The Real Yield ETH vault by Sommelier made its way into Arbitrum, making it the first destination for its multichain exploration. The transition comes after retail inventors reportedly phased out the high gas fees of the Ethereum mainnet. With this, Sommelier Finance brings a one-click yield vault option to Arbitrum 8–9 months after the plan to do so was announced.
Cellars, the initial vaults, will be hosted on the Ethereum mainnet. Zaki Manian, the co-founder of Sommelier, said that almost two years of research went into work before they made the transition. Zaki is now confident that the development will deliver an enhanced experience to users, that of being on a native L2.
Arbitrum has been selected due to its comparatively minimal risk in relation to other options available in the market. Sun Raghupathi, the chief executive officer of Sommelier Finance, stated that Arbitrum provides a novel risk perspective in addition to liquidity.
Manian also remains optimistic about the future. They have said that the infrastructure built by them will form the foundational ground for the expansion of the multichain future of Ethereum. Zaki explained the dynamics of the implementation, saying that they can now have Arbitrum Cellars and hold positions anywhere.
Advertisement
This is not the first development for Arbitrum in the year 2024. It has previously integrated Espresso Sequencer’s 4th testnet launch. With this, it empowers the Gibraltar testnet to see external node operators run the network for the first time. The testnet is now live for Arbitrum developers and is, needless to say, publicly available in the domain.
As for Sommelier Vaults, it has come up with an accent after a comparatively long time. It last reported launching five new Sommelier Vaults to capture governance token yields. That gives users a way to earn passive income on their governance tokens. Income ranges from 2% to 4% in the form of a yield. Support pertains to tokens: ENS, 1inch, SNX, LINK, and UNI.
Seven Seas Capital and DeFine Logic Labs have drafted the strategy. Seven Seas Capital is also credited with drafting the pathway for Sommelier to make its way into the Arbitrum ecosystem with Real Yield ETH. The background of its team remains in financial modelling, data science, and the development of smart contracts.
Seven Seas has attained expertise in employing leverage. The team simply backtests the strategies 6–12 months before to avoid potential losses in a given timeframe.
That said, the native token of Arbitrum, ARB, has gained 0.58% in the last 24 hours at the time of writing this article. The token is exchanging hands at $2.13, which is also up by 12.63% in the last 7 days but down by 0.665 in the last 30 days. Its 24-hour volume has surged by 9.80%, and so has the market cap by 0.69%.
Advertisement
Sommelier is now eyeing how the launch of DeFi strategy vaults plays out on Arbitrum.
