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Sei Foundation Unveils Upgrade Proposal, SEI Token Skyrockets by 11%

In its quest to fortify the capabilities of Layer 1 (L1) blockchain, the esteemed Sei Foundation recently broadcasted a significant governance proposal. The essence of the proposal revolves around the much-anticipated advance from Version one to Version two of Sei. As per reports, the upgrade is geared to inaugurate a particularly speedy, parallelized version of the Ethereum Virtual Machine (EVM), with the primary objective of amping up the network’s overarching functionality.

The launch of Sei’s Version 2 is orchestrated as a cautiously phased roll-out. This ingenious approach, bifurcated over three distinct phases, is designed specifically to mitigate the associated risks, manage user anticipations, and boost network output in an optimized manner. Echoing these assertions, the foundation maintains that this measured implementation of Sei v2 would ensure a steady and scalable network universally.

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The initial phase earmarks its attention towards legitimizing software upgrades and transitioning from the current Sei Pacific-1 mainnet to the approaching “v2” model. This strategic move sets the stage for the deployment of EVM-based contracts as well as infrastructure integrations right within the infrastructure of the Sei network.

However, annexed to the announcement was a gentle disclaimer cautioning users that at the start of this upgrade period, all aspects might not be operational. For instance, bridges would need time to be deployed onto the Mainnet before they can be availed by the community. However, the foundation assured its users that an official announcement would be made as soon as the v2 network attains stability and its crucial infrastructure such as RPCs, bridges, indexers, and multi-sigs are prepared for utilization.

It’s slated that if the governance proposal is embraced, the Sei mainnet development to Version 2 would be initiated on Monday, May 27th.

An unforeseen product of the Sei V2 upgrade announcement was the unanticipated surge in the blockchain’s native token, SEI. It stole the limelight by standing out as one of the most impressive gainers in the market recently, registering an 11% spike in price within 24 hours.

Record-breaking figures of $0.5830 were noted, overthrowing its predecessor resistance level of $0.560. This achievement is expected to bolster the token’s price above this benchmark, which could potentially play a monumental role in testing higher resistance barriers and possibly smashing its all-time high (ATH) of $1.14, established on March 16th.

It’s noteworthy that the token’s trading volume skyrocketed to $95 million, a staggering 150% boost from the previous weekend, directly following the announcement, as per data from CoinGecko.

While these developments paint an optimistic scenario, the jury is still out on whether the governance proposal for the upgrade of the Sei blockchain to Version 2 will receive approval.

Should the market lean towards a bullish outcome and successful fruition of the V2 upgrade, there are key resistance levels to keep an eye on – $0.592, $0.613, and $0.637. These levels could be potential targets for the token’s continued bullish momentum. Conversely, in the event of a price correction, the $0.544 and $0.527 zones are the markers to observe for potential support and stabilization of the SEI price in the future.

At present, the 1-D chart displays a hopeful upward trend for SEI’s price, leaving market watchers eagerly anticipating the forthcoming developments.