Dev flow decides the next cycle. Move is clean, but moats can isolate.
Sei’s full EVM opened the door to 10M+ ETH devs overnight
post-V2: +180% EVM builders, 200+ teams live (Sushi, Vortex, Monaco, Axelar).
Build where orderflow lives. #SEI
SIP-3 Wallet Upgrades are live.
This is the next milestone in the journey from what @SeiNetwork was originally, to Sei Giga.
Giga will be the first next-generation blockchain, capable of processing over 200,000 transactions per second.
SIP-3 is the proposal to deprecate, forever, the CosmWasm elements of the chain.
Bit of backstory: When we founded @Sei_Labs and set out to build the Sei Network, it followed the vision I had while working at @RobinhoodApp: a fully onchain, decentralized orderbook that could handle TradFi's massive volume requirements, while delivering Web2 performance and UX.
At the time, no blockchain could deliver that, so the mission became building the first chain that could.
The fastest way to get a blockchain live was with the Cosmos SDK, so the Labs team made the reasonable decision to launch Sei v1 as a chain using the Cosmos SDK and supporting CosmWasm smart contracts.
With time, it became clear that as an ecosystem the EVM would win, so on May 27 2024, Sei v2, the EVM compatible version of the chain, went live. The chain exploded in popularity, with huge growth in the ecosystem, TVL and active users.
CosmWasm smart contracts never got the traction needed to continue, so Sei Labs introduced SIP-3, the proposal to deprecate the Cosmos and CosmWasm elements of the chain.
Deprecating such a large part of the chain, without affecting EVM chain liveness or user experience, has been incredibly complicated. @Sei_Labs and the @Sei_FND has been working non-stop since May, coordinating with all the major builders in the Sei ecosystem and the service providers that have integrated on SEI.
Today's announcement is one of the major parts of SIP-3.
The few users who have funds stored in a Cosmos-only wallet will need to upgrade to an EVM compatible wallet. The user's funds will then be located at their wallet's EVM address, and their Cosmos wallet's address on the network will be no more.
Please note that SIP-3 poses no risk to user funds currently held in Cosmos-only wallets. Upgrading from a Cosmos-only wallet to an EVM compatible wallet can be done at any point in the future.
With your support, @Sei_Labs will get this major milestone completed.
Sei Giga will introduce the next-generation of blockchains, where blockchains will finally be able to meet the needs of traditional finance onchain.
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