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.
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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.
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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