🎉 #Gate Alpha 3rd Points Carnival & ES Launchpool# Joint Promotion Task is Now Live!
Total Prize Pool: 1,250 $ES
This campaign aims to promote the Eclipse ($ES) Launchpool and Alpha Phase 11: $ES Special Event.
📄 For details, please refer to:
Launchpool Announcement: https://www.gate.com/zh/announcements/article/46134
Alpha Phase 11 Announcement: https://www.gate.com/zh/announcements/article/46137
🧩 [Task Details]
Create content around the Launchpool and Alpha Phase 11 campaign and include a screenshot of your participation.
📸 [How to Participate]
1️⃣ Post with the hashtag #Gate Alpha 3rd
Sei Network V2 Upgrade: High-performance Layer 1 Introduces Parallel EVM
Sei Network: A High-Performance Layer 1 Combined with Parallel EVM
After months of silence, Sei Network has started to explode, with its token price continuously rising significantly, reaching an all-time high. Currently, Sei's liquid staking has exceeded $3.5 million, and the network's TVL has surpassed $11 million. This year, Sei is about to undergo a very important V2 upgrade, enhancing parallel processing performance and introducing EVM. Let's analyze the code, technical features, and ecological projects of Sei Network together to understand the potential opportunities of Sei and its ecosystem.
Design Features of Sei
Sei, as a Layer 1 that supports order book activities and focuses on trading, provides a built-in Central Limit Order Book (CLOB) module. Developers can leverage Sei's built-in order module to quickly launch and customize order book trading Dapps for spot, derivatives, options, and more, while Sei's parallelization design offers a fast, high-throughput network for its ecosystem applications.
The ways Sei improves the processing speed of blockchain networks mainly include:
1. Local Build Hash
Sei allows its validators to send blocks to the network that only contain transaction hashes. Other validators, upon receiving them, will first construct blocks based on the records in their local memory pool. If the corresponding transaction information is not present in the memory pool, the validators will wait for subsequent blocks containing detailed transaction content to arrive for verification.
2. Parallel Transaction Processing
The Sei Network processes blocks in the pre-vote and pre-commit phases through validators in parallel. Parallel processing reduces latency and increases throughput.
In the ProcessTxs function, Sei processes transactions. The processing is divided into parallel processing and sequential processing. For multiple related transactions, Sei will process the related transactions sequentially; for non-related transactions, it will perform parallel processing.
Sei is designed to handle multiple transactions in parallel using Golang's goroutine. Currently, this design cannot handle too many transactions in parallel, so Sei V2 needs to continue upgrading its parallel processing.
Parallel EVM
What is a parallel EVM?
EVM is the virtual machine that Ethereum uses to process smart contract-related transactions. To ensure the security of the network, EVM transactions must be executed sequentially. This design of sequential execution avoids the complexities and conflicts of parallel execution but also limits the performance of the relevant blockchain networks.
The design of the parallel EVM will allow different transactions in the EVM to occur simultaneously, greatly improving the processing speed and network throughput of the EVM. The current solutions involve using high-performance new public chains compatible with EVM, such as Solana, Aptos, and Sei. Among them, Sei's parallel EVM has attracted the most market attention.
Sei V2 Upgrade
Sei will implement parallel EVM in the upcoming V2 version launching in 2024, supporting the operation and interaction of Cosmwasm smart contracts and EVM smart contracts. Here are the key points of the Sei V2 upgrade:
Optimistic concurrency: Allows concurrent transaction processing, significantly improving throughput and efficiency. If a state conflict occurs, transactions will be reprocessed in order to maintain data integrity.
EVM Compatible: Allows developers to deploy existing EVM smart contracts on Sei without changing any code.
Geth Compatibility: Sei nodes will integrate Geth to handle transactions for EVM smart contracts in the future network.
SeiDB: Sei will improve its storage layer by using more efficient data structures and databases to reduce state bloat and enhance read/write performance.
Enhanced performance: With a block time of 390 milliseconds and fast transaction processing capability with finality, as well as a high throughput of 28,300 batch transactions per second, and lower transaction costs.
The Sei v2 upgrade will integrate the advantages of Ethereum, aiming to provide a super-optimized execution layer that is fully compatible with the existing EVM ecosystem, in order to attract more users and developers into the Sei ecosystem.
Sei Contract Security Recommendations
If developers plan to build applications in the Sei ecosystem, they will use CosmWasm to build smart contracts. It is recommended that developers follow the security practices below to enhance the contract security of their projects:
Be prepared to respond to attacks. Developers need to consider how to face attacks and fix vulnerabilities. Therefore, developers need to build upgradable smart contracts and formulate risk response plans.
