Trade-oriented Layer 1 blockchain Sei S.E.I + will add support for the Ethereum Virtual Machine (EVM) in the upcoming Version 2 (V2) upgrade. This allows developers to transfer Ethereum-based contracts to the network and use them.
To add this feature, Sei V2 will integrate Geth, a Go implementation of the Ethereum Virtual Machine. Geth is the most widely used Ethereum client software.
Sei Labs told The Block that it has developed a specialized interface to facilitate the interaction of Sei’s existing smart contract component (based on CosmWasm technology) with the EVM component. CosmWasm is a custom Cosmos SDK module that allows chains to execute smart contracts in the Cosmos ecosystem. With V2, the team will enable efficient integration of EVM support into the Sei network.
“Sei V2 is an additive change. All existing components such as CosmWasm will remain. Since this is a proposed chain modification, the different virtual machines will also be able to communicate with each other, allowing Sei V2 to be the first network where EVM and Cosmwasm contracts can call each other,” Jay Jog, co-founder of Sei Labs, told The Block.
Expansion on Sei V1
Sei has been operational on mainnet beta since the launch of V1 in August, providing support for Cosmos smart contracts written in Rust. With Sei V2, the team behind it wants to expand its appeal to a wider range of developers. The development will add a fully parallel EVM-compatible layer with sub-second finality (the speed at which transactions are confirmed).
In addition to EVM support, Sei V2 introduces SeiDB, a data structure that aims to improve the platform’s storage layer. According to the team, SeiDB will prevent ‘state bloat’ – where the network uses too much data – and simplify the state synchronization process for new nodes. The goal here is to improve the overall performance and scalability of the Sei blockchain.
The Sei V2 upgrade is currently nearing completion from a code development perspective and is undergoing a rigorous audit process to ensure its security. It is planned to be released on a public testnet in the first quarter of 2024, while mainnet deployment is expected in the first half of the year.
What is Sei?
Sei is a Cosmos SDK-based proof-of-stake blockchain, designed to be optimized for trading with the ability to execute sub-second blocks. In April 2023, Sei Labs, the network’s core developer, raised $30 million in two strategic funding rounds from venture capital firms including Jump and Multicoin Capital.
With functionality that supports fast decentralized trading, Sei focuses on a specific niche where it competes with other Cosmos chains such as Osmosis, Kava, Injective, Neutron and Kujira.