Sei Labs Releases New “Giga” Roadmap That Will Bring 50x Improvement to Blockchain Performance
NEW YORK--(BUSINESS WIRE)--Dec 20, 2024--
Sei Labs, the main contributor to Sei, the fastest Layer 1 EVM blockchain, today announced its latest roadmap, dubbed “Giga”, charting its path to becoming the most performant blockchain in Web3. Sei looks to become the first blockchain to truly achieve Web2-level performance as it scales to achieve 5 gigagas per second – an industry first. Achieving 5 gigagas per second delivers execution speeds 50 times faster than any other mainnet chain and comparable to Web2-level transaction performance.
Despite its tremendous growth, Web3 has still struggled to achieve mainstream adoption, stemming from its inability to replicate Web2 technology performance levels. For developers and users, cost and efficiency remain massive gaps due to high gas fees and long transaction wait times. Currently, parallelized EVMs, such as Sei Network, present the most optimal solution to address these scalability limitations. The Sei Giga roadmap towards achieving 5 gigagas per second will not only rectify these pain points but will also deliver Web2-level efficiency and scalability.
Transactions Per Second (TPS), a standard measure for blockchain network scalability, shows the number of transactions executed per second but does not consider the work needed to execute transactions. Gigagas is a measure of billions of gas units per second and indicates the bandwidth of a blockchain network. This shows the amount of gas fees the network requires to process transactions per second, making it a more accurate measure of blockchain performance. Most prominent blockchains have yet to achieve even 10 Megagas/second. Sei’s upgraded functionality and bandwidth capabilities will set a new industry standard for scalability and efficiency, while simultaneously improving the developer and user experiences.
“When we built Sei’s parallelized EVM, we scaled blockchain technology to new heights and improved its level of throughput to address some of blockchain’s most paramount limitations around cost and transaction speed. Now, our next focus is to scale Sei to 5 gigagas per second to create the most performant EVM blockchain ever and reach Web2 level scale,” sharedJay Jog, Co-Founder of Sei Labs.
Since its launch on mainnet in July 2024, Sei v2, the first parallelized EVM, has surpassed $200M TVL and handled over 2 billion transactions. The overall ecosystem on Sei has also seen impressive growth with booming interest from developers in verticals like DeFi, Gaming, and Consumer applications.
Sei’s Giga roadmap is divided into three distinct processes: Execution, Consensus, and Storage. Sei will prioritize rebuilding the EVM from scratch, introducing a new consensus mechanism, and expanding its storage database. These developments enable faster transaction times while maintaining a high level of security and preserving its network capabilities.
A full developer blog is available at sei.io/giga
About Sei Labs:
Sei Labs is a contributor to the open-source Sei blockchain, the fastest Layer 1. Sei's unique chain-level optimizations enable decentralized exchanges and trading apps to offer the best user experience with modern performance and scalability. The Sei Labs team is composed of industry veterans from Goldman Sachs, Databricks, Robinhood, Google, and Nvidia. Sei Labs has raised over $30M from top investors including Jump Crypto, Multicoin Capital, Coinbase Ventures, Distributed Global, Hudson River Trading, and Flow Traders.
To learn more about Sei, please visit https://www.sei.io/.
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SOURCE: Sei Labs
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