Sei Launches Revolutionary Parallelized EVM Blockchain, SEI Token Surges 8% to $0.5752

• The Sei V2 takes the proven advantages of the Sei network and makes it accessible to a global base of EVM developers.
• The Sei V2 has moved to the second phase dubbed Alpha Launch which is designed to minimize risk and optimize performance.

Sei (SEI) network, a well-funded layer one (L1) blockchain focused on streamlining the web3 adoption, announced the second phase of the Sei V2 launch process. After a successful phase one that entailed a governance proposal, the Sei team has now announced the deployment of the necessary infrastructure to enable the beta phase later. 

Notably, Sei network validators have upgraded their software, thus making it possible for developers to deploy EVM-based contracts.  The second phase of the Sei V2 launch is expected to take days instead of weeks as the Sei Labs monitors the chain stability.

According to the Sei team, the second phase of the Sei V2 launch was designed to minimize risk through gradual rollout and optimize performance. Moreover, the Sei V2 is a proposed additive upgrade to the live blockchain in order to introduce highly performant parallelized EVM into production. 

Creating a vibrant and user-friendly onchain ecosystem is crucial for Sei v2.

You can find the updated v2 documentation here: https://t.co/8E2aTTsmSz

For builders who need more detailed hands-on assistance, join the Sei Discord at https://t.co/6G5D7wIBjY

— Sei (@SeiNetwork) May 27, 2024

Pyth Price Feeds and Entropy Launches on Sei V2

The Sei network has established itself in the past crypto bear market as a reliable layer one blockchain backed by reputable investors such as Coinbase Global Delphi Digital, Multicoin Capital, and Circle, among others. The fast-growing layer one network supports more than 12k transactions per second, thus being ideal for all sorts of web3 projects. 

The launch of the Sei V2 is geared towards enabling the mass adoption of the SEI token in addition to real-world asset tokenization. Furthermore, Pyth Network announced on Tuesday the deployment of the Pyth price feeds and Entropy on the Sei V2. 

“The Pyth Network’s pull oracle for price feeds will empower Sei users with permissionless access to ultra-low latency price updates on-chain. Price updates are important for securing next-generation DeFi applications. Entropy will enable Sei V2 developers to design unpredictable outcomes for Web3 applications across gaming, NFTs, prediction markets, and more,” the Pyth Network noted.

As Crypto News Flash previously noted, Ethereum’s EVM protocol has grown to a major component of the mass adoption of interoperable web3 projects and digital assets. Already, dozens of blockchains have developed the necessary infrastructure to enable web3 builders to launch interoperable communications via Ethereum’s EVM.

Market Impact

The launch of the second phase of the Sei V2 introduction process had a tangible impact on the SEI price. According to the latest crypto oracles, SEI price hovered around 55 cents on Tuesday, up 18 percent in the past two weeks. 

The mid-cap altcoin, with a fully diluted valuation of about $5.4 billion and an average daily traded volume of around $98 million, has significantly benefited from the mass adoption of digital assets in addition to favoring regulatory scope. Moreover, the Sei Network uses the same consensus mechanism with Ethereum dubbed the Proof-of-Stake (POS).