Summer.fi October Newsletter 🍁

Hello frens,

The month began on a sunny note with our annual team offsite, and we’ve managed to keep those sparks flying throughout!

On the development side, we are delighted to have introduced touch down on Base, offering a step-up for the most seamless and cost-effective transactions. Managing your positions and accessing lower fees has never been easier on Summer.fi, now featuring three L2 solutions: Optimism, Arbitrum and the latest addition, Base.

If you’ve been enjoying the Spark protocol on Summer.fi so far, we are pleased to have also implemented two new features this month: Stop-Loss Protection, and the sDAI Yield Loop Strategy for Spark.

Additionally we unveiled a shiny new upgrade to enhance your navigation experience on Summer.fi. The redesigned Navigation Bar can now provide more effective guidance in directing you to the right place. Take a look!

But before you move on, do you want to become a DeFi Superhero? You can help us shape the future of Borrowing and Lending by sharing your story in our short survey.

Bonus: you’ll be entered into a draw to win some shiny swag!

Stats

We are really pleased to currently be ranked 6th on DeFiLlama by TVL, managing over $2.2 billion on Summer.fi. Follow us to catch the sunny updates.

Technical & Development Updates

• This month we introduced support for Aave v3 Borrow and Multiply on Base, allowing you to enjoy low-cost transactions with the fantastic and familiar UI on Summer.fi. With this expansion and the power of Layer 2, you can benefit from lower fees, and also bridge straight to Base on any supported network. Find more info here.

• We are also happy to have introduced two new features for Spark: 

  - The Stop-Loss Protection to ensure that your position is shielded from liquidation and any worry of managing your Spark positions. You can now set your position to close automatically if the Loan to Value (LTV) reaches the trigger ratio you have selected. Read more in the blogpost.

  - The sDAI Yield Loop Strategy to allow you to amplify your exposure to the Dai Savings Rate (DSR) of sDAI and potentially access a higher APY than the standard DSR. Learn more about sDAI and Spark here.

  Spark is supported for all Summer.fi products, Borrow, Multiply and Earn, and you can find all the available options under the ‘Protocols’ section.

• Lastly, the updated Navigation Bar is here to make your Summer.fi experience even easier. We’ve structured the main bar into ‘Products, Protocols, Tokens and Use Cases’ to ensure that navigating Summer.fi is both intuitive and informative. Take a look here.

Community Updates

• We are officially on DeBank! Come and join us on the Web3-native messenger and portfolio tracker where we will be sharing Summer.fi developments and info across the DeFi family. Find us on DeBank here.

• For the podcasters out there, Summer.fi CEO Chris B joined The blockmates podcast to discuss how users can access the best of DeFi Lending and Borrowing, and the superpowers that Summer.fi has to offer. Watch it back on Youtube or listen on Spotify.

• Blockmates also published a blogpost about Summer.fi where they delved into our products, explored our partner protocols and the magic of Automation features. Don’t miss out on this must read, check it out here.

News From The World

As always, before we say goodbye, we want to share some snapshots of what is happening around us.

• Regulations are looming as the UK is pushing ahead with plans to regulate the crypto market and bring in rules ‘in line with traditional financial services.’ Last week The Treasury is said to have responsed to a consultation on the future of crypto industry rules, stating the “demand for tougher regulation has grown following the FTX collapse” and that the secondary legislation for the new rules are set to be laid out in early 2024.

• Turkey is also in the final stages of implementing crypto legislation to parliament in order to be removed from the Financial Action Task Force (FATF) “grey list” of countries that have taken “insufficient action to prevent money laundering and terrorist financing”. The country’s Financial Minister Mehmet Simsek stated that a FATF report indicated Turkey to be compliant in all but one of the 40 standard and should address the technical compliance issue with crypto assets.

* UK users: not an invitation or inducement to deal in crypto. Read more here.