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

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

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

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