Bridged Sommelier (Axelar) Axlsomm Price USD

Sommelier is an innovative asset management protocol that enables intelligent vaults to ingest real-time market information and dynamically adapt to market conditions, providing enhanced opportunities and risk mitigation for users. All vaults are enabled by audited smart contracts and controlled by protocol governance, ensuring transparency and security. 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. The SOMM token is the native asset of the Sommelier network, a proof-of-stake blockchain built on the Cosmos SDK. It plays a crucial role in ensuring the security, operation, and growth of the network. SOMM can be staked to select validators, secure the network, used for transaction fees, and governance. Validator selection is critical to SOMM, as it distinguishes Sommelier vaults from other protocols as well as conventional asset management. By staking SOMM, users can help secure the network and earn rewards for doing so. Transaction fees paid in SOMM help to ensure the network runs smoothly, and by participating in governance, SOMM holders control key pieces of the protocol. The direct relationship between vault success and SOMM staking rewards creates a powerful flywheel effect that further bolsters the Sommelier ecosystem. Also read: SwirlToken Swirl Price USD