SEI V2 Is HERE!! Combining The Best Of Ethereum & Solana?

Summary

Sei 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

00:00

🚀 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.

05:05

💼 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.

Keywords

💡Sei V2

Sei V2 refers to the second version of the Sei blockchain platform, which aims to revolutionize the crypto trading landscape. It is a significant upgrade that introduces new features and optimizations to enhance performance. In the video, Sei V2 is highlighted as the first parallelized EVM chain, combining the best of Ethereum and Solana, offering developers a high-performance environment with EVM compatibility.

💡Layer-1 Blockchain

A Layer-1 blockchain is the foundational protocol on which decentralized applications (dApps) and other blockchains are built. It provides the basic features and consensus mechanism for the network. In the context of the video, Sei is a Layer-1 blockchain designed for high-speed trading and has recently introduced EVM compatibility with its Sei V2 upgrade.

💡EVM Compatibility

EVM, or Ethereum Virtual Machine, compatibility means that a blockchain can run smart contracts that are written for the Ethereum network without any changes. This is a crucial feature for developers as it allows them to deploy their existing smart contracts on new blockchains easily. In the video, Sei V2's EVM compatibility is a game-changing aspect that enables developers to leverage the robust development environment of Ethereum with Sei's high performance.

💡Twin-Turbo

Twin-Turbo is Sei's high-performance consensus mechanism that optimizes the Tendermint consensus used by Cosmos. It is designed to be extremely efficient, reducing the time to finality from 6 seconds to almost instant, at just 400ms. This feature is a key part of Sei V2's performance improvements and is mentioned in the video as a way to achieve faster transaction speeds and execution times.

💡Optimistic Parallelization

Optimistic Parallelization is a feature introduced in Sei V2 that simplifies smart contract development by automatically attempting to run all transactions simultaneously, assuming no interference. If conflicts arise, the system detects them and processes the conflicting transactions sequentially. This approach allows most transactions to be processed in parallel, significantly speeding up the network's performance, as explained in the video.

💡SeiDB

SeiDB is Sei's specialized database architecture designed for efficient data storage and quick access within the Sei blockchain. It is complex but can be thought of as the system that manages all information flow into and out of the Sei blockchain. SeiDB helps the platform handle more transactions without slowing down or becoming inefficient, as mentioned in the video.

💡Write-Ahead Log (WAL)

A Write-Ahead Log is a feature introduced in SeiDB that enhances the reliability of the Sei blockchain. It allows for the recovery of the last known good state in case of a failure or crash, ensuring no data is lost and maintaining the integrity of the blockchain. This feature is highlighted in the video as part of SeiDB's role in ensuring data reliability.

💡dApps

dApps, or decentralized applications, are applications that run on a blockchain network and are not controlled by any single entity. In the video, several dApps are mentioned that are live on the Sei V2 chain, such as Yei Finance for lending and borrowing assets, Dragonswap for asset swapping, and Pallet Exchange for trading NFTs.

💡Liquid Staking

Liquid Staking is a process where users stake their tokens to earn rewards while still maintaining the liquidity of those tokens. In the video, Silostake is mentioned as a liquid staking protocol on Sei V2, allowing users to stake their SEI tokens and receive iSEI tokens that accrue staking rewards and MEV rewards.

💡Airdrop

An airdrop is a distribution of tokens or coins, usually for free, to holders of a particular cryptocurrency or to users of a blockchain platform. In the video, Sei has completed two airdrop campaigns, rewarding SEI stakers and NFT collectors, which is part of their strategy to engage and reward their community.

💡MEV Rewards

MEV, or Miner Extractable Value, rewards are profits that miners or validators can obtain by including or excluding transactions in a block. In the context of the video, Silostake provides MEV rewards to users who stake their SEI tokens, in addition to the regular staking 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!