Sunsetting Summer.fi and the Labs Company
After the recent exploit on the Lazy Summer Protocol on July 6th, it is with great sadness that we have concluded we have no viable path forward other than to wind down operations.
Since spinning out from the Maker Foundation in June 2021, it's been an incredible 5 years. That time saw the development of the hugely successful Summer.fi app and infrastructure to allow core features such as Multiply, Yield loops and Vault Automation to make managing Vaults and positions across DeFi as easy as possible. This was followed by the development of the Lazy Summer Protocol, which is today the face of Summer.fi and grew quickly to $200M in TVL in its first 9 months, before DeFi started to struggle from the Stream Finance fallout in October 2025.
The exploit on July 6th was a devastating moment for our users and the entire Lazy Summer ecosystem. A single transaction impacted so much of what this community built together and witnessing it was deeply painful for everyone on the team. The financial hit was immediate and personal: a meaningful portion of the team’s own capital was held in the affected vaults, removing the runway we needed to rebuild.
All of this came on top of an already brutal year for DeFi, with over $635M lost across the industry in April alone. After exploring every alternative, we have concluded that ceasing operations is the only viable path forward, even though it gives us great sadness.
What this means for users
The Summer.fi app will continue to be live until August 31st. As the Lazy Summer Protocol is fully governed by the Lazy Summer DAO, it will be up to the community to decide on the future of the protocol. The Lazy Summer DAO is currently going through the processes needed to resume withdrawals and redemptions on all Vaults, including the two exploited Vaults, and when available, all functionality will be restored to the Summer UI - keep an eye on X and the Summer.fi blog for updates. For users who require support, our support email will remain open, along with our Discord channels until the end of August.
Thank you
To our users, partners, investors and supporters over the years - thank you. Over our lifetime, Oasis.app, and then Summer.fi, has served over 50,000 users in their DeFi journey, and we want to say a huge thank you to every single one of you. There have been bull markets, bear markets (too many) and crab markets, but you, our users, stuck with us through everything as we continued to try and build products for the moment that would last into the future. We hope we succeeded more often than we fell short.
After 5 years - plus the preceding two years with the Maker Foundation - thank you to everyone who has been part of the journey, no matter how big or small. Even if you just visited the landing page to see what we did.
The Summer.fi team