Altcoins
The SEI token rocks the Altcoin market with a 50% rise: what is driving this dynamic?
Reversing the trend in altcoin race, Sei Network’s SEI token saw an extraordinary 50% increase in the last 24 hours, outperforming the top 100 cryptocurrencies. This rise pushed the token’s current price to $0.3638.
Attract global attention?
According to CoinGecko dataSei Network’s blockchain, explicitly designed for trading, has optimized every layer of its stack to provide infrastructure for trading applications of all types.
Sei claims to outperform other layer 1 blockchains, such as Solana and Aptos, providing a native Layer 1 order matching engine. This engine enables exchange applications built on top to scale more efficiently than ever before.
One of the protocol’s most notable features is its speed, with a lower time-to-finality limit of 300ms, making it the fastest chain in existence. This speed is achieved through the implementation of Twin Turbo consensus, consisting of intelligent block propagation and optimistic block processing. According to CoinGecko, these innovations reduce the time needed to reach consensus in a secure and reliable manner.
Additionally, Sei’s market-based parallelization sets it apart by offering a specialized type of parallelization that differs from other leading blockchains. Additionally, Sei implements order consolidation to avoid frontrunning, thereby improving the fairness and efficiency of its trading ecosystem.
On the other hand, the Sei blockchain, launched on August 16, has accumulated a market capitalization of over $380 million and a 24-hour trading volume of over $1 billion. In particular, blockchain has experienced a increase in new user registrationswith over 40,000 new users signing up in the last two days.
This influx of new users further propelled the token’s market capitalization and trading volume, highlighting the growing interest in the Sei blockchain.
Sei v2 features seamless EVM integration
Jayendra Jog, co-founder of Sei Labs, recently revealed the first “parallelized” Ethereum Virtual Machine (EVM), combining aspects of Solana and Ethereum. According to Jayendra, this “hyper-optimized” execution layer leverages the tools and mindshare surrounding EVM, solving a major pain point for developers.
As announced, Sei v2 introduces EVM support by integrating go-ethereum and allowing seamless deployment of contracts from others EVM channels. This compatibility allows developers to leverage existing Ethereum-based tools and resources without additional effort.
Additionally, optimistic parallelization eliminates the need for developers to explicitly define dependencies, allowing the chain to handle parallelization autonomously. This improvement reduces developer friction and ensures that transactions are parallelized as much as possible.
The Sei Labs co-founder said that Sei v2 offers much higher throughput with Sei’s speed than Ethereum’s Layer 1 or Layer 2 solutions.
The protocol’s upper limit of 12.5K transactions per second (TPS) is supported by early load tests, which have already observed over 5K TPS. Sei v2 will launch on a public testnet in the first quarter of 2024.
As Sei Network continues to attract attention from developers and traders, the future looks bright for this open source layer 1 blockchain.
Featured image from Shutterstock, chart from TradingView.com