SEI V2 Is HERE!! Combining The Best Of Ethereum & Solana?
Summary
TLDRSei V2, sponsored by a team led by a former Goldman banker and a Robinhood engineer, aims to disrupt the crypto trading landscape with its parallelized EVM chain. It combines Ethereum's robust development environment with Solana's high performance, offering EVM compatibility for developers to deploy smart contracts with no code changes. The upgrade introduces optimistic parallelization and SeiDB for efficient data management, promising cheaper transactions and higher throughput. With significant investments and a focus on consumer-grade products, Sei is poised to serve millions of users.
Takeaways
- 🚀 Sei V2 aims to revolutionize the crypto trading landscape with its latest developments, challenging the entire layer-1 space.
- 🔄 Sei V2 is the first parallelized EVM chain, combining the best features of Ethereum and Solana for enhanced performance.
- 💼 Founded by Jeff Feng and Jay Jog, Sei has received significant investment, raising $120 million from major investors like Multicoin Capital and Coinbase Ventures.
- 🔑 Sei's original goal was to be the fastest layer-1 for trading, focusing on rapid transaction speeds and execution times.
- 🛠️ Sei V2's upgrade includes EVM compatibility, allowing developers to deploy smart contracts from EVM-compatible blockchains without code changes.
- 💡 EVM developers on Sei can benefit from cheaper per-transaction costs, higher throughput, and reduced centralization compared to Ethereum L2 rollups.
- 🌐 Sei V2 features a high-performance consensus mechanism called Twin-Turbo, which optimizes Tendermint to achieve near-instant finality at 400ms.
- 🔄 Optimistic parallelization in Sei V2 simplifies development by automatically running all transactions simultaneously, handling conflicts sequentially if they arise.
- 🗃️ Sei introduces SeiDB, a specialized database architecture designed for efficient data storage and access, enhancing the blockchain's performance and reliability.
- 📊 With the upgrade, Sei V2 supports various dApps, including Yei Finance for lending and borrowing, Dragonswap for asset swapping, and Pallet Exchange for NFT trading.
- 🌐 The Sei Foundation is committed to continuous optimization, with a vision to support consumer-grade products capable of serving millions of users.
Q & A
What was the initial goal of Sei when it was launched?
-Sei was launched with the goal of revolutionizing the crypto trading landscape.
What significant upgrade did Sei V2 bring to the table?
-Sei V2 introduced a massive upgrade, making Sei the first parallelized EVM chain and combining the best features of Ethereum and Solana.
Who are the founders of Sei and what is their background?
-Sei was founded by Jeff Feng, a former Goldman banker, and Jay Jog, a former Robinhood software engineer.
What are some of the major investors that have backed Sei?
-Sei has secured backing from major investors like Multicoin Capital, Jump Crypto, Coinbase Ventures, and Circle Ventures.
How much funding did Sei raise for its project?
-Sei raised $120 million for the project.
What was Sei's original aim in terms of trading speed?
-Sei was originally built with the goal of being the fastest L1 for trading, aiming for rapid transaction speeds and execution times.
Why is Sei's EVM compatibility significant for developers?
-Sei's EVM compatibility is significant for developers because it allows them to deploy their existing smart contracts from EVM-compatible blockchains with no code changes.
What is the time to finality for transactions on Sei V2?
-The time to finality on Sei V2 is drastically reduced to almost instant, at just 400ms, thanks to the Twin-Turbo consensus mechanism.
How does optimistic parallelization on Sei V2 benefit developers?
-Optimistic parallelization on Sei V2 simplifies development by automatically trying to run all transactions simultaneously, assuming they won’t interfere with each other, thus speeding up the network.
What is SeiDB and how does it enhance the Sei blockchain?
-SeiDB is Sei's specialized database architecture designed to manage data storage and access efficiently, ensuring quick data retrieval and enhancing reliability with a Write-Ahead Log feature.
Can you name some of the dApps available on Sei V2?
-Some of the dApps available on Sei V2 include Yei Finance for lending and borrowing assets, Dragonswap for asset swapping, Jellyswap for token swaps and staking, Pallet Exchange for trading NFTs, and Silostake for liquid staking protocols.
What are the future plans for Sei according to the Sei Foundation?
-The Sei Foundation is committed to continuing to optimize Sei, aiming to create a blockchain that supports consumer-grade products capable of serving millions of users, with more upgrades expected in the near future.
