With the Sei mainnet Beta v2 launch, $SEI, the native token of the Layer 1 blockchain Sei, has surged by 13%. Touted as the “most performant EVM blockchain ever built,” this launch marks a significant milestone for the network.
https://coinmarketcap.com/currencies/sei
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Market Performance amid Sei Mainnet Beta v2 Launch
SEI has increased by 12.5% in the last 24 hours, trading at $0.3422 according to CoinMarketCap. The crypto asset has also experienced a daily trading volume of $211 million, reflecting a 48.2% increase in value over the past day.
This surge underscores SEI’s growing prominence in the sector-specific Layer 1 blockchain space, which is designed exclusively for trading, offering exchanges a “competitive edge.”
The recent spike in SEI’s market value coincides with the Sei team’s announcement of the official release of the “Sei v2 mainnet beta.” The team claims this new version to be the most efficient EVM blockchain ever developed, emphasizing its superior performance.
System Enhancements and Integration
In line with this upgrade, the network has integrated Geth, a popular Ethereum software widely used by developers to build decentralized applications (dapps) and other web3 solutions on Ethereum, the second-largest blockchain by market cap. This integration is expected to enhance the network’s capabilities in facilitating swift and cost-effective crypto trading.
Previous Developments and Future Plans
Sei’s v1 beta mainnet, built using the Cosmos SDK, was launched in August 2023 after two successful funding rounds that raised $30 million from investors, including Jump Trading and Multicoin Capital.
The completion of phase 2 of Sei v2 follows the Sei Foundation’s announcement of a new $10 million grant fund aimed at fostering growth in NFT and social projects. This initiative is designed to support a wide range of creators and builders, focusing on collections, applications, infrastructure, content creation, and in-real-life (IRL) events.
Conclusion
To conclude, SEI’s recent surge and the Sei mainnet beta v2 launch represent significant advancements for the Sei network. With continued enhancements and strategic initiatives, Sei is positioning itself as a leading platform in the blockchain space, promising a competitive edge for crypto exchanges and a bright future for the ecosystem.
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