The Sei community is evaluating a proposal to phase out native Cosmos accounts and CosmWasm smart contracts, transitioning to an EVM-only model as of November 2023.
This shift aims to streamline operations and bolster Ethereum compatibility, potentially influencing the SEI token and wider ecosystem adoption.
Sei Evaluates Phasing Out CosmWasm for EVM Shift
The proposal to transition to an EVM-only model marks a pivotal moment for Sei, as the community deliberates phasing out CosmWasm and native Cosmos accounts. Coordination through official channels is focused on a seamless shift.
Sei Labs, Lead Developer, Sei Network, stated, “Sei Improvement Proposal to deprecate CosmWasm and native Cosmos transactions in favor of a streamlined, EVM-only architecture.”
The move involves Sei Labs, the core developer, guiding technical advancements. The proposal outlines a focus on the reuse of familiar EVM-compatible applications, potentially enhancing developer interest and user engagement.
Ethereum Integration Could Enhance SEI Token Dynamics
Shifting to EVM could bolster the integration of Ethereum assets, primarily affecting the SEI token.
On-chain metrics, such as daily transactions and active addresses, might see shifts influenced by this strategic realignment.
Financial projections include an increased market valuation and DeFi integration. Historically, ecosystems aligning with EVM see enhanced compatibility, although native users may face challenges adapting to new architectures.
Precedents in Blockchain Migrations Inform Sei’s Path
Blockchain migrations like Celo’s shift towards Ethereum serve as precedents. These transitions often result in compatibility boosts, but they can risk alienating existing users who are embedded in native protocols.
Kanalcoin experts highlight that EVM compatibility traditionally signifies enhanced interoperability. Market impact remains speculative, with expected variances influenced by user migration patterns and adoption of new technical frameworks, as noted in the SEI IPO Registration Statement.
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