1. Overview:
This SIP relates to the RFC to transfer vault rewards from Lazy Summer Staking contracts to MERKL, which will allow the transferability, and as such, composability, of the Vault Tokens. Full details: [RFC] Transfer Vault Rewards from staking to Merkl and enable tokenisation of Vault Shares
This SIP and vote creates a MERKL campaign for each existing Lazy Vault, enabling rewards for another 90 days as the proposed rates described in the RFC.
It is then expected a follow up vote next Wednesday will enable the transferability of the Vault tokens to allow them to be used across DeFi and appear in the balance of user wallets.
2. Motivation:
In order to allow the vote shares to be used across DeFi, and to be trackable within Wallets, we need to move the existing vault reward infrastructure over to MERKL. This SIP, and subsequent vote creates the MERKL campaigns as the existing rewards come to an end from the 13th Aug 25 to 17th Aug 25.
3. Specification:
The following rewards are being setup, each to expire on the 11th November, and start on the current reward expiry date at 00:00 UTC
ChainVaultCurrent Rewards EndCurrent SUMR APY @250MCurrent SUMR per dayProposed SUMR @ 25% APYBaseUSDC13-Aug-2529.49%18,11115,354BaseEURC13-Aug-2525.28%6,0005,934BaseETH13-Aug-2513.09%18,11134,590ArbitrumUSDC15-Aug-2563.33%17,6946,985ArbitrumUSD₮015-Aug-2545.78%16,3898,950EthereumETH17-Aug-2516.75%67,611100,912EthereumETH (HR)17-Aug-2535.81%55,55638,785EthereumUSDC17-Aug-2522.39%55,55662,032EthereumUSDC (HR)18-Aug-2537.85%41,66727,521EthereumUSDT17-Aug-2543.71%34,25019,589SonicUSDC.e16-Aug-2519.53%10,04112,853
4. Risk Assessment:
No major risk exposure is expected. Merkl is a trusted application and used by many of the top tier protocols for distributing rewards.
5. Voting:
Should the delegates vote YES to this SIP, all of the merkl reward campaigns with the emissions set above will be created, and start on the current expiry date, and end on the 11th November 2025. This will transfer a total of 28,922,144 SUMR on Base to the merkl distribibution contracts.
A NO vote would lead to SUMR Vault Rewards ending throughout next week and no MERKL campaigns created.
