PALO ALTO, Calif., April 14, 2021 /PRNewswire/ -- Sommelier, a decentralized finance (DeFi) blockchain protocol and Ethereum bridge that acts as a co-processor to the Ethereum world computer, today announced a $1M Research and Development grant from The Graph Foundation. This grant will fund ongoing Research and Development of indexing performance, protocol optimizations and improvements to the Graph Node. The Graph is a critical data layer to Sommelier's multichain protocol and its decentralized finance (DeFi) applications, expected to launch in Q2 of 2021.
Sommelier 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. Sommelier's validators leverage Ethereum transaction data to analyze DeFi decisions on behalf of Liquidity Providers (LPs). Validators will use Graph Protocol for indexing on-chain DeFi data, to acquire and process thousands of transactions in real-time. Liquidity Providers (LPs) will use Sommelier to author and execute complex, automated financial transactions, such as portfolio rebalancing, limit orders, and other features token holders expect from centralized finance (CeFi), but not available in DeFi.
"As DeFi grows in transaction volume, timely market response requires the ability to process tens of thousands of software transactions, each second. The Graph protocol is the standard indexing and querying protocol for DeFi and our grant allows the Sommelier team to enhance the Graph's performance to match world class financial data centers: said Zaki Marian, co-founder, Sommelier. "We are excited to bring high quality engineering to the Graph Protocol so our validators can be part of the growing Graph network."
The Graph is a decentralized protocol for indexing and querying data from blockchains, that supports Ethereum and 10+ other EVM-based chains, expanding to non-EVM compatible multiblockchains later this year. The Graph makes it possible to query data that is difficult to query directly and eliminates redundant development work. The Graph's data model is currently the standard for DeFi projects on Ethereum and provides queries and answers to market data, such as trade volumes and balances. The Graph Foundation builds and expands the ecosystem, funding the most critical additions to the protocol and tooling, including the development of useful dapps and subgraphs and expanding the community.
"We are incredibly excited to have Sommelier dedicated to improving The Graph and collaborating with Indexers to optimize node performance. Sommelier has a strong vision for democratizing DeFi data access in real-time and building on the Graph Protocol will help make that happen." - Eva Beylin, Director at The Graph Foundation.
Sommelier is the most powerful coprocessor 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 The Graph
The Graph is the indexing and query layer of the decentralized web. Developers build and publish open APIs, called subgraphs, that applications can query using GraphQL. The Graph currently supports indexing data from Ethereum, IPFS, and PoA with more networks coming soon. To date, over 10,000 subgraphs have been deployed by ~18,000 active developers for applications, such as Uniswap, Synthetix, Aragon, Gnosis, Balancer, Livepeer, DAOstack, AAVE, Decentraland, and many others.
If you are a developer building an application or Web3 application, you can use subgraphs for indexing and querying data from blockchains. The Graph allows applications to efficiently and performantly present data in a UI and allows other developers to use your subgraph too! You can deploy a subgraph or query existing subgraphs that are in the Graph Explorer. The Graph would love to welcome you to be Indexers, Curators and/or Delegators on The Graph's mainnet. Join The Graph community by introducing yourself in The Graph Discord for technical discussions, join The Graph's Telegram chat, or follow The Graph on Twitter! The Graph's developers and members of the community are always eager to chat with you, and The Graph ecosystem has a growing community of developers who support each other.