SEI Skyrockets Following v2 Launch Announcement - Memecoin SEIYAN Benefits from 400% Surge
Blockchain layer-1 Sei is making a strong comeback with a 75% increase over the past week, driven by the upgrade plan to version v2 with expectations to become the first parallel EVM network.
SEI skyrockets following v2 launch - Memecoin SEIYAN sees a 400% increase in value.
As announced last week, Sei v2 introduces a notable feature called "parallelization," which essentially allows for concurrent transaction execution. The layer-1 aims to handle 28,300 transactions per second (tps).
Parallel Execution mechanisms, previously implemented by non-EVM blockchains like Solana, Aptos, and Sui, enhance network scalability. Sei now declares itself as the first parallel EVM layer-1.
1/7
— Nick Rotenberg 🇨🇭 (@NickRotenberg) December 22, 2023
🔴💨@SeiNetwork v2 is a major update from Sei Labs that aims to transform the #EVM into the first parallel #blockchain. The main goal is to increase the speed, throughput and flexibility of #Sei making it an attractive platform for #Ethereum and Ethereum Layer 2 applications. pic.twitter.com/reXugsAHqR
In the announcement, Sei v2 is set to debut on testnet in Q1 2024 and on mainnet in the first half of 2024.
Since the announcement, SEI tokens have surged from approximately $0.37 to a peak of $0.8, becoming one of the market's most positively performing coins this past week. Currently, SEI is trading around $0.73, marking a 17% increase in the past 24 hours.
SEI/USDT 1D timeframe snapshot at 19:00 on January 2, 2024, on Binance
According to CoinGlass data, SEI futures trading volume surged to $235 million on January 2, compared to just $69 million at the beginning of December 2023.
The price increase effect of SEI has cascaded into other memecoins within this ecosystem, notably SEIYAN. On-chain data indicates that the hype surrounding Sei has attracted a significant number of speculators, driving SEIYAN up by more than 400% over the past week.
SEIYAN price 1H timeframe on TradingView
Additionally, SEILOR, a staking protocol of Kryptonite, has also benefited with a 60% increase in the past day, according to CoinMarketCap.
SEILOR price 1D timeframe on CoinMarketCap
Sei is a PoS blockchain developed based on the Cosmos SDK toolkit, aiming to optimize user experience with block validation times under 1 second. In April 2023, Sei Labs successfully raised $30 million in two strategic funding rounds, led by Jump and Multicoin Capital.
Sei officially launched in August 2023 and initially disappointed the community with its wallet airdrop akin to "salt in the wound," causing SEI's price to stagnate in the range of $0.1 - $0.2 since then. With upcoming developments, the layer-1 network is expected to re-enter the race and bring about significant technological advancements.
