Sei Labs has announced plans to include Ethereum Virtual Machine support in the upcoming Sei-V2 upgrade. This development will enable the seamless transition of Ethereum-based contracts to the Sei network. Thus, it will constitute an important step in terms of blockchain interoperability and functionality. Following this development, the altcoin started its ATH journey. So, is a new ATH possible soon?
Sei simplifies Ethereum contract integration
Sei V2 will use Geth, the dominant Go implementation of the Ethereum Virtual Machine, to embed EVM support. This move marks a significant advancement from Sei’s existing smart contract framework, which is based on CosmWasm technology, a proprietary module for the Cosmos ecosystem. Additionally, a custom interface developed by Sei Labs will facilitate interaction between the network’s existing CosmWasm smart contracts and the new integrated EVM. Jay Jog, co-founder of Sei Labs, explains this development as follows:
Sei V2 represents an additional change that retains all existing components like CosmWasm. Different virtual machines will interact with the proposed Blockchain modification, allowing the EVM and Cosmwasm contracts to communicate for the first time.
Sei first released V1 in the main-net beta in August. The altcoin project provided support for Cosmos smart contracts written in Rust. The V2 upgrade aims to broaden developer appeal and thus increase transaction confirmation speed by adding a fully parallelized EVM-compatible layer notable for its sub-second precision.
Innovation comes to the fore with SeiDB
Additionally, Sei V2 introduced SeiDB, a data structure designed to optimize the storage layer of the platform. This feature aims to prevent state bloat, a situation where the network becomes overloaded with data, and to streamline the state synchronization process for new nodes. These improvements will significantly increase the performance and scalability of Sei Blockchain.
The Sei V2 upgrade is undergoing extensive security checks in the final stages of code development. While the public test-net launch is planned to be made in the first quarter of 2024, the maim-net distribution is expected to be made in the first half of the same year. This upgrade underscores Sei Labs’ commitment to advancing Blockchain technology and increasing developer capabilities in the rapidly evolving digital landscape.
Altcoin price has reached an all-time high!
Sei’s native token, SEI, rose to a new all-time high of $0.284978, according to CoinStats. With such a dramatic jump, the anticipation surrounding the Sei V2 update has significantly impacted the market. However, SEI lost some ground at press time after hitting the top. At the time of writing, the altcoin was trading at $0.2669, down 3.25% on a daily basis.
Analyst: Another ATH is possible for Altcoin!
Crypto analyst Victor Olanrewaju examines the technical picture of SEI. On the SEI chart, the 9-day EMA (blue) has crossed above the 20-day EMA (yellow). This EMA position indicates a bullish trend. There was some profit taking at around $0.28. However, this was a slight sell-off. At the same time, buyers continued to place new orders to push the altcoin price even higher. If SEI maintains its bullish momentum, it is possible to see the price reach $0.30, as mentioned earlier. At the same time, bulls need to make sure that bears do not have a say in the market’s momentum.
SEI 4-Hour Chart. Source: TradingViewOn the other hand, SEI risks falling to $0.24 if the bulls fail to defend the upward momentum. However, derivatives traders are determined to help the token reach a new ATH. This is due to Open Interest data on Coinglass. According to Coinglass, SEI’s Open Interest has increased to $89.58 million. This shows that there is sufficient liquidity in the contract linked to the altcoin.
SEI Open Interest. Source: CoinglassWhen placed side by side with price action, demand for SEI as indicated by Open Interest could act as support for a further uptrend. Therefore, it would not be wrong to expect SEI to reach another high.
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