Why delegate SOMM to Everstake?

Everstake is a large staking service provider with 5+ years of experience and one of the most extended ecosystems, including leading chains such as Ethereum, Solana, Polygon, Cosmos Hub, etc. We’re actively involved in various crypto projects and contribute to the ecosystems we support. At the same time, we have never had problems with slashing, uptime, or performance. Our team supports the infrastructure you can rely on without worrying about securing your funds. By delegating SOMM to Everstake, you can enjoy high staking yields while being confident about your staking process' efficiency and security.

Everstake validator in the Mintscan explorer

How can I stake SOMM with Everstake?

Everstake's goal is to simplify staking for everyone. Our team has prepared step-by-step guides to facilitate the process. To get started with SOMM staking, replenish your wallet with tokens and stake them, selecting Everstake as your validator. The whole procedure is straightforward and takes a few minutes.

Where can I stake SOMM with Everstake?

You can seamlessly stake SOMM via any compatible wallets, such as Keplr and Leap wallets.

We carefully prepared detailed guidelines to walk you through the whole process of staking:

• How to Stake SOMM with Keplr Wallet
• How to Stake SOMM with Leap Wallet

The Sommelier blockchain relates to the Cosmos chains group built with the Cosmos SDK. As with most of the Cosmos chains, the Sommelier's block production is about 6 seconds, which is faster than the majority of chains from other ecosystems.

• The first staking rewards will be accrued in six seconds after staking action.
• Rewards Frequency: Rewards are distributed every block, which means that you will receive a reward portion every six seconds.
• Min amount to stake: There is no set minimum for staking Sommelier, so even a tiny number of 0.1 SOMM could be staked.
• A new wallet charge: In most cases, there are no charges when you start to use a new wallet, but bear in mind that when you top it up from the cryptocurrency exchange, you will have to pay the exchange's commission.
• Everstake fee: To provide high-quality staking services, Everstake charges a validator's fee of 10% in the Sommelier blockchain, which covers DevOps efforts and infrastructure costs.
• Unstaking period: If you want to free your SOMM assets from staking, you need to unstake them and wait 28 days for them to be available in your wallet. Note that during the unstaking period, you will not receive any rewards.

Total supply is 500M SOMM fixed. Circulating supply is ≈ 283M SOMM (as of March 2024):

• 30% are in the on-chain treasury (the community pool);
• 10% are held by the initial stakeholders and protocol contributors in 2020.
• The rest is hold by Sommelier Foundation.

SOMM Staking Rewards

SOMM rewards were launched on February 22, 2023. Rewards are non-inflationary and are subsidized by the community pool, which means that gaining more tokens will increase ownership of the network’s share. This makes staking crucial for Sommelier governance. Later when cellars will generate enough profits, $SOMM stakers with validators will be getting 1-3% of all cellars' revenue. Apart from the Community Pool, rewards also have an alternative source, which is Dutch auction of fees generated and collected from Sommelier vaults. Two sources of rewards together can generate APR of up to 20%.

Read more in the Sommelier’s blog post about tokenomics.

Sommelier is a DeFi blockchain protocol built on the Cosmos SDK and a bi-directional Ethereum bridge. The bridge connects the Cosmos-based platform to Ethereum and Sommelier networks; by doing so, Sommelier allows execution strategies across multiple blockchains, opening a vast horizon of possibilities for use cases: unlock yield performance with Sommelier automated dynamic lending/staking/farming/trading strategies for different types of risk tolerance retail investors.

The platform is a reimagined gateway into interchain DeFi. The project's main idea is to create a platform with multiple automated profitable investing strategies powered by Machine learning. With the help of a Sommelier, people could generate maximum yield without worrying about the complexities of AMMs and decentralized finance applications.

If you want to deep-dive into details – check out Sommelier documentation page.

Also, you can read our introductory article – “Sommelier: Introducing the Dream of DeFi”.

What are Vaults?

Vaults are smart contracts on Ethereum that represent some investment strategies. Among active vaults are AAVE2—the Aave stablecoin strategy, which is entirely secure but not very profitable—and two ETH-BTC strategies, Momentum and Trend, which are a bit riskier but have higher expected APY. We've dived more deeply into this topic in our article “Sommelier’s Real Yield Strategies: an Overview.”

Participating in automated strategies powered by machine learning will exceed the profits of holding one token, another, or both together.

Currently, there are several options for how users can earn money through Sommelier:

• Become a Strategy Provider;
• Become a Vault-Creator;
• Become a Validator;
• Deposit liquidity into a Vault (the easy way);
• Stake $SOMM tokens (even easier!).

Check out our staking guides, if you have any problems with delegation.

Enter your Keplr wallet extension and follow the link or hit the STAKE button on this page

• Specify the amount of tokens you want to stake
• Click on the stake button

Absolutely! Delegating your crypto assets to Everstake is entirely safe. When you delegate, you don’t transfer ownership to another party or send your tokens away from your wallet. Your assets always remain under your absolute control and are accessible only to you at any time.

Connecting your wallet doesn’t involve sending transactions; it simply provides the website with your wallet’s public address and enables the website to request actions from your wallet. You as the wallet’s owner should approve these actions.