Just in on January 2, Jay Jog, Sei’s co-founder, spilled the beans that Sei V2 is now “functionally complete.” Two security firms, Zellic and OtterSec, are actively auditing the code, signaling exciting times for Sei’s native coin, SEI, which has been hitting record highs just four months post the high-performance blockchain’s launch in August.
What’s the Buzz about Sei V2?
Rolling out in Q1 2024, Sei V2 is set to bring forth a parallelized Ethereum Virtual Machine (EVM). Developers claim this model will amalgamate the finest elements of Solana and Ethereum, potentially catapulting Sei adoption and bolstering SEI prices.
Among the notable upgrades in Sei V2 is its compatibility with Ethereum, thanks to the planned support for the EVM. Sei aims to capitalize on Ethereum’s popularity, particularly among developers, tools, and wallets. Jay Jog emphasized the goal of ensuring a seamless integration without compatibility hitches, enabling Sei users to connect with the mainnet using familiar Ethereum and EVM-compatible wallets such as MetaMask.
A noteworthy addition is the implementation of Optimistic Parallelization in Sei V2. This feature provides developers with more flexibility, eliminating the need to define dependencies between transactions. Instead, the blockchain autonomously manages parallelization for efficient and cost-effective transaction processing.
To boost full node efficiency and tackle state bloat, Sei V2 introduces SeiDB as a new storage method. The update is anticipated to uphold Sei Network’s resilience while enhancing its overall performance.
Sei Set to Outshine Ethereum Layer-2s: Will Prices Reflect?
The reaction of SEI prices to the integration of this update remains uncertain. Developers express optimism, asserting that Sei V2 will significantly augment mainnet capabilities, enabling faster transaction processing than Ethereum layer-2 solutions like Base and Arbitrum. Jay Jog previously claimed a theoretical throughput of 12,500 TPS for Sei V2 back in November.
In anticipation, SEI bulls stand strong, propelling prices to new heights. Since its launch in August 2023, SEI has surged 11X, currently trading around all-time highs.
Analyzing the daily chart’s candlestick arrangement, buyers are on the ascent, with the bull bar on January 1 propelling the coin to unprecedented levels. For traders, critical support levels to monitor in the coming days are $0.55, marking the lows of January 1, and $0.40, in case of a cooldown.