[SIP-25] Enhancing Symbiosis DeFi with Sei V2: Embracing Parallelized EVM

Voting ended over 1 year agoSucceeded

Context

Today, essentially all EVM-compatible Layer 1 and Layer 2 blockchains operate on a single thread, meaning they process transactions sequentially, one after another. This limits the overall performance and speed of the blockchain.

The Parallel Stack is a technological innovation introduced by Sei Labs designed to enhance the performance and scalability of EVM-compatible blockchains, particularly in Layer 2 solutions and rollups. Unlike traditional single-threaded blockchains, the Parallel Stack enables parallel processing.

The Sei V2 network is a Layer 2 solution designed to enhance the Ethereum ecosystem by addressing performance bottlenecks through the use of the Parallel Stack. This architecture enables parallel processing of transactions, improving scalability and efficiency.

Proposal

Enable support for Sei V2 in the Symbiosis protocol to enhance Symbiosis DeFi offerings with this advanced Layer 2 solution. The integration includes the following:

The stablecoin on Sei V2 to operate will be USDC.
Add support for the new blockchain to the Symbiosis protocol. This involves including the new stablecoin in the Symbiosis AMM DEX on the host chain. At the same time, the Symbiosis relayer network should start working with the new blockchain.
Deploy and tune Symbiosis contracts on Sei V2.
Implement on-chain routing via existing DEXes on Sei V2.

Key points

Transactional Volume: Sei V2, like any EVM Layer 2 network, offers low gas fees and high transaction processing speeds, along with a parallel transaction processing architecture. This new solution can attract developers, and the web3 solutions built on the chain will drive increased transactional volume.
Seamless Integration: As an EVM-compatible chain, Sei V2 can be seamlessly integrated into the Symbiosis protocol, ensuring a smooth transition and immediate benefits.
Future-Proofing Symbiosis: By integrating with cutting-edge technologies like Sei V2, Symbiosis positions itself at the forefront of the DeFi space, ensuring long-term competitiveness and relevance.

Off-Chain Vote

Let's integrate Sei V2

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Timeline

May 22, 2024Proposal created

May 22, 2024Proposal vote started

May 24, 2024Proposal vote ended

May 24, 2024Proposal updated

Context

Proposal

Enable support for Sei V2 in the Symbiosis protocol to enhance Symbiosis DeFi offerings with this advanced Layer 2 solution. The integration includes the following:

The stablecoin on Sei V2 to operate will be USDC.

Add support for the new blockchain to the Symbiosis protocol. This involves including the new stablecoin in the Symbiosis AMM DEX on the host chain. At the same time, the Symbiosis relayer network should start working with the new blockchain.

Deploy and tune Symbiosis contracts on Sei V2.

Implement on-chain routing via existing DEXes on Sei V2.

Key points

Transactional Volume: Sei V2, like any EVM Layer 2 network, offers low gas fees and high transaction processing speeds, along with a parallel transaction processing architecture. This new solution can attract developers, and the web3 solutions built on the chain will drive increased transactional volume.

Seamless Integration: As an EVM-compatible chain, Sei V2 can be seamlessly integrated into the Symbiosis protocol, ensuring a smooth transition and immediate benefits.

Future-Proofing Symbiosis: By integrating with cutting-edge technologies like Sei V2, Symbiosis positions itself at the forefront of the DeFi space, ensuring long-term competitiveness and relevance.