Our mission is to build the infrastructure and the tech layer needed for next-gen DeFi applications.
Why we started
Sumeria Labs was founded in 2022 by four Ivy League graduates Sy, Michael, Jimmy, and Zilin. With over a decade of experience in investment banking, art & history, and DeFi development, they saw the massive potential for decentralized finance (DeFi) applications applying to the NFT market. The founders recognized an absence of infrastructure to support this next-gen financial system, thus Sumeria Labs was born.
Story of the brand
Meaning behind Sumeria
The name Sumeria Labs pays homage to the ancient Sumerians, an early group of settlers within the Mesopotamia region. This advanced civilization is credited for inventing the first financial system in human history. Like the ancient Sumerians, Sumeria Labs is building the next-gen DeFi system to support the NFT market.
As crypto and NFT markets are developing, it is clear that there is a world of incredible opportunity waiting to be tapped.
We innovate, evolve, and push for cutting-edge, next-gen technology. We are leaders in the Web3 space — others look to us for guidance.
We consider the impact of security with every move we make. We use the latest protocols, standards, and best practices — we never let down our guard.
From strategy to execution, we do everything with an extremely high standard of decentralization — it is engrained in who we are as a team and as a company.
Frequently asked questions
How does Zumer work?
Zumer helps you release your NFT liquidity without selling your assets. Alternatively, you can earn a yield by providing liquidity to the protocol.
Zumer connects borrowers and lenders for secure, instant and permissionless loan transactions.
It integrates a traditional banking risk management system with a Web3 model that guarantees security and reliability. Most of the DeFi protocols are running a brokerage model though a few of them claim they are trying to replace banks. However, none of them run like a real world banking model but more like a brokerage model. Zumer applies a real world banking approach by adding a provisioning pool to protect users. Built on the Ethereum blockchain, it provides a trustworthy way to create NFT-backed loans at scale.
How do I release my NFT liquidity without selling my assets?
Pledge one of the NFTs supported by the Zumer protocol (mostly bluechip NFTs) as collateral and receive a secure, instant and permissionless loan from Zumer. The protocol will also support all NFTs with a scalable and decentralized mechanism in Phase 2.
What are the most frequent use cases for Zumer?
Take advantage of a short term trading opportunity: If you want to take advantage of a short term trading opportunity, you can use Zumer to harness your locked up NFT liquidity without having to sell your assets.
Take advantage of depressed market rates: Recently the market prices have fallen a lot. If you want to take advantage of these depressed market rates without selling your NFTs, Zumer is here to assist you with the required liquidity.
Increase your tax efficiency: Selling an NFT in order to get liquidity is always a taxable event. If you take out a loan instead, the transaction is not taxed and you can even tax deduct your interest rate payments.
Who is behind Zumer?
Zumer is founded by an experienced team of blockchain and finance professionals from MIT, Harvard, Cornell, JP Morgan, Goldman Sachs, Meta, Abra, etc.
The founding team is backed byreputable investors such as Outlier Ventures and DragonRoark (Draper Dragon’s Crypto JV in Singapore). The team was picked by the Binance Chain's Incubation Program (MetaFi focus) in Apr 2022.
Zumer is your trusted and reliable partner for liquidity in the NFT market and the metaverse.
With founders from MIT, Harvard, Cornell, JP Morgan, Goldman Sachs, Meta and reputable investors such as Outlier Ventures and DragonRoark, Zumer’s core premise is security for both, borrowers and lenders.
Zumer integrates a traditional banking risk management system with a Web3 model that guarantees security and reliability.
For Borrowers: You chose your risk level. For example you can borrow up to 50% of your collateral - the lower the ratio, the more safety from sudden price changes.
For Lenders: Our provisioning pool provides extra security for lenders. Similar to how a bank would manage risk of default, our provisioning pool can compensate for defaults even before the underlying collateral is sold.
No sudden liquidations: Should the event of a margin call happen, we give you 48 hours before a liquidation takes place to repay your loan.
The Zumer protocol will be fully audited and has undergone extensive stress tests.
How do I earn passive income with Zumer?
Deposit funds via the Zumer LP Pool and let your money work for you. You will receive passive income in ETH with our reserve pool as an additional security layer in case of a borrowers default. You will also receive additional Zumer tokens for governance and as an additional incentive.
Which NFTs does Zumer accept as collateral?
Mostly bluechip NFTs to start with. We will release a full list soon.
Can I get liquidated?
While you can get liquidated if the prices of your collateral decreases in a drastic manner, we will never liquidate you instantly. We will always give you a couple of hours notice to repay your loan before a liquidation would occur. You also have the first right to redeem your pledged NFT should the liquidation process be triggered. In addition, you can buy the Zumer insurance to extend the period of protection from liquidation.