Pay attention to the deserialization of the addr type. The addr type in CosmWasm is not validated during deserialization, which indicates that the addr type may have unexpected deserialization characteristics. Therefore, it is recommended to specify the type and perform validation after deserializing the addr.
Pay attention to operations and overflow. In CosmWasm contracts, developers need to be aware of risks such as integer overflow or division by zero. It is recommended that developers use CosmWasm's Uint256 and Uint512 types, and use the non-overflowing mathematical function full_mul().
Pay attention to infinite loops. CosmWasm contracts may fall into infinite loops by recursively calling themselves in the ACK handler. If developers are passing packets between two CosmWasm contracts, they need to be aware that this may lead to infinite loops and consume a large amount of gas fees.
Sei Ecosystem
1. Wallet
Currently, the wallets that specifically support the Sei network include Compass Wallet and Fin Wallet. There are 14 wallets compatible with the Sei network, such as OKX Wallet and the previously Cosmos ecosystem supporting wallets Keplr and Leap Wallet.
Safety Recommendations:
( It is recommended that users avoid using wallet projects that are unaudited and have not been running for long.
)2( To protect the assets of your wallet, the most important thing is to pay attention to the secure storage of your mnemonic phrase and private key.
)3( During the process of interacting with the Sei project using related wallets, signing is one of the most significant security risks to pay attention to. Users need to check whether the transaction information is correct before signing the transaction, as hackers can trick users into using cosmos.bank.v1beta1.MsgSend to transfer tokens to the hacker's address.
![High-performance Layer 1 and parallel EVM dual narrative: Analyzing Sei Network and its ecological development])https://img-cdn.gateio.im/webp-social/moments-ad69f407dddef73d68ae7958323199e4.webp(
) 2. Kryptonite
Kryptonite is the largest liquid staking protocol in the Sei ecosystem. Users can stake Sei tokens on its platform to earn stSei, with an annualized return of 5.54%; currently, users can also stake Seilor/Sei LP tokens and stSei/SEIYAN LP tokens to earn rewards in the respective tokens.
Kryptonite will launch the kUSD stablecoin, allowing users to mint it by collateralizing assets such as Sei, BTC, ETH, etc., providing more liquidity for the Sei ecosystem.
![High-performance Layer1 and Parallel EVM Dual Narrative: Analyzing Sei Network and Its Ecological Development]###https://img-cdn.gateio.im/webp-social/moments-f46a7dbcdc72b4a4b3c0030e2f5694f4.webp(
) 3. YakaFinance
Yaka Finance is committed to building a multifunctional DEX, providing users with various DeFi services such as trading, liquidity mining, and Launchpad, with the goal of becoming the liquidity central hub of the Sei ecosystem.
Yaka Finance is currently in the testnet phase and has launched an airdrop incentive program, attracting over 15,000 users to participate in its testing.
![High Performance Layer 1 and Parallel EVM Dual Narrative: Analyzing Sei Network and Its Ecological Development]###https://img-cdn.gateio.im/webp-social/moments-c2f45e32d5b434dec1a75ec6f638f349.webp(
) 4. PalletExchange
Pallet Exchange is the NFT trading platform of the Sei ecosystem, with a daily trading volume reaching up to 1.23 million Sei (approximately 1 million USD). Pallet Exchange charges a 2% fee on NFT transactions on its platform to maintain its operations.
Currently, the NFT series that is gaining attention in the Sei ecosystem includes WeBump, The Colony, Seiyans, Seinsei, and others. As the Sei ecosystem is in its early development stage, users should be aware of the liquidity risks associated with these NFTs.
![High-Performance Layer 1 and Parallel EVM Dual Narrative: Analyzing Sei Network and Its Ecological Development]###https://img-cdn.gateio.im/webp-social/moments-79f2cd7120136f474a14dee5d879ab89.webp(
Summary
As a high-performance Layer 1 focused on trading, Sei has optimized the process of block generation and processing. Currently, Sei's ecosystem is rapidly growing, and the development of its ecosystem will create synergies with Sei. Various decentralized applications will continue to amplify Sei's high-performance advantages, and Sei will also attract more liquidity and users. With the continuation of the parallel EVM narrative, the upgrade to Sei V2 will address the current bottlenecks of Sei, attracting more market attention and more developers to enter the Sei ecosystem.
![High-performance Layer 1 and parallel EVM dual narrative: Analysis of Sei Network and its ecological development])https://img-cdn.gateio.im/webp-social/moments-f29abafdf5312108b47132d88d729241.webp(
![High-Performance Layer 1 and Parallel EVM Dual Narrative: Analyzing Sei Network and Its Ecological Development])https://img-cdn.gateio.im/webp-social/moments-c4175b7da3bec0a880ba805afb8ca48b.webp(