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SEI price up as Sei v2 upgrade proposal receives overwhelming support

By:
on May 20, 2024
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  • Sei v2 proposal gains unanimous support, driving SEI price surge.
  • The potential upcoming upgrade shall integrate parallelized EVM and enhance Ethereum compatibility.
  • Mainnet upgrade scheduled for May 27th, anticipation mounts within community.

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The price of Sei (SEI) has surged by 9.41% in the past 24 hours to trade above $0.57 as the Sei v2 upgrade proposal gains remarkable traction within the crypto community.

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The upgrade proposal by the Sei Foundation aims at enhancing Sei’s blockchain with improved Ethereum compatibility and performance. With the proposal now live and voting ongoing, stakeholders eagerly await the outcome of the governance approval process.

Unanimous support for Sei v2 upgrade proposal

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As the voting continues, the Sei v2 governance proposal, which outlines plans for the integration of a parallelized Ethereum Virtual Machine (EVM) and enhanced interoperability with Ethereum-based contracts, has received unanimous approval from the community.

In the ongoing voting, which commenced on May 20th and is scheduled to conclude on May 25th, stakeholders are rallying behind the proposal, with a total of 1,475,961,470.35 SEI cast in favour of the upgrade.

Notably, there were no opposing votes or abstentions, underscoring the widespread consensus among participants regarding the necessity and potential benefits of the proposed v2 upgrade.

The proposed upgrade holds the promise of unlocking new levels of performance, scalability, and compatibility for the Sei blockchain. By integrating a parallelized EVM and leveraging Geth for enhanced interoperability with Ethereum-based contracts, the blockchain aims to solidify its position as a leading player in the high-performance network sector.

Furthermore, the introduction of SeiDB, a novel data structure designed to optimize storage efficiency and streamline state synchronization, is expected to further bolster the platform’s capabilities.

These technological advancements not only enhance Sei’s competitive edge but also pave the way for seamless integration with popular decentralized applications (DApps) such as Uniswap, Frax, and The Graph.

The community has been quick to respond to the proposal, with preparations already underway for the impending mainnet upgrade scheduled for Monday, May 27th.

The proactive stance taken by the community reflects their confidence in the viability and significance of the proposed enhancements to the Sei blockchain.

Anticipation builds as mainnet upgrade looms

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As the governance approval process draws to a close, anticipation mounts within the crypto community regarding the imminent mainnet upgrade.

With the Sei v2 proposal poised for implementation pending final approval, investors and enthusiasts alike are eagerly anticipating the transformative impact it will have on Sei’s ecosystem.

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