Summa

Basics

Founded in:
Mainnet release:
Based in:
Summa builds tools to exchange crypto in a convenient and trustless fashion.

History

From an interview with co-founder James with The Defiant (27-10-2020):

"One of the things that I was working on at Storj was kind of this treasury management with crypto is like, you have this company you need to plan to make payroll in dollars, you have assets in five different cryptocurrencies in the bank account. I started thinking more and more about how you can hedge your risk and how you can make smart contracts to do this capital management planning for you.

We founded Summa to work on a lot of those things. We started off building derivatives, options and other kinds of complex financial instruments. We wanted from the start to work with Bitcoin and Ethereum, you know, the two most adopted liquid cryptocurrencies out there, and thought that being able to work cross-chain would be a really interesting and compelling story for the technology.

What we realized really early on in this process is that the cross-chain ecosystem has a bunch of unique problems and user experience issues and that solving those isn't something we can do just for one product. We could build out this whole bespoke solution for one product and it would take years, and we would probably end up with something we were only a little happy with. Instead, we started pivoting more and more into just building out the base interoperability technology.

Along the way, we got to work with Ethereum, the Interchain Foundation, Cosmos ecosystem, with Nervos, and Celo and tBTC, and a bunch of other different interesting platforms in the space. That's what we did, basically for the entire lifespan of Summa was go out and try to work with everybody possible to just push forward tooling around cross-chain interoperability."

Token

Launch

Token allocation

Utility

Token Details

Stablecoin

Tech

Whitepaper can be found [insert here].
Code can be viewed [insert here].
Built on:
Programming language used:

Transaction Details

Capacity (TPS):
Latency:

How it works

From Bankless (23-7-2020):

"They achieve their cross-chain auctions by using SPV Proofs to prove that a BTC transaction occurred on Ethereum. This allowed users to download a desktop application, and use Bitcoin to buy Ethereum assets in an auction."

Mining

Staking

Different Implementations

Interoperability

Other Details

Privacy Method being used

Compliance

Oracle Method being used

Their Other Projects

DEX

Governance

DAO

Self Funding Mechanism

Upgrades

Roadmap

Can be found [Insert link here].

Audits

Bug bounty program can be found [insert here].

Bugs

Usage

From Bankless (23-7-2020):

"It didn't get a lot of volume or use. This may be related to the fact that it required users to download a desktop app, or that liquidity for the auctions never gained a significant amount of traction."

Projects that use or built on it

Competition

Coin Distribution

Pros and Cons

Pros

Cons

Team, Funding, Partnerships, etc.

Team

Full team can be found [here].
James Prestwich; founder
Chris Wessels

Funding

Acquired by the operators of Celo in the summer of 2020.

Partners

One of the founding partners of Cross-Chain Group which launched tBTC.

From an interview with co-founder James with The Defiant (27-10-2020):

"Along the way, we got to work with Ethereum, the Interchain Foundation, Cosmos ecosystem, with Nervos, and Celo and tBTC, and a bunch of other different interesting platforms in the space. That's what we did, basically for the entire lifespan of Summa was go out and try to work with everybody possible to just push forward tooling around cross-chain interoperability."