine (EVM). This news may be one of the reasons for the price increase of Sei Network.

The Sei team stated that they plan to make a major upgrade designed to allow any Ethereum or Ethereum Layer 2 dApp to be easily deployed on the Sei platform. This upgrade will take full advantage of Sei's high throughput and speed, enabling applications to support more users and provide a convenient experience closer to Web2. Users can also continue to interact with the Sei ecosystem using tools they are familiar with, such as the Metamask wallet. This will bring a more convenient and seamless experience to developers and users.

According to official claims, Sei has a throughput of up to 28,300 TPS and a transaction confirmation time (TTF) of only 390 milliseconds, ranking among the fastest L1 blockchains.

Sei V2 will support EVM and Cosmwasm dual virtual machines

The co-founder of Sei explained that V2 will support Ethereum EVM and Cosmwasm smart contracts. Cosmwasm is the smart contract engine of the Cosmos ecosystem and currently only supports smart contracts in the Rust language.

"By using state precompilation and chain-level message scheduling, EVM and Cosmwasm contracts will also be able to call each other. Two virtual machines will be better than one!"

Parallel EVM becomes a concern Hotspot

KOL “BITWU.ETH”, who has nearly 200,000 fans on the X platform, also wrote an article today saying that he is optimistic that the development of Sei will ride on the parallel EVM narrative and soar.

“Capital is still keen on high-performance L1. Although the story is already in L2, there is always a huge incremental market for high-performance L1! The combination of EVM parallel sovereign L1 is indeed the most promising in the current public chain competition landscape. An excellent combination has taken the best of everyone, so we are very much looking forward to the implementation of the Sei V2 plan, which will bring different vitality to the public chain ecosystem."

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