Outlines
🚀 Introduction to Sei V2 and Its Revolutionary Features
Sei V2 has been introduced as a significant upgrade to Sei's original blockchain, aiming to revolutionize the crypto trading landscape. Sei V2 is the first parallelized EVM chain, combining the strengths of Ethereum and Solana. The upgrade includes EVM compatibility, allowing developers to deploy smart contracts with no code changes. Sei V2 also boasts high performance, offering cheaper per-transaction costs, higher throughput, and avoiding the centralization issues associated with Ethereum L2 rollups. The video highlights Sei's Twin-Turbo consensus mechanism, which reduces time to finality to almost instant, and optimistic parallelization, which allows for simultaneous transaction processing, enhancing the network's speed. Additionally, Sei introduces SeiDB, a specialized database architecture designed for efficient data storage and access, and a Write-Ahead Log feature for data recovery and blockchain integrity.
💼 Exploring Sei V2's dApps and Future Developments
The video script provides an overview of dApps available on Sei V2, including Yei Finance for lending and borrowing assets, Dragonswap for asset swapping and liquidity provision, Jellyswap for token swapping and staking, and Pallet Exchange for NFT trading. It also mentions Silostake, a liquid staking protocol, and the Sei Foundation's commitment to continuous optimization of the blockchain for consumer-grade products. The script encourages viewers to try out Sei V2 and stay updated on future airdrop campaigns and developments. The video concludes with a call to action for viewers to share their thoughts on Sei V2 and to engage with the content by liking and subscribing.
Mindmap
Keywords
💡Sei V2
💡Layer-1 Blockchain
💡EVM Compatibility
💡Twin-Turbo
💡Optimistic Parallelization
💡SeiDB
💡Write-Ahead Log (WAL)
💡dApps
💡Liquid Staking
💡Airdrop
💡MEV Rewards
Highlights
Sei V2 aims to revolutionize the crypto trading landscape with its latest developments.
Sei is the first parallelized EVM chain, combining the best of Ethereum and Solana.
Sei V2 includes optimizations to enhance performance beyond trading applications.
Sei was founded by Jeff Feng and Jay Jog, with backing from major investors.
The project has raised $120 million and has been in the media spotlight due to its technology.
Sei's original goal was to be the fastest L1 for trading with rapid transaction speeds.
Sei V2 is EVM compatible, allowing developers to deploy smart contracts with no code changes.
Sei offers cheaper per-transaction costs, higher throughput, and avoids centralization trade-offs.
Sei V2 features a high-performance consensus mechanism called Twin-Turbo.
Twin-Turbo optimizes Tendermint consensus to reduce time to finality to almost instant.
Optimistic parallelization simplifies development and boosts performance by running transactions simultaneously.
Sei introduces SeiDB, a specialized database architecture for efficient data storage and access.
SeiDB enhances reliability with a Write-Ahead Log for data recovery in case of failure.
Several dApps are live on Sei V2, including Yei Finance, Dragonswap, Jellyswap, and Pallet Exchange.
Yei Finance allows lending or borrowing assets with over $50 million locked in the platform.
Dragonswap enables asset swapping and liquidity provision with a loyalty program.
Jellyswap offers token swapping and staking with a TVL of over $2 million.
Pallet Exchange facilitates NFT trading and has a loyalty program for traders.
Silostake allows liquid staking of SEI tokens, earning rewards and maintaining liquidity.
Sei has completed two airdrop campaigns, rewarding SEI stakers and NFT collectors.
The Sei Foundation is committed to continuous optimization for consumer-grade blockchain products.
Transcripts
You might remember from our video last year that Sei launched with the goal
of revolutionizing the crypto trading landscape. Well, less than a year later,
Sei V2 has arrived, and the team has generously sponsored this video so that we can tell you
about all its latest developments that could challenge the entire layer-1 space.
The V2 features a massive upgrade, making Sei the
first parallelized EVM chain. As Sei puts it, V2 combines the best
of Ethereum and Solana. And that's not all—Sei V2 includes further optimizations
to enhance its performance. But before we dive deeper, let's quickly revisit what Sei is.
Sei is a layer-1 blockchain that was founded by Jeff Feng,
a former Goldman banker, and Jay Jog, a former Robinhood software engineer. They’ve
secured backing from major investors like Multicoin Capital, Jump Crypto,
Coinbase Ventures, and Circle Ventures, raising $120 million for the project.
But it’s not just the backing that has kept Sei in the media spotlight and
buzzing on social media—its technology has played a significant role as well.
Sei was originally built with the goal of being the fastest L1 for trading,
aiming for rapid transaction speeds and execution times. Now, with its recently launched upgrade,
Sei is building on that foundation but looking beyond just trading applications.
One of the most game-changing aspects of the upgrade is that Sei is now EVM
compatible. This is a big deal for developers because now, they can deploy their existing
smart contracts from EVM-compatible blockchains with no code changes.
