SEI Surges 14% as Sei Network Pushes Full EVM Transition

By: cryptosheadlines|2025/05/09 11:30:03

Airdrop Is Live CaryptosHeadlines Media Has Launched Its Native Token CHT. Airdrop Is Live For Everyone, Claim Instant 5000 CHT Tokens Worth Of $50 USDT. Join the Airdrop at the official website, CryptosHeadlinesToken.com Sei Network proposes SIP-3 to deprecate Cosmos and move fully to EVM-only designSEI token spikes 14% to $0.2315 with bullish RSI and breakouts above key Fib levelsDevelopers to migrate dApps as Sei drops dual-address architecture for EVM-native UXSei Labs has put forth a major proposal, SIP-3, to turn the Sei network into an EVM (Ethereum Virtual Machine) only chain. The Sei Network team, via a post on X, stated this move intensifies its focus on performance, simplicity, and developer usability, which involves deprecating its legacy Cosmos architecture.SIP-3: A proposal from @Sei_Labs to streamline Sei’s architecture to an EVM-only model has been submitted through the Sei Improvement Proposal process.This proposal aims to enhance developer experience, simplify infrastructure, and fully leverage Sei’s parallelized EVM... pic.twitter.com/nxQ9cGYXj2— Sei (@SeiNetwork) May 7, 2025Sei’s Proposed EVM-Only Bet: Rationale and ImpactJayendra Jog, co-founder of Sei Labs, detailed the strategy behind SIP-3 in a separate X post. He emphasized that dominant EVM activity already drives nearly all current usage on Sei, prompting the proposal for a full transition to an EVM-centric framework.The proposed changes under SIP-3 would deprecate CosmWasm and native Cosmos transactions, streamlining Sei to operate solely using EVM-based infrastructure. Related: Sei to Become Top L1? Ambition Revealed in Co-founder Interview While core functions like staking, governance, and validator operations would still use internal Sei addresses, all public-facing infrastructure, including wallets, dApps, and user transactions, would become purely EVM-native. Sei Labs believes this shift drastically reduces the load on developers and infrastructure providers. It simplifies wallet management for users and removes the need for dual address handling, thus reducing friction. This simplification, however, also brings disruption, requiring developers to port existing CosmWasm applications to EVM and users to migrate assets to EVM-compatible platforms.SEI Token Technical Analysis: Bullish Signs Emerge?SEI is currently trading at $0.2315, with a daily gain of +14%. Previously, the RSI (Relative Strength Index) was hovering around 58.60, nearing the overbought threshold but still indicating room for upward movement before hitting exhaustion. A break above 60 could suggest the continuation of bullish momentum.Based on recent price action and Fibonacci retracement levels from TradingView, immediate resistance for SEI appears at the 0.236 Fib level ($0.2206) and 0.382 ($0.2286). A clean break above these zones would signal further upside.Mid-term bullish targets include the 0.618 extension at $0.2440, which aligns with both historical supply zones and technical confluence. Further targets lie at 2.618 ($0.2791), 3.618 ($0.3142), and 4.236 ($0.3359).Related: Bitget Wallet Launches Full Support for Sei Network, Announces $700K Ecosystem InitiativeOn the other hand, downside support is found at $0.1891, the recent local low and also the origin of the Fibonacci retracement.Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.Source link

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