1. Overview:
This SIP proposes the payout, via Merkl, of 891.57 USDC to those users who have staked SUMR tokens in the SUMR Staking V2 at any point throughout July 2026.
This is the final settlement of the SUMR Staking V2 USDC revenue share. Per the informal support indicators in [RFC] Operational Realignment for the Transition Period (Poll A2.1: 100% YES to end both reward streams with a final settlement), the revenue-share program is discontinued as of the 31 July 2026 cut-off. Following this settlement, 100% of the DAO’s revenue share accrues to the Timelock, and no further SIP3.13.X payouts will be brought. SUMR emissions under SIP3.19 are unaffected by this SIP: they run to their periodFinish (~late September 2026) and will not be renewed, requiring no onchain action.
Throughout July 2026, the Lazy Summer Protocol made $4,457.87 of revenue, made up from the following networks;
- Ethereum → $3,663.56
- Base → $793.45
- Arbitrum → $0.85
- Sonic → $0.00
- HyperEVM → $0.00
July revenue reflects the pausing of all Vaults from 6 July 2026 onwards following the protocol exploit, which halted fee accrual across most of the protocol for the majority of the month.
As per the outlined launch parameters for Summer Staking V2, 20% of this should be paid out to stakers of the SUMR token, representing 891.57 USDC
This payout should be made via MERKL, who have kindly added support for weighted balances in the stSUMR token. Given that MERKL charges a 3% fee for rewards, the actual total being transferred from the DAO Treasury is 919.14 USDC.
Note: As with the June payout, rewards are paid in plain USDC directly from the DAO Treasury rather than LVUSDC, requiring no interaction with any vault contracts.
2. Motivation:
This Sub-SIP represents the final monthly distribution of revenue share to SUMR holders staking in the Staking V2 Module, and executes the sunset of the SIP3.13.X revenue-share series as signalled in [RFC] Operational Realignment for the Transition Period. With protocol revenue at current levels, the administrative and Merkl overhead of monthly distribution is no longer proportionate to the amounts being distributed, and the Labs capacity that has carried the monthly reconciliation, campaign setup, and payout SIPs is winding down.
3. Specification:
Total being paid: 919.14 USDC
Reward amount paid out: 891.57 USDC
Merkl fee (3%): 27.57 USDC
Reward token: USDC on Base (0x833589fCD6eDb6E08f4c7C32D4f71b54bdA02913)
Start timestamp: 1782860400 (1-July-2026 00:00:00 UTC)
End timestamp: 1785538800 (1-August-2026 00:00:00 UTC)
The end timestamp implements the 31 July 2026 cut-off proposed in the RFC, consistent with the monthly boundaries used throughout the SIP3.13.x series.
Full data can be seen once the vote has been posted.
4. Risk Assessment:
Given the payouts will occur through Merkl, which is already supported widely through the Summer.fi UI and Lazy Summer Protocol, there are no additional risks expected from this SIP by using them as rewards.
As with the June payout, this SIP requires no interaction with the Lazy Summer Vaults: no LVUSDC is minted and no vault contracts are called.
Regarding the sunset: already-distributed rewards from this and all prior SIP3.13.X campaigns remain claimable via Merkl as normal, and discontinuing the revenue share requires no TipJar or other onchain configuration change. The staker share has been calculated offchain and paid from the Treasury, so undistributed revenue simply remains in the Timelock. Any future decision on claim windows or sweeps of unclaimed rewards is out of scope here and deferred to the transition-period discussions.
5. Voting:
If YES - Execute the MERKL calldata, approving and transferring 919.14 USDC from the Base Timelock Controller to the MERKL claims contract, making available the relevant amounts of USDC to claim for users who staked SUMR during the period, and confirm the discontinuation of the SUMR Staking V2 USDC revenue share following this final settlement.
If NO - do not execute any additional code, no USDC will be transferred, and no payouts will be made from this vote.
Tagging @Recognized_Delegates for a check up as always.
–jensei