The SEI token has surged 25% in the past week.
Sei, a high-speed Layer 1 blockchain, has launched a second iteration of its Devnet.
The upgrade enables developers to deploy code compatible with the Ethereum Virtual Machine (EVM) on the Sei blockchain, according to a release.
Many of DeFi’s most popular applications, like Uniswap and Aave, are EVM compatible, so Sei’s shift opens up the possibility of a more vibrant ecosystem on the nascent blockchain.
The release is not intended for users but rather for developers to experiment with deploying their applications.
Sei bills itself as the “first parallelized EVM.” The concept of parallelized blockchains, or networks that can process many transactions at once, gained steam in December. SEI was a key player in this trend.
The network’s SEI token has continued its upward trajectory since then and now sits at $0.75 — the token recently became a top 50 digital asset with a $1.8B market capitalization.
Sei launched its mainnet in August and met some disappointment from users regarding its airdrop. The mainnet is currently incompatible with the EVM.
The project contends that its design combines the best elements of Ethereum and Solana.
Tushar Jain, co-founder and managing partner at Multicoin Capital, believes Sei’s design will unlock EVM developers’ potential.
Multicoin led Sei’s $5M seed round in 2022 and also participated in a $30M round in 2023.
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