The Sei blockchain announces a significant advance with its V2 by integrating compatibility with the Ethereum Virtual Machine (EVM). This upgrade will enable Sei to support smart contracts intended for the Ethereum ecosystem, facilitating interaction between EVM and CosmWasm contracts on the Sei network. That’s all it took for the SEI token to hit its highest price ever.
Sei announces compatibility with the Ethereum Virtual Machine (EVM)
This is big news for Sei, the layer 1 blockchain focused on optimizing trading operations: Sei Labs has just announced that Sei V2 will include network compatibility with the Ethereum Virtual Machine (EVM). In other words, once V2 has been implemented, Sei will be able to support the smart contracts planned for the Ethereum ecosystem.
This evolution will take place via Geth (go-ethereum), one of the oldest runtime clients of the Ethereum blockchain (running under the Go programming language) and today the most widely used.
As Sei was built via a fork of Cosmos SDK and Tendermint Core, V2 required a dedicated interface enabling the interaction of smart contracts already existing on Sei (via CosmWasm) with the Ethereum Virtual Machine. Interviewed by our colleagues at The Block, Jay Jog, co-founder of Sei Labs, provided a few details on this complex subject:
Sei V2 is an additive change. All existing components, such as CosmWasm, will continue to exist. As this is a proposed chain change, the different virtual machines will also be able to interact with each other, allowing Sei V2 to be the first network where EVM and CosmWasm contracts can communicate with each other. “
In addition, Sei also optimized the way data would be processed on its blockchain via SeiDB, a new implementation aimed at optimizing the platform’s storage layer and overall performance by removing unnecessary metadata.
According to Sei’s press release, V2 is currently in the audit phase and is almost complete from a development point of view. It should be implemented on testnet during the first quarter of 2024, before being deployed on mainnet during the first half of the year.
CoinGecko data shows that the SEI token took advantage of the news to reach its highest price (ATH), now at $0.29. However, the SEI token price has fallen by more than 10% since the event.