Sumer.Money is Live on Meter Network

We are excited to announce that Sumer Money is live on Meter Network. Sumer is the culmination of years of hard work and represents an enormous step towards enabling composable DeFi across blockchains.

Use Sumer on Meter: https://app.sumer.money/

Reimagining DeFI Lego with Sumer

The foundation for simpler, more secure, and capital-efficient DeFI

Sumer is a Cross-chain Synthetic Assets Money Market Protocol, deployed simultaneously on a network of supported chains.

Sumer enables creation of SuTokens (Synthetic Assets of USD, ETH and BTC) to provide a credit card-like experience to users. As a DeFi user, you can deposit your assets (ETH, BTC, USDC, USDT etc.) on the native blockchain in the lending and borrowing market to mint synthetic assets (SuUSD, SuETH, SuBTC) that are fungible across the network of all supported blockchains.

Break cross-chain liquidity & smart contract communication barriers

Enabling Hyper-Composability, Capital Efficiency, Cross-chain liquidity routing & abstraction for dApps

Non-custodial, highly decentralized & secure cross-chain transfers

Representing the same security characteristics and collateral backing across networks. Secured by Chainlink CCIP and LayerZero

Meter Deployment Details

Sumer enables three things: Synthetic Asset money market, variable rate lending and borrowing, and Capital Efficient lending and borrowing with grouping of assets. Here’s how you can use Sumer on Meter today:

• Users can lend and borrow assets at variable rates: USDC, USDT, ETH, MTRG, and wstMTRG.
• Users can earn leverage higher capital efficiency while taking positions on homogeneous assets. (Borrow USDT at 90% Collateral Rate while lending USDC compared to 80% Collateral Rate for heterogeneous assets, Borrow MTRG at 30% Collateral Rate while lending wstMTRG compared to 30% Collateral Rate for heterogeneous assets)
• Users can mint and lend synthetic Sumer Assets (SuTokens) in a highly capital efficient manner (99.7% mint rate for homogeneous assets): suUSD, suETH

Navigating Sumer Money

Sumer Money introduces lots of new functionalities and improvements over existing money markets. Here are some of the new things that Sumer enables which will help navigating through the protocol:

Homogeneous and Heterogeneous Asset Group

All assets within Sumer belong to a group which exhibits similar characteristics and risk profile. Groups on Meter network are as below;

• Stable — USDC, USDT, suUSD
• ETH — ETH, suETH
• MTRG — MTRG, wstMTRG

Assets within the same group have higher collateral rates because of their high correlation.

Sumer Synthetic Assets or SuTokens

SuTokens are multi-chain fungible assets and represent the same security characteristics and collateral backing across networks. With our next launch on Arbitrum and Base, users can seamlessly move SuTokens across any of the supported networks. SuTokens mints and repayments are free.

Bridging Partners, Integrated Bridging Support

Sumer has partnered with Chainlink CCIP and LayerZero to secure our multichain transfer of SuTokens across all supported networks. Sumer also supports native bridge integration within its UI.

Timelock

All withdrawals on Sumer Money are time locked. Withdrawal of funds is a two-step process (Liquidity Pool 🡪 Timelock Contract 🡪 User Account). Users cannot withdraw funds from the protocol within the same block.

Supply and Borrow Caps

All markets on Sumer currently have conservative supply and borrow caps at launch. All the caps will be revisited as protocol matures.

Conservative MTRG markets

MTRG money market will only support 30% collateral rate and low borrow cap of 300K MTRG due to its low on-chain liquidity and high normalized volatility.

Verified Contracts

All contracts on Sumer are verified.

Leveraged yield strategies on Meter Network

Users can lend wstMTRG on Sumer to borrow MTRG, participate in liquid staking to get stMTRG which can be wrapped to get wstMTRG and repeat the cycle again. This low risk strategy (MTRG, wstMTRG are correlated) can help users leverage their staking yield.

Audits

Users can access the audit of the protocol in our documentation here.

SuToken Liquidity Buildup and Adoption

(suUSD, suETH, suBTC)

While the maximum utility of SuTokens is unlocked with multichain Sumer deployment, we will work towards incentivized SuToken liquidity buildup on Izumi and Voltswap Finance on Meter Network.

Looking ahead

Sumer is multichain by design and nature. Post Meter Network launch, the team is working actively to launch on Arbitrum and Base within the next month!

Assets supported on Arbitrum would include;

• Stable — USDC, USDT, DAI, suUSD
• ETH — ETH, wstETH, suETH
• BTC — WBTC, suBTC
• ARB — ARB

Assets supported on Base would include;

• Stable — USDC, USDbc, DAI, suUSD
• ETH — ETH, cbETH, suETH

The list is being actively worked upon and subject to change.

We are also engaged in discussion with major DEXes on Arbitrum and Base to help us achieve our vision for multichain native SuTokens and support around liquidity buildup.

Meter deployment marks a major step in the development of the Sumer Cross-chain Synthetic Assets Money Market protocol and we are incredibly excited to unveil it and focus on growth.

Things are going to heat up in the next few months — make sure to follow our socials for updates so you don’t miss out!

Important Links

Twitter | Telegram | Discord | Website | Medium | Documentation