The Sei Foundation has put forth a proposal to upgrade the Sei (CRYPTO:SEI) blockchain to version 2, introducing a high-performance, parallelised Ethereum Virtual Machine (EVM).

This upgrade, managed by Sei Labs, aims to enhance the network's capabilities and improve compatibility with Ethereum-based (CRYPTO:ETH) contracts.

If approved, the upgrade will enable sub-second finality for transactions and attract prominent Ethereum-based applications like Uniswap (CRYPTO:UNI), Frax (CRYPTO:FRAX), and Bancor to deploy on the Sei v2 network.

With funding support from venture capital firms like Jump and Multicoin Capital, Sei Labs demonstrates its commitment to advancing the Sei blockchain ecosystem and attracting a broader range of developers.