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Sei Wants To Cut Cosmos Compatibility and Go All-In on Ethereum

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A Sei Network developer proposed to depreciate the blockchain’s Cosmos support on Wednesday in a bid to remove “unnecessary” complexity for users.

The proposal, if successful, will make it so Sei users will only be able to send and receive transactions that are compatible with Ethereum.

Cutting Cosmos support will significantly simplify the blockchain, reduce infrastructure overhead, and position Sei more strongly within the broader Ethereum ecosystem, Philip Su, Sei Labs’ Engineering Lead, said in the proposal.

“This transition will lead to greater adoption, improved developer experience, and a more cohesive community,” he said.

The move comes as blockchain infrastructure builders compete to draw in developers and expand their orbits.

Ethereum-based infrastructure, which runs on software called the Ethereum Virtual Machine, or EVM, is what the majority of decentralized finance apps run on. Ethereum, as well as other big blockchains like Coinbase’s Base and the Binance-affiliated BNB Chain, all use the EVM.

But there are challengers. Solana uses its own software called the Solana Virtual Machine, or SVM, while Cosmos has pioneered software called CosmWasm.

Sei currently supports both EVM and CosmWasm. “While this dual architecture has provided flexibility, it also introduces significant complexity and friction for both users and developers,” Su said.

If Sei pivots away from CosmWasm it could be a significant blow for the software’s adoption.

The Sei Network has grown steadily since its 2023 launch. Deposits to DeFi apps on the network are at an all-time high of $1 billion, according to DefiLlama data, making it the 15th largest blockchain by total value locked.

Cosmos Hub, the leading development platform for Cosmos, did not immediately respond to a request for comment.

Unnecessary overhead

When Sei launched it didn’t support the EVM and adoption was slow.

Over the blockchain’s first year it only attracted some $50 million of deposits to its DeFi apps, a paltry sum compared to other blockchains that launched around the same time, such as Sui, which soared above $600 million in deposits during its first year.

But that changed in July 2024 when Sei launched its second version, which let users create DeFi apps using either CosmWasm or the EVM.

Activity exploded as developers and investors flocked to the blockchain. Among DeFi developers, the EVM is the most well-known software. So by introducing EVM support, Sei was able to tap into a much larger pool of developers.

Sei TVL

New Sei users are now predominantly choosing to use the EVM instead of CosmWasm, data compiled by Sei Labs on data platform Dune Analytics shows.

What’s more, the current cross-compatibility comes at a cost, Su said. It introduces “unnecessary overhead in the codebase and complicates debugging and testing,” he said.

Still, there’s no guarantee others in the Sei community will feel the same way.

Build with Sei, a group managed by the nonprofit Sei Foundation, will host a call on May 14 to discuss the proposal in detail and give opportunities for developers and the community to ask questions and give feedback.

Read more: Trump-Linked Crypto Project Buys $775K Worth of SEI as Altcoin Accumulation Continues

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Trump’s Memecoin Dinner Questioned by Top Democrat on House Judiciary Committee

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A senior Democrat in the House of Representatives, Jamie Raskin, joined his name to lawmakers seeking answers about President Donald Trump’s recent dinner for top investors in his memecoin, sending questions directly to Trump.

Raskin, the ranking Democrat on the House Judiciary Committee, has been a vocal critic of the president and becomes the latest of many from his party to probe details about the event, which they’ve called out as evidence of White House corruption. Because Raskin is in the minority party, his demands are unlikely to lead to further congressional action unless they regain the House or Senate in next year’s elections.

«I write today to demand that you release the names of all the attendees at this dinner and provide information about the source of the money they each used to buy $TRUMP coins, so that we can prevent illegal foreign government emoluments from being pocketed without congressional consent,» Raskin wrote this week to the president, joining many counterparts in the Senate in seeking the information, including Senators Elizabeth Warren, Chris Murphy and Richard Blumenthal.

«We deserve to know who is paying for access to our president, and what steps you took to ensure that the funds you receive are legitimate and legal, rather than the proceeds from foreign states or monarchs or illegal activities,» Rasking said, specifically highlighting Tron founder Justin Sun, a guest who was a major early investor in Trump’s family crypto operations.

Read More: Democrats Threaten Lawsuits, Join Protests Ahead of Trump Memecoin Dinner

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FTX Repayments May Have Positive Market Impact: Coinbase

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The FTX Recovery Trust will begin distributing over $5 billion in cash and stablecoins to creditors starting on Friday, with funds expected to land in accounts within the next three business days via BitGo and Kraken.

And there’s a chance this wave of repayments will help lift the crypto market, analysts at Coinbase wrote in a report on Friday.

It’s the second major round of repayments following the exchange’s collapse. The first, which began on Feb. 18, returned roughly $7 billion to creditors with claims under $50,000. That did little to lift broader crypto markets at the time, which remained under pressure from macro headwinds.

This latest wave of distributions comes as investor sentiment has shifted, the analysts said. Payments will arrive in stablecoins, offering recipients immediate on-chain liquidity, instead of cash and crypto. That could influence whether the funds are reinvested.

There’s also a broader sense of optimism in crypto markets, thanks in part to a rally in major assets and increased political clarity around regulation. Institutional players, in particular, may feel more comfortable acting on incoming funds, especially as Congress moves closer to passing legislation that would define the roles of U.S. regulators overseeing digital assets.

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Judge Declines to Order DOJ to Review Records in Roman Storm Case

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The federal judge overseeing Roman Storm’s prosecution declined to order the Department of Justice to review its records for any materials it might have missed that would help the Tornado Cash developer at the end of a 30-minute hearing Friday morning, though she told the government it should not have any disclosure issues.

Judge Katherine Polk Failla also ruled that there were no Brady violation concerns with the Department of Justice’s conversations with the Financial Crimes Enforcement Network (FinCEN) about whether mixers needed to register as money transmitters — the conversation that prosecutors pursuing Samourai Wallet developers had with FinCEN officials, but not the prosecutors on Storm’s case — one of the DOJ representatives said in the phone conference on Friday.

If the judge had found that prosecutors had withheld information, it could affect the case moving forward.

«I’m not going to require a further review based on the representations made that there’s no additional material of this type, and based on my views that I don’t believe the material was exculpatory,» she said.

«There’s a difference between ‘this is something I’d like to know’ and ‘this is a Brady violation,'» the judge said, referring to a Supreme Court precedent that requires prosecutors to share any and all information that might help a defendant with the defendant’s team.

Storm’s defense attorneys argued during the hearing that they needed to know when the prosecutors in their case learned about the FinCEN conversation.

«They do plan to say they’re charging a conspiracy to operate an unlicensed money transmitter,» said defense attorney Brian Klein. «My question is who are they supposed to be licensed with? … this is all in the same issue. They’ve only dropped one subpart … but they’re still going to say they’re charging an unlicensed money business.»

Thane Rehn, a prosecutor who worked on the DOJ case against Sam Bankman-Fried, said that his team wouldn’t argue that Tornado Cash needed to secure a license.

«The word ‘license’ doesn’t apply here and the jury won’t be instructed on licensing issues … what we intend to prove at trial is the defendant knew they were transmitting funds derived from criminals,» he said.

The judge did at multiple points ask the prosecutors if they planned to change any other theories or charges in the weeks leading up to the trial, saying doing so might be unfair to the defense. The trial is supposed to kick off in less than two months.

Read more: DOJ Will Still Pursue Roman Storm Case Despite Blanche Memo, Prosecutors Say

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