Sei Network to Launch V2 Upgrade, Embracing Ethereum Virtual Machine (EVM)

Sei Labs announces the introduction of version 2 upgrades for its Sei L1 network, signaling an advancement in its capabilities. 

The key enhancement involves the integration of support for the Ethereum Virtual Machine (EVM), facilitated by the incorporation of Geth, a widely used Ethereum programming language. 

Sei's strategic decision to incorporate EVM support aims to empower developers, offering them the flexibility to seamlessly migrate existing Ethereum-powered smart contracts to the Sei platform. This upgrade also enables developers to construct decentralized applications (dApps) compatible with Ethereum standards on the Sei network.

Worth noting, other functionalities include the reusability of familiar applications and widely-used tooling such as Metamask, streamlining the development process for creators. Further, Sei V2 will reportedly introduce optimistic parallelization, enabling the chain to support parallel processes without imposing the requirement for developers to define dependencies explicitly. 

Moreover, it will facilitate interoperability with the existing chain, enabling seamless composability between EVM and any other execution environments supported on Sei.

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Performance Metrics and Mainnet Achievements

As per the Sei Network team, Sei V2 will offer 28,300 batched transactions per second throughput, coupled with 390 milliseconds block times and finality. Sei has been active on the mainnet beta since August 2023, positioning itself as one of the fastest chains in existence. 

Worth noting, DeFiLlama data registers Sei's total value locked (TVL) at just over $3.25 million. Despite the upgrades, Sei's native token, SEI, experienced an 18.5% downturn over 24 hours on Nov. 30 amid a broader market dip.