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Interview with Summerfi CEO Chris Bradbury

12 April 2024 06:03, UTC

In this exclusive interview, Crypto News talks to the visionary CEO of Summer.fi, Chris Bradbury, about his personal journey from aerospace engineering to spearheading innovation in decentralized finance.

We discuss Summer.fi’s latest features, aimed at revolutionizing position management and risk mitigation, and the ways in which the platform seeks to empower both novice and seasoned trader alike.

We also tap into Chris’s own trading strategies and tools, his insights on the trajectory of DeFi for 2024, and his strategic priorities regarding the future of Summer.fi.

1. Could you tell us about your personal path in the crypto field and how you became involved with DeFi development?

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.

2. How does Summer.fi cater to both novice and experienced traders alike, and what resources are availabIle for learning and support?

Summer.fi caters to both novice and experienced traders by offering a user-friendly interface for easy navigation and access to decentralized financial services like lending and borrowing. Novice users can benefit from the simple layout and straightforward processes, while experienced ones can take advantage of advanced features and tools for more sophisticated strategies.

Additionally, Summer.fi provides various resources for learning and support, including educational materials such as tutorials, guides, and documentation to help users understand how to use the platform effectively. There is also a discord community with 24/7 support and additional social media channels available to assist users with any questions or issues they may encounter while using the platform.

3. You recently launched Aave v3 Auto Buy & Sell features. Can you elaborate on what this introduction brings to your users, especially regarding its contribution to position management?

Yes, this feature radically improves position management on Summer.fi platform and is available on all supported networks (Mainnet, Optimism, Base, and Arbitrum). While keeping it non custodial, this move makes position management affordable to all users, democratizing accessibility of lending positions. Our users can effortlessly capitalize on market uptrends and downtrends without manual intervention and easily execute risk mitigation strategies. Auto-Sell derisks in case of a price drop while Auto-Buy enables users to capitalize on price increases. Using both simultaneously maintains a constant multiple, enabling optimal performance during market trends.

4. You also recently introduced Stop Loss functionality to all Layer 2 networks. How does this functionality integrate with Summer.fi’s services, and what benefits does it offer to traders aiming to manage risk?

This is a really great feature for traders, which allows to limit potential losses on tokens position and take advantage of upwards market trends. 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.

I believe, this helps our traders in maintaining discipline and sticking to investment goals and strategies even in a volatile market condition. At Summer.fi 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.

5. Do you personally use the stop-loss feature? What are the main tools you use in personal trading?

I do indeed utilize the Stop-Loss automation within our platform as part of my personal strategy. It provides an essential layer of risk management, allowing me to set predefined price levels at which my positions are automatically liquidated to minimize potential losses.

In addition to Stop-Loss, I leverage a range of automation features available on Summer.fi, as well as additional tools to optimize my DeFi experience.

These include advanced charting tools for technical analysis, real-time market data to make informed decisions, and active engagement with web3 community forums including ours.

6. How do you see the forecast for 2024 and upcoming changes in DeFi in whole? Will it still be around L2 solutions or is there something you foresee?

I foresee continued growth and evolution in the DeFi space throughout 2024 and beyond.

While Layer 2 (L2) solutions have played a significant role in addressing scalability issues and reducing transaction costs on the Ethereum blockchain, I anticipate further innovation and diversification in the DeFi ecosystem.

One trend I anticipate is the rise of multi-chain interoperability, where DeFi protocols operate across multiple blockchain networks. This approach allows users to access a broader range of assets and liquidity pools while benefiting from the unique features and scalability solutions of different blockchains.

Furthermore, I foresee increased adoption of decentralized autonomous organizations (DAOs) and governance tokens, empowering users to have a greater say in the direction and governance of DeFi protocols. This trend aligns with our commitment to decentralization and community-driven initiatives at Summer.fi.

Additionally, advancements in decentralized oracle networks, cross-chain bridges, and privacy-preserving technologies are likely to enhance the security and functionality of DeFi platforms, attracting more users and institutional investors to the space.

7. As the CEO of Summer.fi, what will be your primary focus and top priorities in 2024?

My primary focus and top priorities in 2024 will revolve around three key pillars:

Continuously improving the user experience on our platform will be paramount. This includes refining the interface, optimizing performance, and streamlining processes to ensure that users can easily access and navigate our decentralized financial services.

I will prioritize driving innovation within the DeFi space by exploring new products, features, and partnerships that add value to our users.

Engaging with our community and providing educational resources will remain a top priority.

8. What advice would you give to new traders just entering the DeFi space?

My advice to new traders just entering this exciting ecosystem would be:

Take the time to understand the fundamentals of decentralized finance, including how different protocols work, the risks involved, and best practices for trading.

Begin with small amounts and gradually increase your exposure as you gain experience and confidence.

Implement risk management strategies such as setting Stop-Loss, managing position sizes, and avoiding excessive leverage. Avoid chasing short-term gains or succumbing to FOMO.