Introducing the Sommelier Network Mainnet and Ethereum Gravity Bridge
We are excited to announce the launch of Sommelier Network mainnet and Gravity Bridge on Mainnet! Gravity is a bi-directional Ethereum bridge that is managed by a global network of validators, which will allow Liquidity Providers to execute automated financial transactions, such as portfolio rebalancing, limit orders, as well as a host of other features that token holders have come to expect from CeFi, but that are not currently available in DeFi.
The Sommelier Gravity bridge implementation includes the following components:
Solidity Contract: This is the Ethereum contract that controls the Gravity bridge
Cosmos Module: This is the Cosmos module code validator syncing, transaction batching and bi-directional token issuance
Orchestrator / Relayer: This relayer of the transaction batches that are created in the Cosmos Module.
The Sommelier network is designed to remove the hassle by automating moves into and out of liquidity pools by handing portfolio management and order execution to the public network of Sommelier validator nodes.
The first validator-managed DeFi application that is launching on Sommelier are Sommelier Cellars. These Cellars act as DeFi vaults and will automatically rebalance and optimize users Uniswap V3 Liquidity positions by finding the highest volume/volatility opportunities for maximum fee generation.
“Liquidity Providers in the EVM DeFi ecosystem have been frustrated with the challenge of sourcing and selecting the most lucrative liquidity pools to allocate their capital,” said Zaki Manian, Co-Founder of Sommelier. “Compounding this problem, surging Ethereum gas prices make the move to Layer two pools and alternative EVM chains inevitable. Sommelier is designed to identify and capture the maximum yield opportunities wherever they may exist on any EVM complaint chain or sidechain. Sommelier Cellars are community created and community elected strategies that the Sommelier network of validators execute to manage the movement of capital across blockchains. The network is the portfolio manager.”
Over the coming months, Sommelier’s network will continue to grow with the community and awareness of the community-elected Sommelier Cellars. Community members are expected to have a number of innovative DeFi strategies that they will present and seek community support to launch on Sommelier’s network. The launch of Sommelier’s Mainnet is just the beginning - the future of DeFi is automated liquidity management and Sommelier will deliver the software for this new phase of decentralized portfolio management.
To learn more about Sommelier, please visit https://sommelier.finance/
To use Sommelier, try the Pairings App at https://app.sommelier.finance/
To follow the project on Github, please Star the project https://github.com/PeggyJV/sommelier