Sommelier Announces 23MM Series A Mainnet Round to launch Automated DeFi via the Cosmos
Starting in September of 2020, PeggyJV Inc, was a startup working on helping launch the Cosmos project Peggy bridge that would connect Cosmos Hub to the Ethereum blockchain. Today, a year later, the team that successfully launched the Peggy bridge, launches mainnet and prepares to launch its first Cellars to automate liquidity management on Uniswap v3.
We welcome our newest investors who led and closed our latest $23MM Series A / Mainnet Round to support our mission. Below we share our thanks and our objectives for the rest of the year.
Sommelier successfully completed its $23MM series A and Mainnet round with a roster of amazing supporters and partners who believe in the promise of automated DeFi. The round was led by Polychain Capital with participation from existing investor Alameda Ventures and with new participation from Zola Ventures, Byzantine Ventures, Tendermint Ventures, Secure Ventures, D1 Ventures, and Ferngrove Ventures. The round follows the Sommelier seed round of $3.5MM that closed in January of 2021. We thank our early partners including Standard Crypto, Multicoin Capital, and Alameda Ventures that helped us bring the Sommelier mainnet to life.
Use of Funds
Sommelier will use these new funds to upgrade the Sommelier mainnet software to deploy the first Sommelier Cellars, the Solidity contracts that will manage Liquidity Provider capital as it moves across various Uniswap v3 pools. Sommelier’s networking software also needs support to scale management of multiple and varying strategies. Funds will be used towards building the Sommelier R&D teams that will explore new ways to leverage the Sommelier protocol software to the benefit of Liquidity Providers on any Ethereum Virtual Machine compliant chain. Sommelier will also continue to promote Sommelier to potential validators and data-feed providers that will be key partners in the running of Sommelier Cellar contracts. Sommelier will also use funds to educate developers on how they may create Sommelier Cellars in Solidity to leverage the Sommelier network.
In Zaki’s view:
“Sommelier is bringing the promise of the Cosmos blockchain and Tendermint consensus to power a new approach to financial engineering and portfolio management. Over the past decade, we’ve seen incredible decentralized foundations built as a number of blockchain platforms have emerged with numerous use cases, and we’re excited to use this funding to tap the potential of blockchains to create automated portfolio management tools that surpass even what’s possible in traditional, centralized finance.”
The Sommer team owes the success of this round to the Sommelier community of Liquidity Providers that have helped us improve our launch Pairings App for taking positions on Uniswap v3. Special thanks to all our Telegram, Discord and Discourse community members who continue to test our app and provide feedback on how we might continue to improve and address the issues. Sommelier’s network offers 30% of the token issuance to the community. Sommelier will use the funds from this round to continue to launch Community and Governance engagement. Governance has already started with community members sharing ideas on https://community.sommelier.finance/ If you’re a member of our community, we welcome your input and ideas on how to continue to make the Sommelier network successful. Share your thoughts. Come Talk to us.
Sommelier has experienced exponential growth as LPs have caught on to this value proposition. In the first six months since the launch of its Pairings Uniswap v3 liquidity manager application, Sommelier has helped LPs place over $10 million in liquidity on Uniswap V3, which successfully generated over $2 million in fees for portfolio owners. We are confident that we can take these wins from our DeFi app to the Sommelier blockchain in the coming months and scale to much larger liquidity management capabilities. Welcome aboard the leading Sommeliers of the DeFi world. Join us.
To learn more about Sommelier, please visit https://sommelier.finance/
To use Sommelier, try the Pairings App at https://app.sommelier.finance/
To participate in the community, please join the Telegram group https://t.me/getsomm
To follow the project on Github, please star the project https://github.com/PeggyJV/sommelier