In an exclusive interview with BlockchainReporter, Summer.fi’s CEO, Chris Bradbury, opens the door to a deep dive into the innovative realm of decentralized finance (DeFi). This insightful interview unravels the intricate journey of Summer.fi, its transformative evolution, and the strategic vision driving its ascent in the dynamic DeFi landscape.
Chris shares profound insights into Summer.fi’s commitment to user-centric design, automation, and self-custody. From its origins to the recent rebranding, discover the platform’s pivotal role in reshaping the financial revolution and navigating the complexities of modern finance through DeFi. Join us as BlockchainReporter sits down with Summer.fi’s CEO to explore the boundless possibilities and innovations shaping the future of decentralized finance.
Q1. Can you tell us about your journey from a software developer to becoming the CEO of Oazo Apps, the team behind Summer.fi, formerly Oasis?
After graduating in Aerospace Engineering, I started my career by working in the energy sector, and then fintech companies and startups initially as a software developer and then product manager. I joined the Blockchain and DeFi space in 2018, when I took the role of product manager for Maker Foundation (MakerDAO), eventually becoming product lead for Oasis.app to create real usage for Dai and Maker Vaults. From June 2021, I became the CEO of Oasis.app, now rebranded Summer.fi, which is now a stand alone company building the best place to borrow and earn in DeFi.
Q2. Summer.fi has undergone significant changes and rebranding. Could you share the reasons behind this transformation and the vision you have for the platform?
The name Oasis.app paid homage to the company’s origins during the early MakerDAO era. Oasis was actually one of the earliest brands MakerDAO had for one of the first DEX’s on Ethereum, OasisDEX. Today, the platform empowers users with the best DeFi tools, allowing them to manage their positions across multiple networks and protocols. We needed a new name to reflect our new identity and our grander vision. We chose Summer.fi which embodies our values: simplicity, vitality, and a friendly atmosphere.
Q3. DeFi is often considered a financial revolution. How do you see Summer.fi contributing to this transformation, and what unique features does it bring to the DeFi landscape?
Summer.fi stands as the paramount destination within DeFi for borrowing and earning opportunities. Our platform not only provides a range of innovative services like Borrow, Multiply, and Earn, but it also excels in these offerings. Through an unparalleled combination of user-friendly interfaces and risk management, and combined with our industry leading decentralized automation tools, Summer.fi ensures a superior borrowing and earning experience, cementing its position as the premier choice for individuals seeking top-tier DeFi solutions.
Q4. Permissionless finance is a cornerstone of DeFi. Could you explain how Summer.fi empowers users with this concept and what advantages it offers over traditional financial systems?
At Summer.fi, we offer a non-custodial platform, and we ensure that users maintain complete control over their assets at all times – this is something we will never sacrifice. This contrasts with TradFi, or Centralized Exchanges where institutions hold and control customer funds, thus acting as custodians. Our app integrates with established protocols like Maker, Aave, Spark, and Ajna, allowing users to interact with these ecosystems through a single, user-friendly interface.
With Summer.fi, users can automate their DeFi strategies, which not only saves time but also optimizes their DeFi operations. For example, users could set up a strategy to automatically adjust their loan-to-value ratios on Aave to manage their borrowing risk, or use Spark to automate yield farming strategies. Complex strategies requiring sophisticated knowledge and constant monitoring can now be implemented with a few clicks.
Our front-end removes the technical barriers often associated with such activities, opening up a world of advanced DeFi strategies to a broader audience. In summary, Summer.fi expands the power of DeFi to provide an open, inclusive, and efficient experience. We empower our users with automation, simplicity, and control, offering advantages such as accessibility, autonomy, and potential cost savings over traditional systems, where such features would either be unavailable or tied up with extensive bureaucracy and fees.
Q5. Yield finance has gained immense popularity in the DeFi space. How does Summer.fi provide opportunities for users to maximize their yields while maintaining control over their assets?
In DeFi, yield finance, or yield farming has quickly risen to prominence, attracting users eager to earn on their crypto holdings. At Summer.fi, we’re committed to aligning with the needs of our users who seek to maximize their yields without taking on excessive risk or getting bogged down by the management of their positions. One of our solutions, Summer.fi Earn, is built around a simple yet powerful proposition: make it easy to earn on your assets without risking too much or managing your positions extensively.
This user-centric approach means that we offer a selection of curated DeFi products that have been thoroughly vetted for their yield-generating potential and their risk profiles. The app design is intuitive, enabling users to engage with yield opportunities with ease. Our self-custody solution means that users remain in control of their funds at all times.
This is crucial for trust and ensuring our users can enter and exit yield positions on their terms. We’ve tailored Summer.fi to be the answer for those who want their crypto to work for them, not the other way around. It’s all about empowering our users to earn on their assets with peace of mind and convenience, upholding the non-custodial principles that are at the heart of DeFi.
Q6. Borrowing and lending protocols are essential components of DeFi. What sets Summer.fi’s borrowing and lending features apart from other platforms, and how do they benefit users?
Crucially, Summer.fi is not a protocol, but just a user interface built on top of the other protocols. So we set ourselves apart by asking ourselves, and users, what we can do to enhance the experience of using the protocol, compared to the protocol interfaces. The protocols are generally fairly simple in features – they do the core job of borrowing and lending, and do it very very well.
We see our role in this to add features on top of the core protocols to give the user more and what they would expect from more traditional borrowing and lending apps. We do this through a combination of intuitive user experience – often by trying to reduce the number of transactions to the lowest possible amount, flexibility, and automated features that directly address the ‘jobs to be done’ for our users: optimizing positions, maximizing profits, and minimizing the worry of losses.
