As per the latest reports, Sommelier has made an announcement in regards to forming a new partnership. Sommelier is Ethereum Virtual Machine’s (EVM) co-processing protocol. The firm has announced that it has recently formed a partnership with Mysten Labs.
The firms have revealed that the agenda behind forming a partnership with each other is research and development. The project will be focused on increasing the speed of liquidity transactions. The partnership would also look forward to launching applications for smart contracts. These services will be introduced through the Cosmos blockchain.
The announcement in regards to the partnership between Mysten Labs and Sommelier was made on Tuesday, September 28, 2021.
Sommelier was reportedly founded back in 2020 and the name of its founder was Zaki Manian. Zaki Manian is known mainly for the development work behind the creation of the Cosmos protocol. The Sommelier platform was launched to exist as a test-net protocol.
The design of the platform helps in the delivery of automated financial transactions that are enterprise-grade. These financial transactions include batched orders and limit orders. Furthermore, the platform would also provide portfolio rebalancing to liquidity providers (LPs) and decentralized finance (DeFi) traders.
Mysten Labs has confirmed that it will be working with several protocols such as Cosmos Stargate SDK, Tendermint consensus layer, and dual-way Ethereum Bridge for the implementation of smart contract programming.
The firm has revealed that it will work with all these protocols for the implementation of the smart contract programming for Move. This way, the users on more than one network will have access to smart contract capabilities. The networks that will have this capability include Ethereum Gravity Bridge and developers on the ecosystem powered by Cosmos developers.
Mysten Labs is a platform that has been developed to provide and operate a Web 3.0 infrastructure. The cryptographical engineers from the programming space responsible for developing Facebook’s crypto-blockchain infrastructure were the ones who founded Mysten Labs.
These engineers not only developed the blockchain infrastructure and framework for Facebook native token “Diem”, but they also developed Novi, Facebook’s mobile wallet.
This means that the teams working at Mysten Labs are pro and experts in the crypto-blockchain protocols as well as programming. Therefore, they will be able to help increase the scaling of the blockchain for Sommelier at a tremendous level. It has been reported that with Mysten Labs’ input, the scaling of the Sommelier blockchain will be increased to 100k transactions/sec.
Zaki Manian, the co-founder of Sommelier blockchain also commented on the recent partnership.
He stated that in order to unleash the full potential of Tendermint, it was necessary that a partnership was formed with a firm with a huge amount of knowledge in the crypto-blockchain space.
Therefore, forming a partnership with Mysten Labs was one of the most crucial and key decisions they made at Sommelier.
