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A venture co-founded by a former Robinhood engineer and a venture capitalist, Sei Labs, has launched a new solution called The Parallel Stack aimed at making Ethereum faster and cheaper for developers.
Sei Labs Introduces The Parallel Stack
Today, Sei Labs unveiled The Parallel Stack, a public benefit project designed to boost the performance of Ethereum Virtual Machine (EVM)-based Layer-2 Blockchains. This initiative employs the concept of parallel processing, a fundamental principle in computer science, to increase Ethereum’s transactions per second (TPS).
Despite its prominence, Ethereum faces a critical bottleneck with its throughput limited to just 50 TPS. This limitation hinders the growth of its ecosystem and leads to exorbitant gas fees, making Ethereum transactions unaffordable for most users.
Sei Labs co-founder and former Robinhood engineer Jay Jog states, “The biggest limitation of the EVM is its lack of efficiency.” To overcome this challenge, Sei Labs has begun to parallelize the EVM, processing multiple transactions simultaneously, thereby increasing accessibility for a global base of EVM developers.
Setting New Standards
The importance of increasing TPS is clear. While the default TPS for Bitcoin and Ethereum hover around 5 and 20-30 respectively, new entrants like Solana boast an impressive 2,500 TPS. With an initial capacity of 5,000 TPS, Parallel Stack aims to make a significant leap in Ethereum’s scalability by doubling this figure by the end of the year.
Sei Labs is not alone in its quest to optimize Ethereum’s performance. Competitors like Optimism’s OP Stack have also made strides, albeit with different methodologies. Sei Labs differentiates itself by focusing on parallel processing, a strategy aimed at achieving higher efficiency seamlessly.
Despite developing its own Layer-1 Blockchain, Sei Labs recognizes the importance of addressing Ethereum’s challenges. As Ethereum serves as a hub for most developers, scaling solutions become imperative. Through initiatives like The Parallel Stack, Sei Labs aims to democratize access to enhanced performance by providing scalability for a broader range of applications.
Sei Labs’ decision to share its work as open-source projects aligns with its philosophy of decentralization and transparency.
