Sei Network Unveils Giga Upgrade with Concurrent Proposers and Scores Major Institutional Listings

Sei Network has announced its "Giga" upgrade, making it the first blockchain to implement multiple-concurrent proposers, a significant technological advancement backed by formal research from Sei Labs. The upgrade introduces a new block production model where several proposers can create blocks simultaneously, altering transaction ordering and MEV (Maximal Extractable Value) patterns.

According to a research paper titled "MEV in Multiple Concurrent Proposer Blockchains" by Steven Landers and Benjamin Marsh, the new design analyzes MEV behavior in parallel block formation, identifying channels such as same-tick duplicate steals and proposer-to-proposer auctions. The study proposes deterministic priority DAG scheduling and duplicate-aware payouts to mitigate MEV while maintaining high throughput.

Prior to the upgrade, Sei conducted devnet tests that achieved 5 gigagas of processing power on a globally distributed network in April, demonstrating the system's capability under real-world latency conditions. The team believes this performance can unlock new applications requiring fast, high-volume transaction processing.

In parallel, Sei Network reported a record month with significant milestones. Nearly $30 million in real-world assets from institutional giants BlackRock, Hamilton Lane, and Apollo have been deployed on the network. Additionally, SEI has been listed on major exchanges including Robinhood, Binance US, OKX, and included in the Coinbase50 Index with a 0.06% weight, expanding access to retail and institutional investors.

Network performance metrics show over 100 million blocks produced and 4 billion lifetime transactions, highlighting reliability. Sei Labs also launched the seictl tool for enhanced operator efficiency and contributed MEV research aimed at next-generation architectures. Other developments include Monaco appointing Goldman Sachs alum Simran Singh as CEO and adopting Chainlink CCIP, MetaArena launching a Sei-native token, and Carina Finance introducing an intent-based DEX aggregator.

Despite these positive developments, SEI's price has been under pressure, trading near $0.122 on Binance as of December 2, well below its 50-day EMA around $0.174, indicating a persistent downtrend since October.