Sei Foundation Unveils ‘Parallelized’ EVM In v2 Upgrade, Driving 11% Spike In SEI’s Price
To increase the capabilities of its Layer 1 (L1) blockchain, the Sei Foundation has announced a governance proposal to upgrade Sei to Version 2. This proposed upgrade will reportedly introduce a “high-performance, parall...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
To increase the capabilities of its Layer 1 (L1) blockchain, the Sei Foundation has announced a governance proposal to upgrade Sei to Version 2. This proposed upgrade will reportedly introduce a “high-performance, parallelized” Ethereum Virtual Machine (EVM) to improve the network’s overall functionality.
Sei Rolls Out Multi-Phase V2 UpgradeAccording to the announcement, the Sei V2 launch will be rolled out in three phases to minimize risk, set user expectations, and optimize network performance. “By rolling out Sei v2 in measured steps, Sei Contributors can ensure a stable and scalable network for everyone,” the foundation stated.
The first phase will focus on validating software upgrades and transitioning the existing Sei Pacific-1 mainnet to the new “v2” iteration. This will pave the way for deploying EVM-based contracts and infrastructure integrations on the Sei network.
The announcement cautioned that “not everything will be functional at the start of this period. “For example, bridges will need time to deploy to Mainnet before the community can use them.”
However, the foundation promised to provide an official announcement once the v2 network is deemed stable and critical infrastructure, such as RPCs, bridges, indexers, and multi-sigs, is ready for use.
If the governance proposal is accepted, the Sei mainnet upgrade to Version 2 is scheduled for Monday, May 27th.
Interestingly, the announcement of the Sei V2 upgrade has already sparked a surge in the blockchain’s native token, SEI, which has emerged as one of the biggest gainers in the market over the past 24 hours, with a price increase of 11%.
All Eyes On All-Time High On Mainnet Upgrade ProspectsThe SEI token is trading at $0.5830, surpassing its previous resistance level of $0.560. This breakthrough aims to consolidate the token’s price above this mark, a key level for the token’s prospects of testing higher resistance walls and potentially reaching its all-time high (ATH) of $1.14, set on March 16.
Furthermore, the token has recorded a trading volume of $95 million since the announcement, resulting in a substantial 150% increase compared to the figures recorded during the previous weekend, according to CoinGecko data.
Despite these positive developments, it remains to be seen whether the governance proposal to upgrade the Sei blockchain to Version 2 will be approved.
In the event of a bullish outcome and the successful implementation of the V2 upgrade, the key resistance levels to watch on the upside are $0.592, $0.613, and $0.637. These levels could be potential targets for the token’s continued bullish momentum.
Conversely, should the token experience a price correction, the $0.544 and $0.527 zones would be the levels to monitor for potential support and stabilization of the SEI price in the coming days.
Featured image from Shutterstock, chart from TradingView.com
Why this matters
This cryptocurrency story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on NewsBTCRelated market context
NEAR Protocol weighs proposal to cut token issuance to 1.6% over two years
Reducing NEAR's token issuance could stabilize its value but may lower staking appeal, impacting network competitiveness and treas...
US targets $17 billion Russia-linked crypto payment network using USDT as an escape route
The US sanctioned the Russia-linked A7 Network and proposed new restrictions to cut its crypto intermediaries off from global mark...
Authors Withdraw Ethereum Staking Reward Burn Plan From Hegota Upgrade, Seek Separate Process
A proposal to burn a growing share of Ethereum staking rewards will not be part of the network’s Hegota upgrade. Ethereum France p...
Polymath And CineCity Explore Regulated Tokenized Film Investment Platform
TL;DR Polymath and Chicago-based CineCity Studios are exploring a platform for financing independent film through regulated digita...
Tokenized Stocks, Investor Rights, and Their Crypto Role
Tokenized stocks could give crypto-native investors access to equity exposure through crypto platforms, but a token that tracks a...
Ethereum Foundation Launches Privacy Tool That Cuts the Link Between AI Prompts and Payers
The Ethereum Foundation has launched zkAPI, a system for paying for AI models and other metered online services without that usage...