Sei V2 Launch: Elevating Blockchain to New Heights

Sei is at the forefront of blockchain transformation with the introduction of Sei v2. This major update brings speed, efficiency, and new features that promise to significantly improve the performance of decentralized applications. 

Diving into the details of Sei v2, we’ll explore its innovative features, phased rollout, and what it means for developers, users, and the broader blockchain ecosystem. Let’s start by understanding the Sei foundation for this update.

About Sei

Sei is the ideal platform for developing groundbreaking applications supporting the latest blockchain trends and innovations. Pushing the boundaries of blockchain technology through open-source development, Sei stands to unlock a brand-new design space for consumer-facing applications.

Completely permissionless, open source, and globally distributed, Sei optimizes every stack layer to offer infrastructure for trading apps and services. Sei has garnered attention for its innovative approach to blockchain infrastructure, focusing on speed, reliability, and efficiency.

What is Sei v2?

It’s an awesome upgrade to the Sei blockchain, it’s all about speed and efficiency. Imagine the fastest, most efficient blockchain you’ve ever seen – that’s Sei v2.

Sei v2 is the first blockchain to combine high performance with a parallelized Ethereum Virtual Machine (EVM). What does that mean? It means it can scale the Ethereum ecosystem in a whole new way, achieving transaction finality in under 400 milliseconds – faster than any other blockchain.

Sei v2’s innovation core lies in its Twin Turbo Consensus mechanism. This system drastically reduces the time it takes for transactions to be completed and is considered irreversible, allowing Sei to offer web-2-like user experiences. Twin Turbo Consensus optimizes block propagation and block processing, ensuring that transactions are processed almost instantly.

Sei v2 enhances the speed and efficiency of the blockchain and supports the growth and development of the Sei ecosystem. It paves the way for seamless and rapid transaction processing, making it an ideal platform for decentralized applications (dApps) and other blockchain-based solutions. 

With Sei v2, both users and developers get a super-fast and reliable blockchain, opening up tons of new opportunities for innovation and adoption in the blockchain world.

New Functionality with Sei v2

Sei v2 introduces significant updates, making it the first fully parallelized EVM. As a result, Sei v2 brings the following new functionalities:

• Backward Compatibility with EVM Smart Contracts. Developers can deploy verified smart contracts from EVM-compatible blockchains without modifying the code.
• Reuse of Familiar Applications and Tools. Users can continue to use popular and widely adopted applications and tools, such as Metamask, seamlessly.
• Optimistic Parallelization. Allows the blockchain to support parallelization without requiring developers to define any dependencies, enhancing efficiency.
• SeiDB. An improved storage layer that prevents state bloat, boosts read/write performance and simplifies state synchronization for new nodes.
• Interoperability with Existing Chains. Ensures seamless compatibility between EVM and any other execution environments supported on Sei.

And, as we previously said, Sei v2 will offer 28,300 batched transactions per second with a block time of 390 ms and finality in 390 ms. This enables Sei to support a significantly larger user base and more interactive capabilities than existing blockchains, while also offering much lower transaction costs.

Phases of Sei v2

The launch of Sei v2 is strategically divided into three phases to ensure a smooth transition and optimized performance. Each phase is designed to progressively enhance the blockchain’s capabilities and provide a stable and scalable network for its users.

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Phase 1: Governance Proposal

The first phase focuses on governance and approval. Sei is a permissionless, open-source network governed by SEI token holders through a delegated proof-of-stake mechanism. Sei Labs has informed validators that v2, the proposed update to the Sei blockchain, is ready for implementation on the mainnet via an on-chain offering. Everstake also took part in the vote.

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The governance approval process followed numerous audits and ongoing optimizations discovered during the Sei v2 public Devnet. This phase ensured that all validators agreed on the upgrade, setting the stage for a smooth transition.

Phase 2: Deployment v2 Alpha

Currently, the launch is in Phase 2. In this phase, validators upgrade their software to transition the existing Sei Pacific-1 Mainnet to Sei v2. This stage allows for the deployment of EVM-based contracts and the integration of infrastructure on Sei. It ensures that existing applications and tokens continue to function as they did before the upgrade. Everstake closely monitored these updates, doing everything necessary to maintain the network. Our team vigilantly oversaw and supported every aspect of the transition.

During this phase, the stability of the network is closely monitored, and critical infrastructure like bridges will take time to deploy before they are fully operational for the community​​.

Phase 3: v2 Beta

In the final phase, an announcement will be made on the official Sei Twitter account indicating that v2 is stable and critical infrastructure components like RPCs, bridges, indexers, and multisigs are fully ready. Initially, there will be a block gas limit to ensure stability, which will be adjusted as demand increases. 

This phase marks the full operational status of Sei v2, allowing for enhanced performance and scalability. Continuous optimization efforts will follow, aimed at supporting consumer-grade applications capable of serving millions of users, reflecting Sei’s commitment to high performance and reliability.

Sei Airdrop

The Sei Foundation’s second airdrop is simple and focused on active usage and participation in the Sei ecosystem. It distributes 34,435,600 SEI to 44,445 unique addresses, rewarding active users of the Sei Mainnet. Users can check the eligibility of their wallets on the airdrop website. 

Importantly, no further actions are required from users: if an address is eligible, tokens will be sent directly to it at the start of “Phase 3” of the Sei v2 launch.

Conclusion

Sei v2 represents a significant milestone in the evolution of blockchain technology, bringing unparalleled speed, efficiency, and innovative features to the industry. With its phased rollout, Sei v2 ensures a smooth and stable transition, providing developers and users with a powerful platform for decentralized applications. 

As Sei continues to push the boundaries of blockchain performance, its commitment to high-speed transactions and low costs opens new possibilities for innovation and adoption. The Sei v2 upgrade, alongside the upcoming airdrop, sets the stage for a dynamic and robust ecosystem.

Choosing to stake Sei with Everstake isn’t just about earning passive income. It’s about strengthening the very foundation of the Sei network. To fully understand the potential rewards and the details of staking Sei with us, check out our dedicated Sei Staking page.