The central development team, Sei Labs, responsible for Sei (SEI), has put forth a proposal named SIP-3 to switch the network to a model based solely on the Ethereum Virtual Machine (EVM).
The proposal aims to eliminate support for CosmWasm and native Cosmos transactions in order to concentrate exclusively on an EVM-centric framework. This change is intended to streamline Sei’s ecosystem and reduce the complications associated with maintaining dual EVM and Cosmos support.
SIP-3 advocates for allowing only EVM addresses to initiate transactions, with all future transactions being limited to the EVM. It plans to phase out CosmWasm contracts and Cosmos messaging, while crucial functionalities like staking and governance will persist through precompiles.
The transition to an EVM-exclusive structure is anticipated to simplify the experience for Sei developers and users, lessen infrastructure complexities, and position Sei more prominently within the broader EVM ecosystem.
The proposal outlines a phased approach to the EVM-only transition. The initial phase involves creating EVM pointers to ensure accessibility of all Cosmos and CosmWasm assets from the EVM side.
In the subsequent phase, new CosmWasm deployments will be discontinued, and inbound IBC transfers based on Cosmos will be restricted. The final phase will encompass disabling legacy interactions, ending support for CosmWasm contract execution, and transactions involving non-EVM addresses.
Phillip Su, Engineering Manager and Lead at Sei Labs, emphasized that a considerable portion of network activity is already EVM-oriented, justifying the decision to shift entirely in that direction. The adoption has notably surged since the introduction of Sei v2.
Since the launch of Sei v2 in Q2 2024, which introduced EVM support, the Sei network has shown impressive performance. It has achieved a Total Value Locked (TVL) exceeding $500 million, with over 19.3 million total wallets, a daily transaction volume surpassing 4.1 million, more than 300,000 daily active addresses, and hosting over 200 projects on its mainnet.
Despite the noteworthy growth, the dual architecture posed challenges, necessitating users to manage both EVM and native addresses. This compatibility demanded custom logic for interoperation between the ecosystems, burdening node providers and developers. Focusing solely on EVM is intended to address these challenges.
While promising enhanced performance and adoption benefits, the success of SIP 3 hinges on the ability of the community to navigate migration hurdles and engage actively in the process as emphasized by the Sei team.