Sei Foundation Unveils ‘Parallelized’ EVM In v2 Upgrade, Driving 11% Spike In SEI’s Price

Name	Symbol	Market	Market Cap ($)	Algorithm
Ethereum	ETHUSD	Crypto	459,467,092,765	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ethereum

ETHUSD

Crypto

459,467,092,765

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	36.84	0.97%	3,816.70	3,816.48	3,816.70

Price Change

Price Change %

Current Price

Bid Price

Offer

36.84

0.97%

3,816.70

3,816.48

3,816.70

High Price	Low Price	Open Price	Prev. Close	52 Week Range
3,839.89	3,758.07	3,776.41	3,779.86	1,520.85 - 4,093.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

3,839.89

3,758.07

3,776.41

3,779.86

1,520.85 - 4,093.88

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	10:14:27	0.001040	3,816.70	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

10:14:27

0.001040

3,816.70

USD

Price x Volume	Volume	Base Symbol	Related Pairs
73,916,163.90	19,406.12	ETH	ETHEUR	ETHGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

73,916,163.90

19,406.12

Sei Foundation Unveils ‘Parallelized’ EVM In v2 Upgrade, Driving 11% Spike In SEI’s Price

21/05/2024 3:30am

NEWSBTC

To increase the capabilities of its Layer 1 (L1) blockchain, the Sei Foundation has announced a governance proposal to upgrade Sei to Version 2. This proposed upgrade will reportedly introduce a “high-performance, parallelized” Ethereum Virtual Machine (EVM) to improve the network’s overall functionality. Sei Rolls Out Multi-Phase V2 Upgrade According to the announcement, the Sei V2 launch will be rolled out in three phases to minimize risk, set user expectations, and optimize network performance. “By rolling out Sei v2 in measured steps, Sei Contributors can ensure a stable and scalable network for everyone,” the foundation stated. Related Reading: Crypto Analyst Sounds Warning Alarm For Potential 50-60% Crash In Chainlink Price, Here’s Why The first phase will focus on validating software upgrades and transitioning the existing Sei Pacific-1 mainnet to the new “v2” iteration. This will pave the way for deploying EVM-based contracts and infrastructure integrations on the Sei network. The announcement cautioned that “not everything will be functional at the start of this period. “For example, bridges will need time to deploy to Mainnet before the community can use them.” However, the foundation promised to provide an official announcement once the v2 network is deemed stable and critical infrastructure, such as RPCs, bridges, indexers, and multi-sigs, is ready for use. If the governance proposal is accepted, the Sei mainnet upgrade to Version 2 is scheduled for Monday, May 27th. Interestingly, the announcement of the Sei V2 upgrade has already sparked a surge in the blockchain’s native token, SEI, which has emerged as one of the biggest gainers in the market over the past 24 hours, with a price increase of 11%. All Eyes On All-Time High On Mainnet Upgrade Prospects The SEI token is trading at $0.5830, surpassing its previous resistance level of $0.560. This breakthrough aims to consolidate the token’s price above this mark, a key level for the token’s prospects of testing higher resistance walls and potentially reaching its all-time high (ATH) of $1.14, set on March 16. Furthermore, the token has recorded a trading volume of $95 million since the announcement, resulting in a substantial 150% increase compared to the figures recorded during the previous weekend, according to CoinGecko data. Despite these positive developments, it remains to be seen whether the governance proposal to upgrade the Sei blockchain to Version 2 will be approved. Related Reading: Dogwifhat (WIF) Surges 10.4% Amid Whale Frenzy, New ATH Coming Soon? In the event of a bullish outcome and the successful implementation of the V2 upgrade, the key resistance levels to watch on the upside are $0.592, $0.613, and $0.637. These levels could be potential targets for the token’s continued bullish momentum. Conversely, should the token experience a price correction, the $0.544 and $0.527 zones would be the levels to monitor for potential support and stabilization of the SEI price in the coming days. Featured image from Shutterstock, chart from TradingView.com

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