Sei, a high-speed Layer 1 blockchain, saw its token spike by 30% after announcing plans for its Ethereum-compatible V2 upgrade.
The roadmap for Sei V2, shared yesterday, caused the native token to surge. Sei V2 aims to introduce the first highly performant parallelized Ethereum Virtual Machine (EVM) into production. The upgrade will start with a governance proposal in phase one. If approved, phase two will see the deployment of V2 Alpha, enabling EVM-based smart contracts and starting infrastructure integrations with the network.
The team expects phase two to take days rather than weeks, emphasizing chain stability throughout the process.
Details for phase three are not yet specified, but the team will provide updates once V2 is stable and critical infrastructure components like RPCs, bridges, indexers, and multisigs are ready.
On this news, SEI jumped 25% from $0.44 to $0.58 before settling at $0.55. The network’s market capitalization is now $1.6 billion.
In early February, Sei upgraded its devnet, allowing developers to deploy code compatible with the EVM. This upgrade opens the network to Ethereum’s extensive ecosystem of dApps, giving developers more tools and programming options. This release is intended for developers to experiment with deploying their applications, rather than for end users.
