Axelar brings General Message Passing to the Cosmos, allowing Sommelier to deploy intelligent DeFi vaults on Ethereum’s top L2
NEW YORK–(BUSINESS WIRE)–$ARB #arbitrum—Sommelier and Axelar announce an integration that combines the best of both worlds: a novel appchain from Cosmos veterans and the leading Ethereum Layer-2 in a DeFi application that spans ecosystems. Axelar is the first to offer General Message Passing (GMP) between Cosmos and EVM chains, and Sommelier will use GMP to run intelligent DeFi vaults, first on Arbitrum One and expanding to additional Layer-2 blockchains in the future.
Sommelier’s cross-chain expansion with Axelar heralds a new generation of interchain applications that compose the best of multiple Web3 ecosystems. Axelar GMP enables any information, not just liquidity, to move between the Cosmos and EVM ecosystems, allowing for rich interoperability.
“At Offchain Labs, we are delighted to welcome high-caliber protocols such as Sommelier who focus on finding innovative ways to improve capital efficiency in DeFi on Arbitrum One,” said Peter Haymond, Senior Partnership Manager at Offchain Labs.
For Sommelier, GMP is the means to turbocharging DeFi across the EVM world. Already, Sommelier has established traction with successful vaults on Ethereum including Real Yield ETH and Real Yield USD, both of which set a new standard for market-adaptive, intelligent, non-custodial vaults. Now, additional vaults will be able to run across the combined architecture of Sommelier’s Cosmos appchain and Axelar GMP to access unique DeFi applications such as GMX on Arbitrum One.
“In Cosmos, we’ve envisioned a diverse landscape of blockchains with deep interconnectivity from the beginning,” said Zaki Manian, co-founder of Sommelier. “It’s incredibly gratifying to see just how mature Axelar’s technology has become with General Message Passing that can support complex cross-chain applications like Sommelier.”
“Bringing together the unique, tailored functionality of Sommelier’s appchain with the deep liquidity, low-cost transactions and rich ecosystem of DeFi applications on Arbitrum One is a case study in how interoperability creates positive-sum outcomes,” said Sergey Gorbunov, co-founder of Axelar. ”Sommelier has pioneered the architecture for noncustodial access to sophisticated DeFi strategies. Axelar GMP enables Sommelier to pass strategy instructions to vaults on Arbitrum One, unlocking new frontiers for what these decentralized strategies can do.”
Sommelier vaults on Arbitrum One are just the beginning for Sommelier & GMP connections between the Cosmos and EVM ecosystems. Soon, GMP will enable Sommelier to run vaults on additional blockchains. Get connected with Sommelier’s community of DeFi enthusiasts, strategists, and cutting-edge technologists to stay up-to-date on new strategies and multi-chain deployments. And find out more about what you can build with Cosmos-EVM General Message Passing (GMP).
About Sommelier
Sommelier is an innovative asset management protocol whose mission is to make DeFi more accessible, profitable and efficient for everyone. Our advanced technology built on the Cosmos SDK, enables intelligent vaults that can optimize portfolios, trade long-short, borrow-lend, and farm. Independent strategists can leverage the power of off-chain computation to bring algorithmic vaults on-chain, allowing vaults to dynamically adapt to market conditions and provide enhanced opportunities and risk mitigation to users. All vaults are enabled by audited smart contracts and controlled by protocol governance, ensuring transparency and security.
About Axelar
Axelar delivers secure interchain communication. That means dApp users can interact with any asset, any application, on any chain, with one click. You can think of it as Stripe for Web3. Developers interact with a simple API atop a permissionless network that routes messages and ensures network security via proof-of-stake consensus.
Axelar has raised capital from top-tier investors, including Binance, Coinbase, Dragonfly Capital and Polychain Capital. Partners include major proof-of-stake blockchains, such as Avalanche, Cosmos, Ethereum, Polkadot and others. Axelar’s team includes experts in distributed systems/cryptography and MIT/Google/Consensys alumni; the co-founders, Sergey Gorbunov and Georgios Vlachos, were founding team members at Algorand.
More about Axelar: docs.axelar.dev | axelar.network | GitHub | Discord | Telegram | Twitter.
Contacts
Sommelier Press Contact
Frank Spence
Sommelier@West-Comms.com
(415) 294-1157
Axelar Press Contact
Karla Vilhelem
karla@marketwaves.co
(754) 215-4315
