Sei V2, which Jay Jog, co-founder of Sei, brought to X on January 2, is “code complete” regarding functionality, with two blockchain security firms, OtterSec and Zellic, auditing the code base.
This development coincides with the ongoing ascent of SEI, the platform’s native currency, which has reached unprecedented levels of value in the four months since the high-performance blockchain was introduced in August.
When Sei V2 is released in the first quarter of 2024, it will feature a parallelized Ethereum Virtual Machine (EVM).
Developers assert that this model amalgamates the most advantageous attributes of Solana and Ethereum, potentially stimulating the adoption of Sei and bolstering its prices.
Notably, the Sei V2 code base will incorporate three significant enhancements. One is that Sei Network will now be compatible with Ethereum as a result of the EVM support that is being planned.
Sei endeavors to capitalize on the widespread appeal of Ethereum, particularly in the developer, utility, and wallet communities.
Jog explained in a post on X that the objective is to guarantee seamless integration without compatibility concerns. In V2, Sei users will utilize well-known Ethereum and EVM-compatible wallets, such as MetaMask, to establish connections with the mainnet.
However, Sei V2 will feature a significant advancement by implementing Optimistic Parallelization. This functionality will provide increased flexibility and latitude to developers by prohibiting them from establishing dependencies among transactions.
Conversely, according to Sei developers, this alternative enables the blockchain to manage parallelization to process transactions quickly and affordably autonomously.
To optimize state bloat and improve complete node efficiency, Sei V2 incorporates SeiDB as an additional storage technique. Implementing this update is anticipated to enhance the efficacy of the Sei Network while preserving its resilience.
It is unknown how SEI prices will react following the integration of this update. At present, developers maintain a positive outlook, asserting that Sei V2 will significantly improve the mainnet’s functionality, enabling it to execute transactions quicker than Ethereum layer-2 solutions such as Base and Arbitrum.
Jog stated in November that the theoretical throughput of Sei V2 was 12,500 TPS.
SEI supporters remain resilient in the face of this, and prices continue to rise. Since its debut in August 2023, SEI has rallied 11 times and is trading near all-time highs.
Based on the daily chart’s candlestick arrangement, purchasers exert upward pressure, with the bull bar originating on January 1 propelling the coin to unprecedented heights.
Traders should keep an eye on the support levels of $0.55, representing the lows reached on January 1 and $0.40 in the event of a retreat.