TL;DR
- Sei Foundation Upgrade: The Sei Foundation has announced an upgrade to Sei blockchain version 2, introducing a high-performance, parallelized EVM for faster and more efficient transaction processing.
- Enhanced Capabilities: The upgrade will allow for sub-second transaction finality and includes SeiDB for improved data management, setting Sei to compete with other advanced EVMs.
- Multi-Phase Rollout: The upgrade will occur in three phases—governance voting, alpha launch, and beta launch—with significant Ethereum-based applications planning to deploy on Sei v2.
The Sei Foundation has announced a significant upgrade to the Sei blockchain, marking the transition to version 2. This upgrade is poised to introduce a high-performance, parallelized Ethereum Virtual Machine (EVM), which is expected to substantially enhance the network’s capabilities.
Sei Pacific-1 validators have been notified that v2, an update to the Sei blockchain, is ready to be adopted on Mainnet, via an onchain proposal, beginning a 7 day governance approval process.
You can track the vote's progress here: https://t.co/9SpqzhBGU6 pic.twitter.com/bYcnS7RAFB
— Sei 🔴💨 (@SeiNetwork) May 20, 2024
On Monday, the foundation unveiled the proposal for the Sei blockchain’s upgrade to version 2, with the transition scheduled to occur one-week post-approval. The upgrade is designed to facilitate the effortless migration of Ethereum-based contracts to Sei, ensuring transactions are finalized in less than a second.
This means that the blockchain will confirm and finalize transactions in less than one second, significantly improving user experience and network efficiency with near-instantaneous processing.
Furthermore, Sei v2 will offer compatibility and advanced features such as parallelized execution, positioning it to compete with other parallelized EVMs like Monad and Neon.
The blockchain will also integrate SeiDB, a novel data structure for the platform’s storage layer, aimed at managing data more efficiently, reducing state bloat, and minimizing the excessive growth of stored data.
This integration will also facilitate smoother state synchronization for new network nodes, enabling them to update quickly and accurately with the latest information.
Future Prospects for Sei Foundation’s New Upgrade
The proposed upgrade is set to progress through a tri-phase approach: governance voting, alpha launch, and beta launch. The process begins with governance voting, and upon receiving approval, it will transition to the alpha launch phase, during which the infrastructure will be exclusively accessible to partners.
Leading Ethereum-based platforms, including Uniswap, Frax, X2Y2, Bancor, Balancer, Rarible, Layer Zero, Nansen, and The Graph, are set to expand onto the Sei v2 network. Following its initial mainnet beta release in August 2023, the network has been accommodating dapps from the Cosmos ecosystem that are developed in Rust.
Sei Rolls Out Multi-Phase V2 Upgrade
The Sei V2 launch will be executed in three phases to minimize risk, set user expectations, and optimize network performance.
The first phase will focus on validating software upgrades and transitioning the existing Sei Pacific-1 mainnet to the new “v2” iteration, paving the way for deploying EVM-based contracts and infrastructure integrations on the Sei network.
The foundation has cautioned that not all functionalities will be operational at the start of this period. However, an official announcement will be made once the v2 network is stable and critical infrastructure is ready for use. Should the governance proposal be approved, the transition to Version 2 of the Sei mainnet is slated for Monday, May 27th.
