According to ChainCatcher, Sei announced that the Sei v2 launch plan is divided into three phases. The first phase is governance, and the proposed update v2 is ready to be adopted on the mainnet through an on-chain proposal, thus starting the governance approval process; the second phase is the Alpha release, and if the governance approval process is accepted, validators will begin to upgrade their software, and the existing Sei Pacific-1 mainnet will be upgraded to v2; v2 is ready in the third phase.