Sei V2 Governance Process Initiated: EVM, CosmWasm Support Coming
CryptoNewsTerminal Staff20 May, 2024
Sei V2 Governance Process Initiated: EVM, CosmWasm Support Coming
Sei, a layer-1 blockchain focused on decentralized finance (DeFi), has initiated the governance process for its V2 upgrade, according to The Block. This upgrade will introduce support for the Ethereum Virtual Machine (EVM) and CosmWasm, a smart contract platform for the Cosmos ecosystem. The V2 upgrade will allow Sei to support major Ethereum-based applications such as Uniswap (UNI) and Frax Finance (FRAX). With the addition of EVM compatibility, developers will be able to easily port their Ethereum-based applications to Sei. The governance proposal for the V2 upgrade is currently being voted on by the Sei community. If approved, the network upgrade will take place one week later. Sei previously announced that it would roll out V2 in three phases: governance, alpha release, and mainnet launch. The initiation of the governance process for V2 is a significant step for Sei, as it brings the network closer to becoming a multi-chain DeFi hub. With the addition of EVM and CosmWasm support, Sei will be able to offer a wider range of DeFi services to its users.
