1. Overview:
As outlined in the RFC ([RFC] Extend and Adjust Vault Reward Emissions) to extend the previous Vault Rewards, it proposed adding 5,000 SUMR per day to the newly launched DAO Managed Vaults.
Now these Vaults have been proposed to vote here and here and appear on track for passing, this SIP proposes to add SUMR rewards to these two DAO Risk-Managed Vaults on Ethereum for what will be the remaining days of the original 90 in the RFC.
2. Motivation:
In order to incentivise early usage of the DAO Risk-Managed Vaults, it is proposed to add SUMR rewards at a similar level to that which was set to the HyperEVM Vaults when they launched which attracted good, early TVL at the start.
3. Specification:
USDC DAO Risk-Managed Vault
Address: 0xd77F9a9F2b0C160dB3e9dC2Cce370c1a740C76fc
SUMR per day: 5,000
Date Start: 24th Feb 16:00 UTC
Total Period: 75 Days
Ending: 10th May 00:00 UTC (same as other extended rewards)
Total SUMR to transfer: 375,000
Distribution: MERKL (2% fee)
WETH DAO Risk-Managed Vault
Address: 0x0C1FBCCC019320032D9acD193447560C8C632114
SUMR per day: 5,000
Date Start: 24th Feb 16:00 UTC
Total Period: 75 Days
Ending: 10th May 00:00 UTC (same as other extended rewards)
Total SUMR to transfer: 375,000
Distribution: MERKL (2% fee)
4. Risk Assessment:
Given the extensive use of MERKL throughout Summer and the Lazy Summer Protocol, it is not expected to add any additional risk to the protocol or the DAO.
5. Voting:
Voting YES will execute the MERKL campaign creation and transfer a total of 750,000 to the MERKL distribution contract from the Summer Treasury on Base. Voting NO will not execute any campaign creation and no SUMR will transfer from the timelock.
