SEI, the native token of Layer 1 blockchain Sei, has surged 13% following the launch of the beta version of its Sei v2 mainnet, which it hailed as the “most performant EVM blockchain ever built.”

At the time of writing, Sei was up 12.5% in the last 24 hours, exchanging hands at $0.3422 per data from CoinMarketCap. The crypto asset also saw a daily trading volume of $211 million. Over the past day, this represents a 48.2% increase in value for the sector-specific Layer 1 blockchain, designed exclusively for trading to offer exchanges a “competitive edge.”

SEI 24-hour price chart | Source: CoinMarketCap

SEI’s recent surge in its market value coincides with the Sei team’s announcement of the official release of the “Sei v2 mainnet beta,” which they claim to be “the most performant EVM blockchain ever built.”

The network, known for facilitating swift and cost-effective crypto trading, has recently enhanced its system by integrating Geth.

This popular Ethereum software is extensively utilized by developers to create decentralized applications (dapps) and other web3 solutions on Ethereum, the second-largest blockchain by market cap.

Previously, Sei’s v1 beta mainnet, built using the Cosmos SDK, was launched in August 2023 following two successful funding rounds that garnered $30 million from investors, including Jump Trading and Multicoin Capital.

The phase 2 completion of Sei v2 comes on the heels of the Sei Foundation having announced the launch of a new $10 million grant fund to fuel growth in NFT and Social projects.

The foundation explained that this initiative is designed to support a broad spectrum of creators and builders, focusing on collections, applications, infrastructure, content creation, and in-real-life (IRL) events.