Sommelier (SOMM) and Strategy Tokens Listing on Helix with 100,000 in SOMM Rewards

Sommelier (SOMM) and Strategy Tokens Listing on Helix with 100,000 in SOMM Rewards

The Sommelier (SOMM) spot market, and three strategy tokens (SteadyETHSteadyBTC and ETHBTCTrend) are live on Helix alongside 100,000 SOMM token rewards! This also marks the first time that ETH DeFi strategies become available to the broader Cosmos ecosystem. 

You can now trade $SOMM, $SteadyETH, $SteadyBTC and $ETHBTCTrend with market and limit orders on Helix, the premier on-chain derivatives exchange built on Injective. Read more below to find out more about Sommelier and how you can win the trading prizes!

What are Sommelier and DeFi Strategy Tokens?

Sommelier is a blockchain built with the Cosmos SDK that executes advanced crypto portfolio strategies across multiple blockchains. Effectively, users are able to take part in sophisticated algorithmic trading strategies devised by leading institutions by simply deploying funds into strategy vaults. The funds are then utilized by smart contracts to make trades such as following ETH price trends.

SOMM is the token that underlies all transactions on the Sommelier. It captures the fee revenue that is generated by the system and incentivizes each role in the ecosystem to continue performing their function and participate in protocol governance. 

Strategy tokens enable anyone to get exposure to actively managed crypto asset portfolios just by holding a token. For example, SteadyETH and SteadyBTC capture the upside of price breakouts of ETH and BTC respectively, and manage downside through trailing stops. ETHBTCTrend token captures a long-only strategy for smart ETH-BTC portfolio management that has the ability to reduce or even temporarily exit ETH-BTC exposure. 

Why Trade SOMM and Strategy Tokens on Helix?

With a diverse array of upgrades and advanced enhancements, Helix is the only truly decentralized derivatives exchange. Helix provides completely unmatched exchange, advanced order types, a brand new Convert interface, trading histories, and reward tracking to Injective users. Anyone can use Helix as a crypto cross-chain trading gateway with zero gas fees, best-in-class security, and lightning-fast speeds. Users can also onboard onto Helix using popular fiat currencies.

Helix is the first platform outside Ethereum to enable the trading of the different strategy tokens, which marks the first time Ethereum trading strategies will be available to the broader Cosmos ecosystem. You can start trading SOMM on Helix by transferring it through the Injective Bridge by choosing Sommelier in the dropdown menu, and trade strategy tokens by transferring it through Ethereum network in the dropdown menu. 

Powered by the interoperable Injective blockchain, the Injective Bridge supports networks such as Ethereum and Cosmos.

Get started here: https://helixapp.com/

Deposit and Trade to Win 100,000 SOMM in Rewards

To celebrate the listings, the Sommelier team is sponsoring 100,000 SOMM in prizes across 5 prize pools! The competition will start on December 13, 2022 at 1PM ET, and ends on December 23, 2022 at 5PM ET.

1) Prize Pools for Individual Pairs

Sommelier-Prize-Pools-for-Individual-Pairs1-1.jpg
  • The top 3 traders in terms of effective real volume for each respective trading pair will receive the corresponding reward in SOMM tokens as listed in the table above
  • Trade at least 100 USDT spot in a specific trading pair to be eligible for the rewards for that pair

2) Prize Pools for Aggregate Trading

SOMM_2.jpeg
  • The top 10 traders in terms of total effective real volume across all of the Sommelier trading pairs (SOMM, SteadyETH, SteadyBTC, ETHBTCTrend) will receive the corresponding reward in SOMM tokens as listed in the table above
  • Trade at least a total of 100 USDT spot in aggregate trading volume across four trading pairs to be eligible for rewards

Competition Details

  • To get started, head to Injective Bridge to deposit assets to Injective. Trading volume on all exchange dApps on Injective will be counted. 
  • Only trades made within the competition period (December 13, 2022 at 1PM ET to December 23, 2022 at 5PM ET) will be eligible for the rewards. 
  • Rewards will be distributed as described in the tables above to traders with the highest effective real volume they contribute.
  • A 10% bonus multiplier (trader’s effective real volume x 1.1) will be applied to traders that complete this form prior to contest expiration on December 23, 2022 at 5PM ET. Note that failure to provide accurate email information will result in forfeiture of bonus and any earned prize(s). 

