Sei Labs introduced version 2 updates for its Sei L1 network, including support for the Ethereum Virtual Machine (EVM) by adding Geth, a popular Ethereum programming language.
Sei layer 1 blockchain plans to provide support for EVM, which would allow developers to migrate existing Ethereum-powered smart contacts to the platform and create decentralized applications (dapps) compatible with the Ethereum standard on Sei.
The network, which is said to be designed for fast and cheap crypto trading, will add EVM support by incorporating Geth, a popular Ethereum software widely used by developers to create dapps and web3 solutions that run on top of the second largest blockchain. largest crypto by market cap.
Sei Labs said the update code has been audited and will be released in the first quarter of 2024.
Some examples of applications that would benefit from this approach are high-performance scalable dexes of any type, massively multiplayer games, global payment and settlement applications, and NFT projects that seek to serve massive global audiences. In short: applications that aspire to achieve mass adoption.
Sei v2 advertisement.
Sei Labs said the upgrade code has been audited and will be released in the first quarter of 2024, however Austin Federa, head of strategy at the Solana Foundation, disputed claims of being “the first parallelized EVM blockchain.”
Sei’s v1 beta mainnet designed with Cosmos SDK was launched in August 2023 after California-based Sei Labs raised $30 million from investors such as Jump Trading and Multicoin capital in two fundraising rounds.
The V2 upgrades would push Sei into a competitive EVM market against merchant-targeted custom networks like Kava and Kujira. DefiLlama data recorded Sei’s total value locked (TVL) at just over $3 million. Kava and Kujirva had TVLs above $50 million compared to press time.
Sei’s native token, SEI, traded down 10% on Nov. 29 amid a broad market decline following Bitcoin’s bid for $40,000 and more.
