Disclaimer: This page may contain affiliate links. CoinMarketCap may be compensated if you visit any affiliate links and you take certain actions such as signing up and transacting with these affiliate platforms. Please refer to Affiliate Disclosure
Sommelier news
About Sommelier
What is Sommelier (SOMM)?
Sommelier is a non-custodial, cross-chain platform for executing intelligent DeFi vaults (Cellars). Community members can create Cellars that execute on an advanced DeFi position through smart contracts. Cellars are powered by Strategy Providers (SPs) who develop trading strategies and send the recommended actions to the Sommelier Validators to be executed on the Cellar with the intention of gaining yield.
Cellars can be strategies like:
A portfolio of BTC and ETH that is rebalanced based on price trends that machine learning algorithms identify
An NFT trading strategy that leverages Twitter sentiment around particular collections
A strategy that hedges liquidity provision on DEXes
Sommelier employs a unique architecture consisting of the Sommelier Cosmos SDK blockchain, an off-chain execution environment that keeps strategies private while allowing them to leverage a wide variety of off-chain data modeling techniques, and one of the best performing ETH bridges. Strategy instructions are passed across this bridge to reposition assets in Cellars. This bridge is also being expanded to allow access to other chains (like Polygon, Avalanche, etc) so strategies are not tied to just high gas ETH markets.
Sommelier aggregates and batches transactions, thereby reducing gas fees, providing an attractive alternative to Ethereum’s high transaction costs. As for security, Sommelier uses a decentralized governance mechanism run by validators, ensuring state-of-the-art safety of user funds. Validators pass strategy instructions across the bridge, but users’ assets are never moved across it, instead being deployed directly into Cellars. Further, Cellars are non-custodial, meaning that users can withdraw their assets at any time, while strategy providers never have ownership of those assets.
SOMM is the native utility token that is used for:
*Securing the proof of stake blockchain
*Fees for processing transactions
*Running validator nodes on the network via staking SOMM tokens
*Governance votes to determine which Cellars to admit for deployment on the platform and how network resources are allocated
*Distributing a portion of the real yield that Cellars generate to stakers
How Many SOMM Tokens Are There in Circulation?
Right now there are 500 million SOMM tokens that exist.
Sommelier launched its mainnet in September 2021 with 500 million SOMM tokens created at genesis. 30% of that supply is in the on-chain treasury--the community pool--20% are held by the Sommelier foundation, 30% are held by investors, and 20% by the team building Sommelier. Since launch, Sommelier has had zero inflation. This is because SOMM stakers can earn real yield from the performance of Cellars on the platform, which is intended to be a more sustainable incentive mechanism than inflationary staking rewards, with these platform fees growing linearly with the amount of liquidity in Cellars.
Who Are the Founders of Sommelier?
Sommelier was founded by the early Cosmos core contributors Zaki Manian, Kristi Põlsdam, Jack Zampolin, and Kevin Kennis. Zaki, who serves as CEO, has been a leading developer in the blockchain space since 2014, when he taught himself cryptography and began contributing to projects including Bitcoin, Ethereum, Zcash, and Tendermint. He helped build the Cosmos ecosystem, including launching the first public Cosmos testnet and served as director of Tendermint.
Where Can I Buy Sommelier (SOMM)?
SOMM is available for trading on Osmosis (https://coinmarketcap.com/exchanges/osmosis/), and strategy tokens associated with Cellars will be available there as well as on DEXes like Uniswap.
The live Sommelier price today is $0.022539 USD with a 24-hour trading volume of $521,237 USD. We update our SOMM to USD price in real-time. Sommelier is down 1.23% in the last 24 hours. The current CoinMarketCap ranking is #2958, with a live market cap of not available. The circulating supply is not available and a max. supply of 500,000,000 SOMM coins.
If you would like to know where to buy Sommelier at the current rate, the top cryptocurrency exchanges for trading in Sommelier stock are currently Gate.io, CoinEx, BIT, Uniswap v3 (Ethereum), and Helix. You can find others listed on our crypto exchanges page.