Summary
Labs Co. is winding down; vaults are withdrawal-only; users of exploited USDC vaults were paid residual via Merkl. This RFC/SIP asks the DAO to choose Option A (rebuild) under a new security-first architecture, delivered by a DAO-hired contributor team (not Labs), with milestone gates and a realistic quote given treasury size.
Motivation
- Protocol + SUMR brand still exist; UI sunset ≠ protocol death.
- Jul 6 root cause was capped-but-active Ark in NAV + stale valuation + donation path — a rebuild must fix that class of failure, not relaunch the same fleet model.
- Users need a maintained front-end after Aug 31 for redeem/claim UX.
- Wind-down SIPs already cleared Arks; a clean slate for v3 is cheaper than patching v2 forever.
Non-goals (explicit)
- No claim to restore the stolen ~$6.04M from this budget.
- No immediate reopening of deposit caps.
- No return of BA Labs / Summer Labs as operators unless they re-engage separately.
- No large treasury dump before Phase 0 delivers audited specs.
Product: Summer.fi v3 (Lazy Summer Protocol v3)
Principle: withdrawals always safe; deposits only after Ark lifecycle invariants are enforced on-chain.
Module - ScopeAppMinimal summer.fi successor: portfolio, redeem, Merkl claim deep-link, vault status, Guardian pause banner
Protocol - FleetCommander v3: Ark must be REMOVED or NAV_EXCLUDED when depositCap==0 beyond grace; no donation inflation of impaired assets; totalAssets uses boardable/principal accounting where possible
Risk - Curator-optional; Guardian retained; mandatory Ark offboarding checklist as on-chain state machine Security requirements (non-negotiable for any reopen)
Drawn from the https://blog.summer.fi/lazy-summer-usdc-vault-exploit-post-mortem-what-happened-and-what-comes-next/
- Cap
0 cannot leave Ark in NAV indefinitely (grace + auto NAV_EXCLUDED or forced sweep/removeArk).
- Donation of external receipt tokens into Arks must not inflate share price beyond realizable assets (or donations disabled for impaired Arks).
- Stale external valuations → circuit breaker / haircut oracle.
- Two independent audits before deposits reopen.
- Guardian live on every chain where deposits exist.
- Public Ark registry: state, cap, last NAV contribution, time-in-capped-state.
Team & accountability
- Open RFP on forum: protocol lead, frontend lead, security reviewer.
- Recognized Delegates nominate; SIP confirms.
- Milestone invoices; no upfront annual salary from treasury.
- IP / repos assigned to DAO.
