Here’s why Sei researchers think the EVM storage layer is due for a makeover
Sei Network Overview - November 25, 2024
Welcome to the first edition of the Sei Weekly Overview. 🔴
Sei is a layer-1 blockchain that aims to make Ethereum faster by blending its security features with fast transaction speeds. This year it has processed more than $1.4 billion in volume and almost $200 million in TVL.
We’re excited to work with them and create the best place for the Sei community to get the latest updates, metrics, insights on the blockchain, its ecosystem developments and more – all in one place. Every Monday.
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By the Numbers
$SEI token price: $0.62
Market cap: $2.65B
Sei Total Value Locked (TVL): $239.73M
Daily active wallets: 156.9K
Total wallets: 4.48M
Real-time transactions per second: 48.33
Block time: 0.47 seconds
The metrics are accurate upon publication.
Sei Showcase
Highlighting some of the biggest announcements from Sei.
💨 What’s happening: The EVM storage layer is clunky and needs an upgrade, according to researchers within the Sei Research Initiative.
💨 Why it matters: The group released their first article about Sei’s approach toward scaling the Ethereum Virtual Machine (EVM) architecture.
This is a part of Sei Labs and Sei Foundation’s collaboration and launch of the Sei Research Initiative, an open-source research and development program aimed to create a more open dialogue of ideas from community contributors.
Currently, there are some limitations of the EVM such as high gas fees and slow transaction finality. The network identified three EVM core layers it wants to optimize: storage, consensus, and execution.
As it stands, the EVM storage layer “faces a critical challenge” and is limiting developer options and raising user costs.
Sei Network sees the key way to optimize for blockchain storage through state commitment and state storage, the article added. Isolating the state commitment layer, results in consensus decision mechanisms being performed faster. The state storage layer can then focus on optimizing data storage in a way that's beneficial for heavy data loads.
Think of it like a group of people who are involved in making a decision. Oftentimes, adding more people to a conversation brings in more opinions. This can make the process longer because of all the different perspectives they bring to the table. However, by isolating the two parties, it allows them to act faster.
💨 The bigger picture: All in all, the current EVM storage layer is at a crossroads, according to researchers. And in order to scale the EVM, there needs to be more conversations at the technical layer to address inefficiencies.
This is something that’s not unique solely to EVMs, but addressable across the broader blockchain ecosystems.
While the topic discussed above is important, the article also dives into other limitations and opportunities to optimize for storage in Ethereum and across other ecosystems like Solana and Sui. For a deeper dive, we encourage you to check out the blog here.
Accelerating Sei’s blockchain
Updates on the latest games, validators, builders and more that are helping Sei expand
FUSYFOX, a web3 arena shooter game, announced it’ll be launching to Sei
Total inflow on Yei Finance’s borrowing and lending platform hit $3B, according to Flipside data
Weekly transactions on Sei was 1.16M, up 19.42%, according to DappRadar
Dragon Swap, a DeFi protocol built on the Sei network, hit all-time high volume at $23.5M (shown below)
Source: DefiLlama
What’s the community Sei’ing
Highlighting the builders, users and ecosystem players within the Sei blockchain.
Sei released the recent EIP-1559 network upgrade, X user Nofuturistic created a video diving into it
Learn about Silo Protocol and its liquid staking platform on Sei via a thread by X user crypto_girl
SEIYAN shared Phase 3 of it Superfrens Memecoin Madness campaign will go live on Nov. 25
Lock in to the ecosystem
Want to get involved in the ecosystem? Find the latest job postings here or get involved with an activation below.
Listen to an upcoming X space on Sei NFTs on Nov. 26 - set a reminder here
DragonSwap is holding a trading competition with a prize pool of over $250K in Sei
Check out a list of Sei applications across various use cases
Archer Hunter is hosting a gaming competition in collaboration with Sei Network - see details here
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This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.