Proposal Advanced for Exclusive Use of Ethereum Virtual Machine Architecture, Eliminating Cosmos Transactions and Contracts
Whether you're a crypto aficionado or just starting out, here's a lowdown on the latest Sei Labs proposal to shake things up on the Sei blockchain. They're aiming to go all gas and no brakes on the Ethereum Virtual Machine (EVM), nixing the support for Cosmos transactions and smart contracts.
That's right, Sei Improvement Proposal-3 - a steaming hot topic under the SIP governance process - proposes changing Sei into an EVM-only chain, giving the boot to its current dual support system. This switch means users will be restricted to sending transactions using only EVM addresses. Surprise, surprise! CosmWasm contracts and Cosmos message handling will be axed, though staking and governance features will remain available thanks to EVM precompiles.
So what's the reason behind this major shakeup? Sei Labs claims the current setup has given users and developers a raw deal, with users feeling the heat from having to juggle both EVM and native addresses. If the proposal goes through, infrastructure providers will need to adapt to EVM-only APIs, and users will have to move assets to EVM-native wallets. Existing CosmWasm developers will need to adapt by porting their apps to the EVM, according to the Sei Labs team.
If everything goes according to plan, this change will simplify the Sei developer and user experience, reduce infrastructure overhead, and strengthen Sei's position within the broader EVM ecosystem. But don’t hold your breath for an immediate change - the timeline for when this proposal might take effect remains unclear.
With the proposal up for discussion, the SEI price at sei12.77% leaped a whopping 6% to $0.2, and the trading volume surged a massive 17.27%, according to crypto price aggregator platforms. It seems the community is keeping a close eye on this development!
If you want, I can hook you up with notifications on the latest official announcements or summaries of community discussions as this proposal pans out. Just drop me a line!
- The Sei Improvement Proposal-3 seeks to transform Sei into a blockchain that solely supports Ethereum Virtual Machine (EVM) transactions, abandoning the current dual support system for Cosmos transactions.
- If approved, users will be restricted to sending transactions using EVM addresses, and infrastructure providers will need to adapt to EVM-only APIs.
- Existing CosmWasm developers will need to port their applications to the EVM, as CosmWasm contracts and Cosmos message handling will be abolished, but staking and governance features will still be available through EVM precompiles.
- The Tron blockchain, decentralized exchanges (DEX), and ICO platforms may witness potential opportunities as users and developers may need to move assets to EVM-native wallets and adapt to the EVM ecosystem.
- The latest Sei Labs proposal has sparked interest within the crypto community, as reflected by the surge in the SEI token price and trading volume, indicating a keen focus on this development.
