Is SEI ‘Parallelized’ EVM in V2 Upgrade a Sure Shot To Major Price Boom?

LUCKNOW (CoinChapter.com) — The Sei Foundation has announced a governance proposal to transition the network to Version 2. The upgrade will introduce a high-performance, parallelized Ethereum Virtual Machine (EVM). This proposed upgrade aims to significantly boost the overall functionality and scalability of Sei’s Layer 1 blockchain.

The core part of the Sei V2 upgrade is the implementation of a high-performance, parallelized EVM. This virtual machine architecture aims to provide a substantial boost to the network’s transaction processing speeds and overall throughput.

The parallel execution of EVM removes the limitations of traditional sequential processing. This upgrade will enable blockchain to execute multiple computational tasks simultaneously. This parallel processing approach could potentially allow the network to handle a higher volume of transactions and smart contract interactions without compromising on efficiency or security.

Multi-Phase Rollout to Minimize Risks and Optimize Performance

Considering the complexity and potential risks associated with the upgrade, the Sei Foundation has proposed a prudent, multi-phase rollout strategy. This approach is designed to minimize disruptions, set clear expectations for users, and ensure the network’s stability throughout the transition process.

The initial phase will focus on validating the software upgrades. It will transition the existing Sei Pacific-1 mainnet to the new V2 iteration. During this phase, the deployment of EVM-based smart contracts and various infrastructure integrations will be enabled on the Sei network.

However, the foundation has cautioned that not all features and functionalities will be immediately operational. Critical components like cross-chain bridges, indexers, and multi-signature wallets will require additional time for deployment and integration with the upgraded mainnet.

If the governance proposal receives approval from the Sei community, the tentative date for mainnet upgrade to Version 2 is Monday, May 27th.

SEI Token Rallies on Upgrade Prospects

Sei’s native token (SEI) has experienced price increase upon the announcement of the Sei V2 upgrade. Over the past 24 hours, SEI became one of the biggest gainers in the cryptocurrency market. Its price surged 11% to reach $0.5830.

This upward movement has broken the token’s previous resistance level of $0.560. With a substantial trading volume of $95 million recorded since the announcement, SEI has seen 150% increase compared to the figures observed during the previous weekend.

If the upgrade is successful, key resistance levels to watch on the upside are $0.592, $0.613, and $0.637. These levels could become potential targets for the token’s continued ascent. Conversely, should the SEI token experience a price correction, the $0.544 and $0.527 zones would be the critical support levels to monitor for potential stabilization and accumulation in the coming days.

All eyes are on SEI’s all-time high of $1.14 as the token’s bullish momentum could continue, depending on the governance proposal’s approval and the v2 upgrade’s implementation.