Miscellaneous

  • Winners will be announced by the 16th of January in 2023. To receive the SOMM prizes, all winners will need to complete KYC (know your customer) by the Sommelier team. Failure to pass KYC will result in prizes being forfeited to the next highest trader that passes KYC.
  • Trading volume counts both buys and sells, excluding improper trading patterns, like washing, using multiple accounts to trade multiple times against each other will be disqualified from the competition.
  • Only the transactions placed on the frontend will be counted.  
  • Void where prohibited. 

Market Details

SOMM-USDT Market Details

  • Base asset: SOMM
  • Quote asset: USDT
  • Minimum tick size: $0.0001 USDT
  • Minimum quantity step: 10
  • Trade and earn multiplier: 1X maker pts; 1X taker pts
  • Fee: -0.01% maker fee; 0.1% taker fee
  • Trading hours: 24/7/365

SteadyETH-USDT Market Details

  • Base asset: SteadyETH
  • Quote asset: USDT
  • Minimum tick size: $0.001 USDT
  • Minimum quantity step: 0.01
  • Trade and earn multiplier: 1X maker pts; 1X taker pts
  • Fee: -0.01% maker fee; 0.1% taker fee
  • Trading hours: 24/7/365

SteadyBTC-USDT Market Details

  • Base asset: SteadyBTC
  • Quote asset: USDT
  • Minimum tick size: $0.001 USDT
  • Minimum quantity step: 0.01
  • Trade and earn multiplier: 1X maker pts; 1X taker pts
  • Fee: -0.01% maker fee; 0.1% taker fee
  • Trading hours: 24/7/365

ETHBTCTrend-USDT Market Details

  • Base asset: ETHBTCTrend
  • Quote asset: USDT
  • Minimum tick size: $0.01 USDT
  • Minimum quantity step: 0.01
  • Trade and earn multiplier: 1X maker pts; 1X taker pts
  • Fee: -0.01% maker fee; 0.1% taker fee
  • Trading hours: 24/7/365

Upcoming Listings

Moving forward, Helix will continue to expand the markets available for users. All community members can propose to bring new assets to Helix using the governance portal on the Injective Hub. Ultimately, all INJ token holders own Injective so the community has the power to bring new assets to the dApp ecosystem.

Useful Resources

  • How to create your Injective wallet: Link
  • Earn trading fee discounts by staking INJ: Link
  • Onboard onto Injective instantly with fiat: Link
  • Transfer assets to Injective via Injective Bridge: Link
  • A quick guide on how to make a trade on Helix: Link
  • Trade and Earn on Helix: Link

This article is for informational purposes only and is not financial advice or an endorsement of a particular project or application. Use of Helix is subject to Helix's Terms and Conditions.

About Helix

Helix is the premier decentralized crypto exchange. Helix provides access to unlimited crypto assets and perpetual markets with market leading rebates. Best-in-class security, near zero fees, lightning fast speeds, cross-chain capabilities and a fully on-chain orderbook on Helix provide the optimal gateway to bring crypto trading to the masses. Helix is built on Injective, the interoperable layer one protocol for building powerful exchange, DeFi, derivatives & Web3 applications.

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About Injective

Injective is a custom interoperable layer one blockchain for building powerful exchange, DeFi, derivatives & Web3 applications. Injective was created using the Cosmos SDK and is able to achieve instant transaction finality while sustaining lightning fast speeds. INJ is the native deflationary scarce asset that powers the Injective Protocol and its rapidly growing ecosystem. Injective is incubated by Binance and is backed by Pantera Capital.

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About Sommelier

Sommelier is a DeFi blockchain protocol, built on the Cosmos SDK, and a bi-directional Ethereum bridge, managed by a global network of validators. Taken together, this collection serves as a co-processor to Ethereum - that is, Sommelier uses a Cosmos chain to process as many DeFi strategy calculations as possible off of Ethereum. Sommelier LPs can benefit from a wide array of transaction features, such as portfolio rebalancing and limit orders based on dynamically changing market conditions. Vault-style Cellars on Sommelier automatically execute these strategies with smart contracts and are entirely governed in a decentralized manner by users.

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