Hi,
Thanks for this question, it’s an important clarification.
Summer.fi Pro is indeed an independent product (and set of infrastructure). The Lazy Summer Protocol and the protocol/DAO does not monetise Summer Pro TVL. It’s also important to note that the institutional vaults you mention are not related to Summer.fi Pro in any way.
Within the Lazy Summer Protocol the monetisation of TVL is as shown on the monetisation charts of the public Dune dashboards here: https://dune.com/lazysummer/lazy-summer-protocol
e.g. this was 0.58% annualised blended average across all vaults as of 20/11/2025
Currently, for all DAO managed Vaults, the annualised fee rate on stable asset types is 1% and on volatile assets is 0.3%. The blended average fluctuates relative to stable/volatile proportions.
In addition to the DAO managed vaults, there will be deployments of institutional “self managed vaults” (the first of which was deployed this week - more announcements to follow on this soon). These are independent deployments outside of DAO control, with commercial terms negotiated with each institutional user on a case by case basis. These Vaults will still generate revenue for the DAO and we expect this to be somewhere around 20bps on vault TVL. Unlike DAO vaults, this revenue has no associated direct costs and could be seen as pure profit. We expect these vaults to be a significant source of future TVL and revenue growth.
At the launch of Staking V2, the revenue share mechanism assumes 20% of all revenue will be distributed via staking rewards. However, DAO vault revenues are currently associated with a gross margin of ~28% (after DAO related costs associated with operating the Vaults) whereas revenues from Self Managed Vaults are effectively a 100% gross margin. Given these different cost profiles, it’s expected that the DAO may vote to associate staking rewards to a share of earnings rather than top line revenue in due course.
Full details of the proposed revenue share mechanism can be found in this forum post
I hope this clarifies things