As a seasoned crypto investor with a keen interest in Sei and its potential, I’m excited about the upcoming V2 upgrade announcement. The proposed improvements to the network’s functionality through the high-performance EVM are intriguing, and the phased rollout strategy minimizes risks while setting user expectations appropriately.
I’ve learned that the Sei Foundation intends to enhance the capabilities of its Layer 1 (L1) blockchain by proposing an upgrade to Sei Version 2. This upgrade is expected to bring about a high-performance, parallelized Ethereum Virtual Machine (EVM). According to the information available, this new EVM will significantly improve the network’s functionality.
Sei Rolls Out Multi-Phase V2 Upgrade
The Sei V2 unveiling is planned to occur in three successive stages to reduce risks, establish appropriate user expectations, and enhance network efficiency, as per the declaration from the foundation. This phased introduction enables Sei Contributors to guarantee a dependable and adaptable network for all participants.
In the initial stage, we will verify the software updates and migrate the current Sei Pacific-1 mainnet to its next version, referred to as “v2.” This process is crucial as it prepares the ground for implementing EVM-compatible contracts and integrating essential infrastructure on the Sei network.
During the initial stage, not all features will be operational. For instance, bridges will require deployment to the Mainnet in order for the community to utilize them effectively.
The foundation will make an official announcement when they determine that the v2 network is secure and reliable enough for key components like RPCs, bridges, indexers, and multi-signatures to be activated.
As a analyst, I’d put it this way: Should the governance proposal be approved, the Sei mainnet will undergo an upgrade to Version 2 on Monday, May 27th.
It’s intriguing to note that the unveiling of Sei V2’s upgrade has ignited a significant rally for its native token, SEI. This digital currency has become one of the most profitable investments in the cryptocurrency market during the last 24 hours, with its value surging by approximately 11%.
All Eyes On All-Time High On Mainnet Upgrade Prospects
The SEI token currently trades at $0.5830, exceeding its earlier resistance of $0.560. This advance is intended to keep the token’s price above this point, a significant level for the possibility of encountering further resistance levels and ultimately touching its record high (ATH) of $1.14, which was attained on March 16th.
As a researcher, I’ve discovered that since the announcement, the token has seen a significant surge in trading activity with a total volume of $95 million being exchanged. This represents a substantial jump of approximately 150% when compared to the volumes reported during the preceding weekend, based on data from CoinGecko.
It’s encouraging that progress is being made, but it’s uncertain if the governance plan to advance the Sei blockchain to Version 2 will receive approval.
If the V2 upgrade is successful and the market takes a bullish stance, keep an eye on these key resistance levels: $0.592, $0.613, and $0.637. These levels may serve as potential destinations for the token’s price surge.
As a crypto investor, if the price of SEI takes a downturn, I would keep a close eye on the $0.544 and $0.527 price levels as potential areas of support and possible price stabilization in the near term.
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2024-05-21 05:47