Multiple Collaterals: We cater to diverse risk appetites by offering various collateral types with different rates and ratios. This enables users to make informed decisions that align with their risk profiles.
Automation Features: Advanced features like Stop-Loss or Take-Profit options put users in the driver’s seat, allowing them to set parameters that automatically protect their positions or take profit at a set value when sometimes human nature wants to keep them open. These tools are instrumental in helping our users free themselves from the worry of significant losses while capitalizing on market upsides.
UX: One of our main features for our borrow vaults is the ability for the user to manage it easily. We just developed a new UX for borrow vaults, allowing users to increase or decrease their risk with the simple use of a slider and also the possibility of closing them with only one action.
We help users optimize their positions and maximize their profits with the peace of mind from knowing they’re safeguarded against substantial losses. It’s this thoughtful integration of flexibility, control, and automation that elevates Summer.fi’s borrowing and lending experience above the rest.
Q7. Summer.fi recently launched on Layer 2, providing enhanced scalability and reduced transaction costs. Can you share the significance of this move and how it improves the user experience?
The significance lies in the provision of cheaper and faster transactions, addressing the previous challenges related to high fees and slow processing times on the base Ethereum network. By offering our features on supported Layer 2s, Summer.fi achieves enhanced functionality, reduced costs, and improved speed and ease of use for its users.
This upgrade is better on Summer.fi due to its one-click functionality, intuitive interface, and simple yet secure design. Users can now experience a streamlined and user-friendly environment where complex operations are simplified, ensuring a more efficient and secure DeFi experience on the platform.
Q8. Could you tell us more about Summer.fi’s integration with the Ajna protocol and how it enhances the security and functionality of the platform?
At Summer.fi, the integration with Ajna reflects our commitment to delivering a superior user experience, underscored by the highest security standards. Our integration is designed to ensure that users enjoy the familiar, streamlined, and intuitive interface of Summer.fi while engaging with the innovative features of Ajna.
We recognize that security is paramount, so both Summer.fi and Ajna have undergone rigorous and thorough code audits. These audits are conducted by reputable third-party security firms with deep expertise in smart contract analysis, while also running a constant bug bounty program. The findings from these audits guide us in implementing best practices and in the continuous refinement of our codebase.
Our approach to curating the DeFi experience is meticulous. Ajna was selected as a partner because it meets and exceeds the stringent criteria we set for security, functionality, and innovation. By curating this experience, we guarantee that the protocols offered through Summer.fi, including Ajna, align with our high standards. This approach is central to maintaining trust and providing assurance that users are engaging with protocols that are not only advanced in their capabilities but are also reliable and secure.
By accessing Ajna through Summer.fi, users not only benefit from the additional Ajna token rewards but also contribute to the protocol’s growth. This exclusive arrangement serves to incentivize user engagement while simultaneously setting a precedent for the level of quality and performance users should expect from DeFi services.
In essence, our collaboration with Ajna enhances the overall experience by melding trust, security, and ease of use. We are dedicated to offering a curated, audited, and rewarding DeFi experience that aligns with our vision of setting the standard for excellence in the industry.
Q9. With the DeFi landscape constantly evolving, what future developments and innovations can users expect from Summer.fi in the coming months or years?
Users can expect to see more and more features on Summer.fi to better help them manage their position, and optimize it for best results. One key area of focus going into 2024 is going to be on more advanced automation, and enhancing the way users can more easily earn a competitive yield with their assets, with very little management and crucially, without giving up any custody of their assets. We also have some very exciting new designs being worked on, which will greatly improve the experience newer users have when they first come and explore borrowing, lending and earning in DeFi.
Q10. As an industry leader, what advice do you have for newcomers looking to explore the world of DeFi and get involved in the blockchain space?
For newcomers venturing into DeFi and the blockchain space, I recommend starting with thorough research and education. Understanding the fundamentals of blockchain, smart contracts, and DeFi protocols is crucial. Begin cautiously by experimenting with smaller sums of funds, utilizing layer 2s where transactions are faster and cheaper or simulated environments to grasp the nuances and risks.
Additionally, engage with the community, attend forums, and leverage educational resources offered by trusted platforms. Lastly, there is a common rule that many over the years have ignored, and lost large sums of money on – if it looks too good to be true, it probably is. This is, in my opinion, one of the safest ways to use DeFi.
Interview Summary
In this enlightening conversation, Chris Bradbury unveils a captivating narrative of Summer.fi’s journey and its transformative role in the dynamic landscape of DeFi. From the rebranding of Oasis.app to Summer.fi, reflecting a shift in identity and vision, to the intricacies of offering unparalleled user-centric design, automation, and self-custody, Chris provides profound insights into Summer.fi’s commitment to excellence.
The interview unveils the pivotal role Summer.fi plays in the financial revolution, offering users a paramount destination for borrowing and earning opportunities. Chris delves into the unique features that set Summer.fi apart, emphasizing accessibility, autonomy, and potential cost savings over traditional systems.
As the conversation concludes, Chris provides a glimpse into Summer.fi’s future, promising more advanced automation and user-friendly designs. The platform remains at the forefront of DeFi, poised to deliver an even more efficient and empowering experience for users in the coming months and years.
For newcomers stepping into the world of DeFi, Chris offers sage advice—start with education, engage with the community, and remain vigilant against enticing offers that seem too good to be true. As an industry leader, his insights serve as a compass, guiding enthusiasts and veterans alike through the boundless possibilities and innovations that define the future of decentralized finance.
