Sei Labs, the core developer behind the Sei blockchain, has introduced a proposal to transition Sei into an exclusively EVM (Ethereum Virtual Machine) based blockchain, discontinuing support for Cosmos transactions and CosmWasm smart contracts. The proposal, submitted as Sei Improvement Proposal-3 (SIP-3), seeks to simplify the chain by removing the current dual support for EVM and Cosmos accounts. If adopted, only EVM addresses will transact on Sei, while features like staking and governance will be maintained via EVM precompiles.
The team argues that the dual system has introduced unnecessary complexity for both users and developers, requiring management of both EVM and native addresses. The change would require infrastructure providers to adopt EVM-only APIs and necessitate users and projects to migrate assets and applications to EVM-compatible formats. Sei Labs claims this shift will streamline the user and developer experience, lower infrastructure demands, and strengthen Sei’s positioning in the broader EVM ecosystem. However, there is no confirmed timeline for the proposal's implementation. Following the announcement, the price of SEI (SEI) rose 6%, while its trading volume increased by over 17%.