All Lazy Summer Vaults are now available for withdrawal

TLDR;

Following the July 6 exploit, all Lazy Summer Protocol Vaults were paused as a precaution and their deposit caps set to 0. Over the past weeks the Lazy Summer DAO has worked through the cleanup needed, and the Vaults unaffected by the exploit are now reopened for withdrawals, while the two USDC Vaults on Ethereum have their remaining USDC now available to claim via merkl.xyz contracts, either via Summer.fi or Merkl.xyz app.

What has happened

Over the last few weeks Lazy Summer Governance approved and executed the offboarding proposals SIP2.59.1 – 12 (BA risk-managed) and SIP7.3.1 – 2 (DAO risk-managed) across every network. The legacy Arks have been removed and all the unaffected Vaults are unpaused.

Separately, the two USDC Vaults on Ethereum that were directly hit by the exploit have now reached their final stage: their USDC distribution is live and claimable via Merkl (SIP1.9). Details and a step-by-step claim guide are further down.

If you have funds in one of the unaffected Vaults below, you can withdraw them now. If you were affected by the exploit in the Ethereum USDC Vaults (Lower Risk & Higher Risk), you can claim your distribution via Merkl and Summer.fi now (see: Claiming your USDC distribution below).

Unaffected Vaults now open for withdrawal

Note: this table covers the Vaults reopened for withdrawal. The two exploited Ethereum USDC Vaults (LazyVault_LowerRisk_USDC and LazyVault_HigherRisk_USDC) are handled differently as users claim their funds via Merkl.xyz rather than withdrawing from the protocol. See below.

What has and hasn't changed

Withdrawals for vaults unaffected by the exploit are enabled. Each Vault has been unpaused, so you can redeem your deposits as normal.

Deposit caps remain at zero. These Vaults are open for withdrawals, new deposits are not accepted. This is deliberate and reopening of deposits is up to the Lazy Summer DAO.

Legacy Arks have been removed. Each Vault's old, dormant strategies have been fully removed from its active set. This is the substance of the cleanup: the July 6 exploit worked because an Ark that had been capped to zero for offboarding was still registered on the Vault and therefore still counted toward its share price. Zeroing a cap blocks new inflows but does not remove an Ark. These proposals completed that removal (SIP2.59.1 - SIP2.59.12 & SIP7.3.1 - SIP7.3.2).

Fees set to zero. No fees accrue on the remaining balances in these Vaults.

Claiming your USDC distribution (exploited Ethereum USDC Vaults)

LazyVault_LowerRisk_USDC and LazyVault_HigherRisk_USDC on Ethereum were not part of the cleanup above. They were directly affected by the exploit and are being handled through their own proposals, [SIP1.7] and [SIP1.8], which cover Vault cleanup and market withdrawals.

The follow-up proposal [SIP1.9] has been published onchain and executed. It distributes the remaining USDC from the Lower Risk and Higher Risk Vaults (post-exploit, after socialization) to affected users via Merkl. This is the final stage for these two Vaults, and the distribution is now live to claim.

This is a different action from the withdrawals above. For the unpaused Vaults you redeem your shares from the Vault. For these two exploited Vaults, you claim your USDC distribution on Merkl, you do NOT withdraw shares.

How to claim via Summer.fi

1. Open the Summer.fi frontend at summer.fi and connect your wallet. Use the same wallet that held the affected funds.
2. Click Claim.
3. Head to the Portfolio tab where at the top of the strategies you should see a banner that allows you to claim the residual tokens.

How to claim via Merkl.xyz

1. Click Claim. Merkl lets you claim everything on a chain in a single transaction, so you save on gas.
2. Confirm your Summer.fi distribution appears and is marked Claimable Now. If it isn't marked claimable, it can't be claimed yet. (e.g. Pending)

3. Open the Merkl dashboard at app.merkl.xyz/users and connect your wallet. Use the same wallet that held the affected funds.

You can verify the specific campaign here: Summer.fi USDC distribution on Merkl. For general help with claiming, see Merkl's how to claim guide.

Thanks to the Merkl team, who set their fee on this distribution to 0, so affected users receive the full remaining amount, with nothing taken on the way out.

A note on the August 31 date

As announced separately, Summer.fi is winding down and the Summer.fi UI will remain live until August 31, 2026. Support email and Discord will stay open until the same date.

Your access to your funds does not end on August 31. The Lazy Summer Protocol is governed by the Lazy Summer DAO and does not close with the company. The Vault contracts stay onchain, unpaused, and permissionless; your shares remain redeemable regardless of what happens to any particular front-end.

The Vaults are standard ERC-4626 contracts, so withdrawals can be made by calling withdraw or redeem on the FleetCommander directly through a block explorer, your own tooling, or any third-party interface that supports ERC-4626. Vault addresses for every network are published in the contract addresses documentation.

That said, the Summer.fi UI is the most convenient route, and support is available until the end of August. If you would rather not interact with contracts directly, withdrawing before then is the easier path.

Claiming the Merkl distribution for the exploited USDC Vaults runs through Merkl's own app, which is independent of the Summer.fi UI and remains available after August 31.

Links

• Governance proposals: gov.summer.fi
• Forum discussion: forum.summer.fi
• Exploit post-mortem: What happened and what comes next
• Wind-down announcement: Sunsetting Summer.fi and the Labs Company
• Claim your USDC distribution (Merkl): studio.merkl.xyz - Summer.fi campaign
• How to claim on Merkl: merkl.xyz/knowledge-base/how-to-claim-rewards

If you have trouble withdrawing, please post in the forum or reach out on Discord. Support is available until the end of August, and the forum remains the place to raise anything after that.