Summer.fi, the MakerDAO frontend formerly known as Oasis, is winding down after a July 6th exploit on its Lazy Summer Protocol left the team with no viable path forward. The exploit hit a single transaction that drained the affected vaults, wiping out a meaningful portion of the team's own capital held in those vaults and eliminating the runway needed to rebuild.

Summer.fi was originally spun out of the Maker Foundation in June 2021 and spent five years building vault management infrastructure for MakerDAO positions, adding Multiply, Yield loops, and Vault Automation features along the way. Its follow-on product, the Lazy Summer Protocol, grew to $200 million in TVL at its peak. Over its lifetime, the platform served more than 50,000 users.

The Summer.fi app will remain live until August 31. The Lazy Summer DAO is working to resume withdrawals and redemptions on all vaults, including the two exploited ones. Support channels stay open until end of August. The shutdown marks the end of one of DeFi's longest-running frontends. In 2023, UK courts ordered the project to exploit its own smart contracts to recover $140 million stolen from the Wormhole Bridge.

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