The Layer 1 blockchain’s token spiked 30% after the team revealed deployment plans for its Ethereum-compatible V2 upgrade.
Sei, a high-speed Layer 1 blockchain, shared its V2 roadmap yesterday, sending its native token soaring.
Sei V2 will bring the first highly performant parallelized EVM into production, kicking off its first phase with a governance proposal. If approved, phase 2 means deploying V2 Alpha, bringing to life EVM-based smart contracts, and beginning infrastructure integrations with the network.
According to the team, phase two is expected to take days rather than weeks while it remains focused on maintaining chain stability.
Phase 3 lacks specific details, but the team said it will announce them when V2 is stable and critical infrastructure such as RPCs, bridges, indexers, and multisigs are ready.
SEI soared on the news, jumping 25% from $0.44 to $0.58. It has since dropped slightly, changing hands currently for $0.55. The network’s market capitalization sits at $1.6 billion.
In early February, Sei upgraded its devnet, allowing developers to deploy code compatible with the Ethereum Virtual Machine (EVM).
Upgrading the network to EVM compatibility meant opening its doors to Ethereum’s vast ecosystem of dApps, furthering its move to provide its developer community with more tools and a broader programming language.
The release wasn’t intended for end users but rather for developers to experiment with deploying their applications.
