Highlighting the latest Web3 news related to important technical updates
The Coinmooner team focused on an event, gathering detailed information in a rich news article for its users. In it, we'll explore the benefits that this event brings to the Web3 industry. Additionally, we highlight the importance of developers' decision to implement support for the Ethereum Virtual Machine (EVM) in the upcoming Version 2 (V2) update.
Sei is a blockchain built on the Cosmos SDK with a proof-of-stake mechanism, designed to optimize trade by processing blocks in less than a second. In April 2023, Sei Labs, the main developer of this network, successfully secured $30 million in two rounds of strategic funding from venture firms, including Jump and Multicoin Capital.
According to the Sei Network team, Sei V2 promises a throughput of 28,300 transactions per second, with block formation and finality taking just 390 milliseconds. Sei has actively participated in beta testing on the mainnet since August 2023, asserting itself as one of the fastest chains in the existing world of blockchain technologies.
Due to its ability to facilitate fast decentralized trading, Sei is focused on a specific market segment where it competes with other Cosmos networks such as Osmosis, Kava, Injective, Neutron, and Kujira.
The significant decision by Sei to integrate EVM support is aimed at supporting developers by allowing them to easily transfer existing smart contracts, currently operating on the Ethereum platform, to the Sei platform. This update also gives developers the opportunity to create decentralized applications (dApps) that are compatible with Ethereum standards on the Sei network.
It's important to note that other features include the ability to reuse familiar applications and widely-used tools like Metamask, making the development process easier for creators. Additionally, according to reports, Sei V2 will introduce optimistic parallelization, enabling chains to handle parallel processes without developers explicitly defining dependencies.
Currently, Sei V2 is in the final stage of code development and is undergoing a rigorous audit to ensure its security. The plan is to release it on a public test network in the first quarter of 2024, with the main network deployment expected in the first half of the year.
Over the past year, there have been numerous hacks and financial losses in the Web3 world. That's why code audits and additional security measures are more crucial than ever. Apart from users understanding the importance of personal security and taking specific measures to ensure it, Sei, in compliance with various regulatory requirements, is committed to providing robust protection. This ensures that malicious actors won't be able to withdraw funds from the project, addressing concerns highlighted by incidents like those with Kyber Swap.
Morever, besides supporting EVM, Sei V2 introduces SeiDB, a new data structure aimed at improving the platform's storage capabilities. According to the team, SeiDB will prevent unnecessary data bloat, which occurs when the network is overloaded with information, and simplify the state synchronization process for new nodes. The main goal here is to enhance the overall performance and scalability of the Sei blockchain.
Additionally, the Coinmooner team wants to highlight that according to DeFiLlama data, Sei's total locked value (TVL) is just over $3.25 million. Despite the updates, Sei's native token, SEI, experienced a decline of 18.5% in the 24 hours leading to November 30th, attributed to the overall market downturn.