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Sei launches the first parallelized EVM blockchain, prices increase by 8%
In an advancement for blockchain technology, Pyth Network introduced Pyth Price Feeds and Entropy to Sei V2. This new development provides the developers of Sei V2, a Parallelized Ethereum virtual machine (EVM), with over 500 real-time price feeds and a reliable on-chain random number generator. These features aim to improve the scalability and flexibility of decentralized finance (DeFi) applications.
Sei V2 improves parallelized EVM blockchain
Sei V2’s architecture is designed to significantly improve the developer experience. It allows the distribution of existing ones Ethereum (ETH) without any changes, thus offering a seamless transition to a more robust environment. Additionally, the platform claims to offer up to 100x performance improvement over traditional EVMs. This improvement is critical as it supports the higher demands of today’s blockchain applications, including those in DeFi and other high-frequency trading environments.
Furthermore, Six V2 continues to support CosmWasm, which increases its versatility and attractiveness. This interoperability is vital for developers looking for a platform that can handle complex operations and offer extensive functionality without compromising speed or efficiency.
SEI token rises 7% with new updates
The Pyth Price Feeds integration on Sei V2 provides developers access to real-time, low-latency price updates. This functionality is essential for applications that rely on timely and accurate data, such as trading platforms and financial analysis tools. Pyth Network uses a pull oracle architecture, which allows applications to request the necessary data as needed, thus optimizing resource usage and reducing costs.
In addition to price feeds, Pyth Network’s introduction of Entropy offers a secure and reliable source of on-chain randomness. This functionality is critical for developing applications that require unpredictability, such as games, lotteries, and prediction markets. By ensuring fair and unpredictable results, Entropy helps improve user trust and engagement in these applications.
After the launch of these new features, SIX, Sei’s native token, saw a significant increase in price, rising more than 8% to trade at $0.5752. The market capitalization also increased by almost 5.52% to $1,683,533,322. The increase in trading volume by 56.90% reflects bullish sentiment in the market in the coming hours.
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