What is Sommelier Finance? Sommelier Finance is a decentralized protocol built to provide investors (Liquidity Providers (LPs)) with the tools to execute complex trades and automate transactions. Helps traders rebalance their token portfolios, place limit orders on AMM transactions, create orders in batches, etc. So what makes Sommelier Finance stand out? Let’s find out with Weakhand.
To learn more about Sommelier Finance, please read the articles below:
- What is Cosmos (ATOM)? Cosmos Cryptocurrency Overview
- Crypto Panorama 101 | Episode 3: What is Ethereum?
What is Sommelier Finance?
Overview of Sommelier Finance
Sommelier Finance is a decentralized cross-chain platform built on the Cosmos SDK. Sommelier Finance has smart DeFi warehouses (Cellars) that enable users to create Cellars that execute on advanced DeFi positions via smart contracts.
Sommelier Finance helps liquidity providers expand their ability to analyze and execute trades in real-time against all possible Ethereum yield stabilization or profit maximization strategies, while reduce risk and increase profits.
Sommelier Finance provides tools that give traders the computing power and speed to effectively manage their positions on exchanges, farms and insurance products…
Highlights of Sommelier Finance
- Sommelier Finance aggregates and batches transactions, thereby reducing gas fees and providing an attractive alternative to Ethereum’s high transaction costs, while also providing additional features such as limit orders for transactions.
- Unique architecture allows Sommelier to import input data from off-chain models. This keeps the strategy private as well as allowing the vault to be informed by data models.
- Multi-chain access without transitive properties. Allows users to have more options in their investment portfolio.
- Regarding security, Sommelier uses a decentralized governance mechanism run by validators, ensuring maximum safety for users’ funds.
Sommelier Finance operating mechanism
- Forecast: Use time-series forecasting methods to estimate future underlying output.
- React: Rebalance positions when information becomes available about major market moves (such as de-pegment). If market conditions change, the vault can quickly adjust leverage to help avoid liquidations.
- Optimization: Using a sophisticated solution to accumulate leverage has high capital efficiency and significantly reduces gas/quick loan fees that often arise. Additionally, the Uni V3 marking range can be optimized while calculating transient losses.
- Develop: Update algorithms and integrated protocols to continuously capture new profit opportunities.
Development Roadmap of Sommelier Finance
Q1/2021
- Uniswap and Ethereum Oracles on Cosmos SDK
- Ethereum liquidity is deployed on Gravity
- Ethereum and Cosmos wallet integration completed.
- Launch of Sommelier permanent loss tracking application.
Q2/2021
Q3/2021
Core Team
Zaki Manian – Co-Founder & CEO
- Zaki Manian graduated with a Bachelor’s degree in History and Social Sciences from the University of Pennsylvania.
- Zaki Manian has worked and held the following positions: Founder at Skuchain.com, a company specializing in distributed ledger technology and cryptocurrency; Director at Tendermint Labs; CEO at Trusted IoT Alliance; Cofounder at iqlusion.
- From 2021 to present, Zaki Manian is Co-Founder at Sommelier Protocol
Kevin Kennis – Co-Founder
- Kevin Kennis holds a Master of Science in Computer Science from Georgia Institute of Technology, a Bachelor of Science in Applied Mathematics with a concentration in Computing from the University of California, Los Angeles, and Certification from the California Department of Real Estate About Real Estate Real estate sales staff.
- Kevin’s first job was as a Content Writer for Mach 2 Consulting.
- Kevin was a Senior Software Engineer, API at 100x Group from April 2020 to April 2021. From October 2019 to March 2020, Kevin served as an Advisor for Protego Trust. Kevin also previously worked for Pacific Crypto LLC and BitGo, as a Principal Application Engineer and Software Engineer.
- Since April 2021, Kevin Kennis is Co – Founder of Sommelier.
Jack Zampolin – Co – Founder
- Jack Zampolin holds a Bachelor of Arts (BA), Accounting and University Business/management degree Washington and Lee.
- Jack Zampolin was an employee at Blockstack from August 2017 – June 2018. From June 2018 to June 2020 Zampolin was Product Manager, Product Manager at Tendermint.
- From January 2022 until now, Zampolin is CEO, Co-Founder at Strangelove Crypto.
Kristi Põldsam – Co-Founder
- Kristi Põldsam holds a BA in Economics from Harvard University.
- Kristi Põldsam served as Assistant Vice President, Corporate Development at Cantor Fitzgerald from 2010 to 2013. From 2014 to 2017 Põldsam was Head of Analytics at Babbel. From 2018 until now Põldsam is an Infrastructure Engineer, Co-Founder at iqlusion.
- From 2021 until now, Põldsam is Co – Founder of Sommelier, and also a member of the Estonian Business Network (EstBAN).
Investor
Sommelier has raised $26.5M through 2 rounds of funding, investment funds include: Multicoin Capital, Alameda Research, Cygni Labs and Standard Crypto.
Tokenomics
Information about SOMM Token
- Token Name: Sommelier
- Symbol: SOMM
- Blockchain: Ethereum
- Contract: 0xa670d7237398238DE01267472C6f13e5B8010FD1
- Total Supply: 500,000
SOMM Token Allocation
- Sommelier LTD: 40%
- Investors & Advisors: 20%
- Peggy JV Inc: 10%
- Onchain Governance: 30%
SOMM Token Release
Update…
SOMM Token Use Case
- Staking Proof-of-Stake consensus mechanism
- Gas fees
- Protocol administration
- Partially distributed to staking reward
SOMM Token Exchange
SOMM Token is currently traded on exchanges: Gate, BIT, Helix.
Project Information Channel
- Website: https://www.sommelier.finance/
- Twitter: https://twitter.com/sommfinance
- Discord: https://discord.com/invite/ZcAYgSBxvY
- Telegram:
Summary
Sommelier Finance a new protocol built on the Cosmos SDK, traders manage trades according to the Smart sommelier vaults can predict, react, optimize investments, and minimize risks.