SAN FRANCISCO, Sept. 21, 2021 /PRNewswire/ -- Sommelier, the network and co-processor to the Ethereum Virtual Machine that automatically optimizes the placement and concentration of liquidity providers' (LPs) capital across liquidity pools to maximize yields, today announces its R&D partnership with Mysten Labs, the former Diem and Novi team members, who will increase Sommelier's transaction speeds and bring Move smart contracts to the Cosmos ecosystem.
As the explosion of Decentralized Finance (DeFi) applications, protocols and chains gains momentum, the Sommelier network faces greater demand to deliver enterprise transaction processing capabilities across its distributed blockchain network. Liquidity Providers (LPs) demand decentralized and automated liquidity move as fast as the fastest blockchain networks. This partnership meets that demand and empowers DeFi LPs to move billions of liquidity rapidly, safely and privately.
Mysten Labs is a new R&D lab founded by the leading cryptography, distributed systems, and programming language experts that built some of the most cutting-edge technology in the DIEM network. The Mysten Labs team's expertise has the potential to allow Sommelier's blockchain to potentially process transactions as fast as 100,000 transactions per second(TPS). In addition, Sommelier may also soon have smart contracts capabilities available via the Move smart contract language.
According to Sommelier co-founder Zaki Manian, "The Sommelier Tendermint consensus has raw untapped potential to process over 100K Transactions per Second (TPS). What we are doing with this partnership is completing the work of unleashing Tendermint's potential to be the fastest blockchain network in datacenter class environments. We are excited to partner with the best expertise from Facebook's former team of leading cryptography and distributed computing engineers who brought Diem and Novi to life."
Sommelier is also able to share these wins with the greater Cosmos ecosystem, including improvements to the main CosmosHub blockchain and the ATOM token. Cosmos' commitment to open source technology collaboration means that over $100 Billion in value managed by Cosmos chains will soon enjoy Mysten Labs' open source mempool and consensus technology.
Mysten Labs founder and former Sr. Director of R&D at Novi Research, Evan Cheng, shares his view that, "Mysten Labs' mission is to build foundational infrastructure for web3. Over the next few months, we will demonstrate innovative scaling technologies to push blockchains throughput beyond what is possible today. We are thrilled about the opportunity to work with Zaki and the awesome Sommelier team to unlock Tendermint's potential. Stay tuned!"
The Mysten Labs and Sommelier partnership makes low cost, high throughput transaction processing and the Move smart contract language available to developers across the Cosmos ecosystem and via Sommelier's Ethereum Gravity bridge. Developers will be able to build smart contracts on Sommelier. Validators, seeking to increase their node operator profits and reduce node operation costs will see Sommelier blockchain improvements as critical to their longevity and increased validator profitability.
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.
Sommelier is the most powerful coprocessor yet for DeFi traders and Liquidity Providers (LPs). It consists of the Cosmos Stargate SDK, its Tendermint-based consensus layer and a decentralized, bi-directional Ethereum bridge, managed by a global network of validators. Liquidity Providers will be able to use the Sommelier to author and execute complex, and 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.
Sommelier was founded in 2020 by Zaki Manian, a lead developer on the Cosmos protocol and Tendermint, and a prolific team of Ethereum and Cosmos developers. Sommelier is currently in testnet and actively seeking new contributors.
To join the community, please visit https://sommelier.finance/
About Mysten Labs
The mission of Mysten Labs is to build foundational infrastructure for web3. We are partnering with key ecosystem builders to bring step-function improvements to their networks. In addition to these collaborative projects, Mysten Labs expects to launch its first open network in 2022 to drive mass adoption of crypto in gaming.