Somnia (SOMI) Price, Charts & Market Data

SOMI is the native utility and staking token of the Somnia blockchain. It is used for the following functions:

• Gas Fees: All transactions and smart contract operations on the network are paid for using SOMI tokens.
• Staking: Validators are required to stake 5 million SOMI to participate in consensus. Token holders can also delegate tokens to validators in return for a portion of validator rewards.
• Governance: SOMI will be used in the governance framework to inform decisions related to fund allocations, protocol upgrades and network direction. Governance features will expand over time through a three-phase decentralisation roadmap: Bootstrap, Transition and Mature phases.
• Delegated Staking: Token holders can delegate their SOMI to validator-specific or general pools. Depending on the validator’s configuration, token holders may earn a share of gas fee rewards.
• Network Security: The delegated proof-of-stake (dPoS) mechanism relies on SOMI to secure the network. Misbehaving validators are subject to slashing.

SOMI is also required to participate in infrastructure development, resource allocation and incentive distribution across the ecosystem.

Interoperability with other blockchains is enabled through omnichain deployments and bridging via LayerZero’s Stargate.

Somnia was founded by Paul Thomas, who also serves as the CEO. He leads the project’s mission to build a virtual society powered by blockchain infrastructure.

The development of the blockchain is supported by Improbable, a technology company focused on networked virtual experiences, and MSquared, a metaverse initiative also backed by Improbable. These organisations contribute to the technical architecture and core components of the Somnia network.

The token (SOMI) is issued by Somnia Token Co Ltd, and the broader ecosystem is coordinated by a Cayman Islands-based Foundation, with governance transitioning over time to a decentralised structure. The project’s governance includes a Board of Directors, a legal Supervisor and regulatory oversight, alongside the development of a community-driven governance system.

Somnia includes a secondary implementation called Cuthbert - a non-optimised, independent system used to cross-check the main client and enhance security.