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It hopes to woo crypto developers
Sei Labs , a startup co - founded by a former Robinhood applied scientist and a former VC from Coatue , has launched a new open sourced project that extend a novel and exciting approach to make Ethereum faster and less expensive for developers .
On Wednesday , Sei launched The Parallel Stack , a public good project — mean free for any crypto developers to apply . It aims to improve the performance of transactions per second ( TPS ) of Ethereum Virtual Machine ( EVM)-based layer-2 blockchains through the tried - and - true data processor science concept of parallel processing , TechCrunch learn exclusively .
Sei Labs is a society the crypto community is already watching after itraised $ 30 million , at a valuation of $ 800 million , about a year ago to build up its own super - rapid , open author , layer-1 blockchain focused specifically on crypto trading .
But now Sei has flex its attention to help ameliorate Ethereum , a far grownup , more established blockchain , the liberal by entire value locked , according toCoinMarketCap — aka the value of all the digital assets on the internet .
By default , EVMs process proceedings sequentially , one after another , a slow and ineffective method that does n’t surmount well .
“ The magnanimous limitation of the EVM is the lack of throughput , ” Jay Jog , cobalt - laminitis of Sei Labs , formerly of Robinhood , told TechCrunch . Ethereum ’s throughput ca n’t go beyond 50 TPS , which is fix growth of its ecosystem and results in high so - called gun fee , the fees charge to transact on Ethereum blockchains . These fees make Ethereum unaffordable for “ 99.9 % of normal users , ” Jog added .
away from The Parallel Stack , Sei Labs has also been act upon on upgrade its blockchain toSei V2 , a parallelized EVM , which processes multiple proceedings at the same time and would make it approachable to a “ global groundwork of EVM developer , ” according to a November 2023 blog position . “ We ’ve been process on scaling EVM for a long time and doing it by parallelizing , ” Jog said .
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Obviously , the higher the dealing per second , the faster , more effective and scalable a meshing is . For reference point , Bitcoin ’s blockchain , by default , average 5 TPS , while Ethereum ’s average 20 - 30 TPS . Solana ’s is around 2,500 TPS and some of the newer , Ethereum - centric layer-2 blockchains like Polygon and Arbitrum can do65,000 and 40,000TPS , severally .
The Parallel Stack can do around 5,000 TPS , but is aiming to hit 10,000 TPS by the end of the year , Jog said .
Sei , of course , is n’t the only one work to make Ethereum quicker and tatty . Optimism ’s OP Stack , an “ EVM equivalent weight ” layer-2 blockchain , does an norm of 2,000 TPS . But they use different design philosophies and Sei ’s focus is on higher throughput through parallel processing , say Jeff Feng , Sei Labs co - founder , antecedently an investor at Coatue .
“ It ’s like a stove ; you may fudge two things at the same time , as oppose to one dish then another , ” Feng said . “ Historically if you wanted that kind of TPS , you call for to build on Solana and learn a steel new development theoretical account . ”
But if Sei is building its own layer-1 blockchain , not derive from Ethereum , why would it be go to solve Ethereum ’s problem ? BecauseEthereum is where most developers areand scaling is a problem they think they can also deal . And if Sei can offer them a room to adopt parallel processing to improve their Ethereum employment , they could also pick up core tenets of Sei ’s ecosystem along the room .
Plus , they do n’t see the two blockchains as competitors . “ Our goal is to scale the EVM . There has been meaning interest to have parallel EVMs and this is a natural next step : democratize admission to make it as plug and play as possible , ” Jog said .
So perhaps it makes sense that Sei is honing in on the EVM space , to contact a majority of the blockchain developers .
“ It ’s almost been a no - brainer but it clear unlock a level of functioning and throughput that leave for applications much larger to successfully build and abide on Ethereum , ” Feng say . “ With parallelization , it will bring the industry forrad . ”
But why would they freely share their piece of work as subject source undertaking ? Sei ’s framework is n’t the first to do it , but hold honest to the ethos many crypto project have of bring home the bacon assailable code for anyone to work up with .
“ I was at Robinhood when the GameStop saga happened ; a small number of people were do decisiveness and we did n’t know anything until the word do out , ” Jog enjoin . The lack of intimate transparency made him desire to ramp up a decentralised chain that is undecided sourced , so anyone can get at it and it ’s not limited to a radical of hoi polloi .
Jog and Feng anticipate initial excitement for The Parallel Stack to descend from existing Ethereum - focused lotion that are remove bandwidth issues and are looking for higher TPS choice .
