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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Sei V2 Code Is “Functionally” Complete, Audit Ongoing: New All-Time High Incoming?

Dalmas Ngetich
Dalmas Ngetich
1 year ago
3 mins read
Sei v2

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Taking to X on January 2, Jay Jog, the co-founder of Sei, Sei V2, is functionally “code complete” with Zellic and OtterSec, two blockchain security firms, auditing the code base. This development comes as the platform’s native coin, SEI, continues to surge, reaching all-time highs just four months after the launch of the high-performance blockchain in August.

What’s The Big Deal About Sei V2?

Once it launches in Q1 2024, Sei V2 will introduce a parallelized Ethereum Virtual Machine (EVM). According to developers, this model combines the best features of Solana and Ethereum, possibly driving Sei adoption and propping up SEI prices.

Of note, the Sei V2 code base will introduce three major upgrades. One is that Sei Network will now be compatible with Ethereum following the planned support for the EVM. Herein, Sei aims to leverage Ethereum’s popularity, especially among developers, tooling, and wallets. 

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The goal, Jog explained in a post on X, is to ensure the integration is smooth without compatibility issues. With V2, Sei users will connect with the mainnet using popular Ethereum and EVM-compatible wallets like MetaMask.

However, a big addition in Sei V2 will be the actualization of Optimistic Parallelization. This feature will give developers more flexibility and leeway, preventing them from defining dependencies between transactions. Instead, Sei developers say this option allows the blockchain to automatically handle parallelization for transactions to be processed efficiently and cheaply.

Optimistic parallelization on Sei V2 | Source: Jay Jog on X
Optimistic parallelization on Sei V2 | Source: Jay Jog on X

To enhance full node efficiency and mitigate state bloat, Sei V2 introduces SeiDB as a new storage method. Implementing this update is expected to maintain Sei Network’s resilience while improving its performance.

Sei To Outperform Ethereum Layer-2s, Will Prices Follow Suit?

How SEI prices will react once this update is integrated remains to be seen. For now, developers are upbeat, claiming that Sei V2 will drastically enhance the mainnet capability, allowing it to process transactions faster than Ethereum layer-2 solutions like Base and Arbitrum. In November, Jog claimed that Sei V2 had a theoretical throughput of 12,500 TPS.

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Ahead of this, SEI bulls are resilient, and prices continue to trend higher. SEI is already up 11X after launching in August 2023, trading around all-time highs. 

SEI price trending upward on the daily chart | Source: SEIUSDT on Binance, TradingView
SEI price trending upward on the daily chart | Source: SEIUSDT on Binance, TradingView

Looking at the candlestick arrangement in the daily chart, buyers are pushing higher, with the bull bar of January 1 thrusting the coin to new levels. For traders, key support levels to watch in the days ahead are $0.55, marking January 1 lows, and $0.40, if there is a cool-off.

Feature image from Canva, chart from TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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