Onboard Seven Seas for WETH Aggregator to Sommelier Vault Shares

Summary

This proposal seeks to whitelist the following aggregator and silos on the Sturdy UI.

About Seven Seas and Sommelier

Seven Seas is a team of data scientists and smart contract developers that create responsive, transparent, DeFi strategies in the Sommelier ecosystem. Vaults designed by Seven Seas hold approximately $70M in TVL and have been particularly effective in the LST DeFi space. More specifically, Seven Seas has a $45M LST vault which represents an index of ETH yields in addition to dedicated vaults for the Lido and Swell ecosystems.

Sommelier is an innovative asset management protocol that enables intelligent vaults to ingest real-time market information and dynamically adapt to market conditions, providing enhanced opportunities and risk mitigation for users. All vaults are enabled by audited smart contracts and controlled by protocol governance, ensuring transparency and security.

Sommelier experienced rapid growth in 2023, growing from $1M to nearly $65M in TVL. It is the 4th largest yield aggregator on Ethereum and plans to go multichain in 2024.

Sommelier was founded by Zaki Manian and Kristi Poldsam and backed by Polychain, Multicoin Capital, Standard Crypto and others.

Silos

Silo 1 Lending/borrowing asset: WETH

Collateral asset: Turbo SWETH

LTV: 85%

Liquidation fee: 5%

Silo 2 Lending/borrowing asset: WETH

Collateral asset: Turbo STETH (https://etherscan.io/address/0xfd6db5011b171b05e1ea3b92f9eacaeeb055e971)

LTV: 90%

Liquidation fee: 3%

Silo 3 Lending/borrowing asset: WETH

Collateral asset: YieldETH

LTV: 90%

Liquidation fee: 3%

Aggregator

Lending asset: WETH

Initial whitelisted silos: Turbo swETH, Turbo stETH, Real Yield ETH (YieldETH)

Manager: 0x7340D1FeCD4B64A4ac34f826B21c945d44d7407F