Summer.fi

About Summer.fi

Summer.fi operates as a decentralized finance (DeFi) platform, providing users with a suite of tools for borrowing, earning yields, and managing crypto assets across multiple protocols. Its history traces back to 2016 as Oasis.app, which was created within the Maker Foundation as the original front-end for the Maker Protocol. The platform was spun out into an independent entity in 2021 following the decentralization of the Maker Foundation. In June 2023, Oasis.app rebranded to Summer.fi to reflect its expansion beyond its Maker-centric roots into a multi-protocol ecosystem.

The company is led by CEO Chris Bradbury, who previously served as a product manager at MakerDAO, where he contributed to the launch of Multi-Collateral DAI and led the development of the Oasis front-end. His experience at the core of one of DeFi's foundational protocols has guided Summer.fi's evolution into a more comprehensive platform. The leadership team also includes Andrei David as CTO, Anthony Fernandez as Head of Business Development, and Joe Clark as CFO. In August 2023, the company announced it had closed a $6 million Series A funding round led by Libertus Capital, with participation from other angel investors in the crypto space.

Summer.fi provides a unified interface for interacting with various DeFi protocols, including Aave, Spark, Morpho, and Maker. The business model centers on providing value-added services on top of these base-layer protocols. It serves a range of clients from DeFi beginners to experienced users, as well as high-net-worth individuals and DAOs. The platform generates revenue through small fees on certain actions, such as a 0.2% fee on its 'Multiply' feature. The core product offerings are categorized into 'Borrow', 'Multiply', and 'Earn'. 'Borrow' allows users to lock up crypto assets as collateral to mint stablecoins like DAI. 'Multiply' enables users to increase their exposure to a collateral asset in a single transaction by using borrowed funds to purchase more of that asset. 'Earn' provides access to various yield-generating strategies, from simple deposits into high-yield savings to more complex looping strategies that amplify returns on assets like Staked Ether (stETH).

The platform is distinguished by two main product lines: Summer.fi Pro and the Lazy Summer Protocol. Summer.fi Pro is designed for advanced users, offering tools like 'Multiply Vaults' for leveraged positions, looping strategies, and protocol aggregation. It also features automation tools such as Stop-Loss, Take-Profit, and Auto-Buy to help users manage risk and optimize their positions. Conversely, the Lazy Summer Protocol targets users seeking passive yield. It utilizes 'Lazy Vaults', which are portfolios automatically rebalanced by AI-powered 'Keepers' to continuously optimize for the best yields across different DeFi protocols without manual intervention.