Plus, Sei is known for its high performance. With EVM support, the chain offers the robust
development environment of Ethereum coupled with high performance, all in one blockchain.
According to Sei, EVM developers can now "offer far cheaper per-transaction costs,
higher throughput, and avoid the centralization trade-offs, complexity,
or overhead of operating an Ethereum L2 rollup".
These benefits come thanks to Sei V2’s unique features
that could make it stand out among other EVM-compatible blockchains.
For starters, Sei V2 still features its high-performance consensus mechanism
known as Twin-Turbo. We covered this concept in detail in our previous video, but to recap,
Twin-Turbo optimizes Cosmos' Tendermint consensus mechanism to be as efficient as possible.
As a result, the time to finality—that is, the time taken for validators to
reach consensus—is drastically reduced from 6 seconds to almost instant, at just 400ms.
Building upon the performance laid by Twin-Turbo consensus, Sei V2 introduces a feature known as
optimistic parallelization, which simplifies life for developers while still boosting performance.
Before the upgrade, developers had the option to specify which parts of the blockchain's
storage or state their smart contracts would access. This requirement added complexity and
could slow down development because developers needed to carefully manage how their contracts
interacted with the blockchain's state to avoid conflicts with other contracts.
With optimistic parallelization, Sei V2 removes this burden. The system now automatically tries
to run all transactions simultaneously, initially assuming they won’t interfere with each other.
If it turns out that two transactions do affect the same part of the blockchain’s
storage, the system detects this. Conflicting transactions are then processed sequentially,
ensuring each transaction is correctly processed without interference.
This way, most transactions can be processed in parallel, speeding up the entire network
as non-conflicting transactions don’t have to wait for others to complete.
On top of optimistic parallelization,
Sei introduces its own specialized database architecture called SeiDB,
designed specifically for the Sei blockchain to manage data storage and access.
It's quite complex, but think of SeiDB as the system that handles
all the information coming into and going out of the Sei blockchain,
ensuring it’s stored efficiently and accessed quickly when needed.
Without getting too technical, SeiDB basically helps Sei handle
more transactions without slowing down or becoming inefficient.
On top of that, SeiDB enhances reliability by introducing a feature known as a Write-Ahead Log.
In case of a failure or crash, the Write-Ahead Log can be used to recover the last known
good state, ensuring no data is lost and the integrity of the blockchain is maintained.
Now that you understand what the upgrade has to offer,
if you want to try out Sei V2 for yourself, here are some of the dApps that are live on the chain.
If you're looking to lend or borrow assets, the biggest dApp on the chain, Yei Finance,
is a great place to start. Yei has a simple and straightforward interface
and currently has over $50 million locked in the platform. To get started with Yei,
simply connect a wallet, including Metamask and similar wallets, thanks to the upgrade.
If you need to swap your assets, Dragonswap, with over $12 million locked, is available on Sei V2.
To use Dragonswap, connect your wallet then pick a token you want to swap and the token
you want to receive. Besides swapping, you can also provide liquidity to facilitate trades.
Both swapping and liquidity provision allow you to accumulate points in Dragonswap’s loyalty program,
which will likely be useful when they launch a token, as hinted in their documentation.
Jellyswap with over $2 million in TVL is another great option if you
want to swap tokens or provide liquidity on Sei. The protocol
also offers staking of their token JLY, in return for rewards and voting power.
For collectors looking to trade NFTs, Pallet Exchange is already up and running
on Sei V2. Simply connect your wallet and start trading. Pallet also has a loyalty
program, which they say will be used to determine future rewards for their most
loyal traders. You can rack up Pallet points by buying NFTs on the platform.
There are also liquid staking protocols like Silostake, which let you stake your
SEI while maintaining its liquidity and still earning rewards. Silostake now has over 19
million SEI tokens staked on the platform. In return, they give you iSEI tokens that
automatically accrue your staking rewards plus MEV rewards. If you need your SEI back,
you can convert iSEI on the platform to receive slightly more SEI tokens than you staked.
Speaking of SEI tokens, Sei has already completed two airdrop campaigns,
with the latest one rewarding SEI stakers and NFT collectors. You can always check
their socials or website for updates on future campaigns.
The Sei Foundation has also committed to continuing to optimize Sei,
aiming to create a blockchain that supports consumer-grade products capable
of serving millions of users. So, we're likely to see more upgrades in the near future.
And that’s all for this video. What are your
thoughts on Sei after the upgrade? Let us know in the comments below.
Also if this video helped you out,
don’t forget to leave us a like and subscribe to our channel if you found this informative!
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