Hey all,
Apologies for the lack of communication recently - we’ve been heads down focusing on this and a couple of major product features too.
I am pleased to confirm though that we take a big step forward today towards transferability with governance V2, and most crucially, upgraded staking module going to audit contest with Sherlock. You can see that here: Summer.fi - governance v2 Contest - 40,500 USDC
This was outlined as a crucial, and required part prior to being able to recommend transferability, and with this, and a lot of work on simulations completed recently, we feel we should be in a position to recommend a vote to move to the new Governance module, and staking by the end of October, and with it - enable the transfers of the SUMR Token. Based on the simulations and associated modelling, we expect to be recommend 20% of all protocol revenue to be put towards the USD Staking Yield, currently meaning around 200k USD will be paid out to SUMR stakers in the new V2 module.
We also have over $150k in the treasury, with likely around 20-25k additional coming in at the end of the month from protocol revenue, which will recommended to be allocated towards liquidity incentives to create markets for SUMR and ensure liquidity is available from day1.
Again, apologies for the lack of communication - I strongly believe we are getting very close to seeing the SUMR token transferrable. We are seeing some very positive growth from the protocol with some very exciting new features to come soon too.
I will continue to provide more detailed updates weekly from now on, until the recommendation for transferability is made.