Sumer is a multichain synthetic assets protocol with a lending and borrowing market, deployed simultaneously on a network of supported chains, that provides a credit card-like experience to promote multichain liquidity and cross-chain smart contract communications. As a DeFi user, you can deposit your assets on the native blockchain to mint synthetic assets that are fungible across the network of all supported blockchains.
- The synthetic assets enable easy, non-custodial cross-chain transfer while representing the same security characteristics and collateral backing.
- The synthetic assets can be traded, farmed, or spent across multiple chains.
- The protocol design enables the availability of instant liquidity for the synthetic assets on all supported networks in the lending and borrowing market.
Through its new multi-chain composable synthetic asset class – ‘SuTokens’, Sumer aims
- To break cross-chain Liquidity and smart contract communication barriers
- To enable Cross-chain Liquidity Routing and Abstraction for dApps
- To enable Non-custodial, highly decentralized and secure Cross-Chain Movement of Assets
Other critical considerations;
- Sumer has been audited and is forked from the battle-tested Compound Protocol
- The protocol is open source, which allows anyone to interact with a user interface client, API or directly with the smart contracts on all the supported networks.
- Users/ dApps can build any third-party service or application to interact with the protocol and enrich their product.
KuCoin Community chain, Ethereum, Binance Smart Chain. Meter Network.
- Deposit Assets and Earn Interest
To interact with Sumer, user can deposit their preferred asset from whitelisted assets and amounts. After depositing, the user can earn passive income based on the market borrowing demand.
- Mint Synthetic Assets
Depositing assets allow users to mint SuTokens which are composable across all supported networks by using your deposited assets as collateral. As SuTokens can be minted interest-free at launch, any interest earned by the user depositing funds minus the protocol reserve factor is their yield.
- Borrow Native Assets
If the user chooses to borrow native assets, the interest earned helps offset the interest rate you accumulate by borrowing.
- Repay Minted SuTokens or Borrowed Native Assets
Transaction Costs for blockchain space usage across supported networks. There include,
- Core Money Market activities – Supply, Mint, Borrow, Repay
- Staking and Liquidity Mining – Stake, Unstake
Yield Sharing – Part of yield on interest on deposited assets is shared as protocol revenue
Your funds are allocated in a smart contract. The code of the smart contract is public, open source, formally verified and audited by third party auditors. You can withdraw your funds from the pool on-demand or export a tokenized (cTokens) version of your lender position. cTokens can be moved and traded as any other cryptographic asset.
No platform can be considered entirely risk free. Smart contract risk (risk of a bug within the protocol code) liquidation risk (risk on the collateral liquidation process). Every possible step has been taken to minimize the risk as much as possible by means of the protocol code that is public and open source and audited.
Sumer token serves the key purpose of Protocol governance.
- Decentralized & Permissionless Governance of Protocol Operations
- What su Tokens can be supported
- What tokens can be used as collaterals for issuance for SuTokens
- What should be the collateral ratio for issuance of SuTokens
- What should be reserve ratio to ensure capital efficiency of deposited assets
- Liquidity incentives across multi-chain ecosystem
- Staking Rewards