SEI, the native token of the Layer 1 blockchain Sei, has experienced a 13% surge following the launch of the beta version of its Sei v2 mainnet, which it describes as the “most performant EVM blockchain ever built.”

At the time of writing, Sei had risen 12.5% in the last 24 hours, trading at $0.3422 according to CoinMarketCap. The daily trading volume for the crypto asset reached $211 million, marking a 48.2% increase in value over the past day. This surge highlights the growing interest in this sector-specific Layer 1 blockchain, which is designed exclusively for trading to offer exchanges a competitive edge.

Sei v2 Mainnet Beta Launch

The recent increase in SEI’s market value coincides with the announcement of the official release of the “Sei v2 mainnet beta.” The team claims it to be the most efficient EVM blockchain ever built.

Phase 2 is now complete. Sei v2 mainnet beta is officially here and it’s the most performant EVM blockchain ever built.

The network, known for facilitating swift and cost-effective crypto trading, has recently enhanced its system by integrating Geth. This popular Ethereum software is widely used by developers to create decentralized applications (dapps) and other web3 solutions on Ethereum, the second-largest blockchain by market cap.

Sei’s Previous Achievements

Previously, Sei’s v1 beta mainnet, built using the Cosmos SDK, was launched in August 2023 after two successful funding rounds that raised $30 million from investors, including Jump Trading and Multicoin Capital.

Funding for Growth

The phase 2 completion of Sei v2 comes on the heels of the Sei Foundation announcing the launch of a new $10 million grant fund to fuel growth in NFT and Social projects. This initiative aims to support a broad spectrum of creators and builders, focusing on collections, applications, infrastructure, content creation, and in-real-life (IRL) events.

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