With a network overhaul just days away, the Sia Foundation is urging users to take control of their coins before it’s too late.
The Sia network is about to get its biggest upgrade yet, with a major v2 hardfork set for June 6, giving users only a short time to update their wallets and software to stay connected. Once live, it will effectively shut out anyone still using outdated software or storing their Siacoin (SC) on exchanges that haven’t upgraded.
The Sia Foundation has described the move as more than a technical refresh. According to a Monday blog post, the fork introduces an entirely new architecture, reworks the core file-sharing protocol, and splits functionality into modular components. Calling it a “foundational overhaul” and even a “rebirth,” the Foundation has framed v2 as a clean break from the legacy system.
Under the new rules, nodes still running the old siad software will stop syncing. Wallets will become unusable. Storage contracts will no longer be valid. To stay on the network, users must switch to the v2-compatible stack — renterd, hostd, and walletd — and migrate their wallets accordingly.
That creates a high-stakes situation for users who rely on centralized exchanges.
Who will support Sei fork
Several crypto exchanges have confirmed they’ll support the transition, including Binance, Kraken, and Poloniex. Yet, others, such as BitMart, CoinW, and Gate.io, remain uncommitted or in technical discussions. Some exchanges, including Bybit and Bithumb, have not publicly confirmed whether they’ll support the new upgrade at all.
Crypto exchanges notified by Siacoin Foundation about v2 hardfork | Source: Siacoin Foundation
The Foundation has urged caution, saying that “it’s unlikely every exchange will upgrade immediately,” and adding that some may delay support, as they have during previous forks.
Technical details
At the core of the upgrade is Utreexo, a cryptographic structure that significantly reduces the size of the blockchain’s state. Instead of downloading large amounts of unspent transaction data, new nodes can validate with compact proofs. The result: syncing a node in minutes rather than days, making it easier for users to spin up full nodes without high resource requirements.
That aligns with a broader goal: greater decentralization. Smaller, faster nodes lower the barrier to participation and could pave the way for browser-native apps and mobile clients. It also helps future-proof the network against scalability issues.
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In addition, the new Renter-Host Protocol 4 improves how users interact with the storage layer. Features include faster file transfers, smarter contract handling, prepaid balances, and easier integration into web-based environments. Combined with the modular design of the v2 software stack, the system will be more flexible for developers and streamlined for users.
The old all-in-one siad daemon will be replaced with specialized components so that users could run only what they need, whether it’s uploading files, offering storage, or managing a wallet. Developers, in turn, gain access to clearer interfaces and better documentation, potentially making it easier to build on Sia in the future.
Market response
Despite the technical leap, Siacoin has yet to reflect the enthusiasm in its price. As of press time, SC is trading at around $0.003 — down roughly 96% from its 2018 peak of $0.069. Even as the broader crypto market has experienced multiple rallies, SC has remained relatively flat.
SC-USDT price on 3-month timeframe since 2018 | Source: crypto.news
Exchange support remains another critical challenge. The Foundation says it’s working closely with every exchange that has responded, but ultimately, support is voluntary. If large trading platforms don’t onboard the v2 upgrade promptly, user access could remain fragmented and onboarding could stall — regardless of the protocol’s technical merits.
What’s next
From a technical perspective, the v2 fork appears to mark a meaningful evolution for the Sia network, though the developers say the upgrade is the beginning of a “new phase built for scalability, accessibility, and long-term growth.”
The Foundation is aiming for a more modular, lightweight architecture, one that could, in theory, make the protocol easier to use and build on. Features like Utreexo and the revamped RHP4 point toward a shift in focus: less friction, more flexibility, and a better fit for modern applications.
“This progress means users will soon interact with Sia the same way they do with traditional cloud storage — only with greater privacy, stronger security, and full ownership of their data.”
The Sei Foundation
Nonetheless, the long-term impact of the upgrade likely won’t hinge on engineering alone. Broader adoption may depend on how actively the community engages, whether developers embrace the new tooling, and if major exchanges follow through with support in a timely manner.
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