Block Analitica
Block Analitica, established in 2019, describes itself as the risk team behind the Sky ecosystem (formerly MakerDAO) and builds risk tooling for Spark and other lenders. From 2025 until July 2026 it was risk curator for the Lazy Summer Protocol vaults, a role it gave up after the July 2026 exploit.
Suits: Protocols that want long-horizon collateral analysis; vault depositors should weigh its 2025–26 Lazy Summer record
How this score was reached
Every firm starts at 10.0. The lines below are the only things that move it: each event on the ledger after credits for the response, and the two firm-level checks. At least one incident with real depositor cost that the response did not fully offset.
| Start | 10.0 |
| 6 Jul 2026 — Donation attack drains two Lazy Summer USDC vaults | −1.0 |
| 6 Nov 2025 — sUSDX market loss in the Lazy Summer Arbitrum USDC vault | −2.0 |
| Public risk methodology | 0.0 |
| At least one year of documented mandates | 0.0 |
| Score | 7.0 |
|---|
The facts, with sources
A value with no source does not count toward the score. Where a fact could not be found it reads “not published” and is scored by the published rule for missing data.
| Criterion | Value | Source | Checked |
|---|---|---|---|
| Public risk methodology | PublishedPublished a risk framework for the Summer.fi DAO-managed fleets, covering how assets are classified and exposure is limited. | forum.summer.fi ↗ | 21 Sept 2026 |
| First documented mandate or vault | 1 Jan 2019Supporting Sky (then MakerDAO) with risk work since 2019, as stated on its website | blockanalitica.com ↗ | 21 Sept 2026 |
| Mandate — Sky and Spark | Risk analysis and risk toolingSince 2019 | blockanalitica.com ↗ | 21 Sept 2026 |
| Mandate — Lazy Summer Protocol | Risk curator for the protocol vaults2025 – July 2026 (stepped down) | forum.summer.fi ↗ | 21 Sept 2026 |
| Incidents on the ledger | 2Each listed below with its sources | — | 21 Sept 2026 |
On the record
- Cut exposure to xUSD and deUSD to zero in late October 2025, before both depegged, which kept those losses out of Lazy Summer vaults.
- Published a risk-curator retrospective two days after the July 2026 exploit.
Against it
- The Arbitrum USDC vault lost about $1.5M on a Silo sUSDX/USDC market in November 2025; the firm's retrospective came 25 days later and a reimbursement was proposed but not confirmed as paid.
- On 6 July 2026 an attacker extracted about $6.04M from two Lazy Summer USDC vaults by donating overvalued tokens into a strategy the vaults still counted — one capped for offboarding but not yet removed.
Block Analitica on the ledger
- −1.0
Donation attack drains two Lazy Summer USDC vaults
Role: Risk curator for the Lazy Summer USDC vaults
- Loss or bad debt
- $6.04M−2.0Net losses of about $5.64M in the lower-risk vault and $0.40M in the higher-risk vault, per the Summer.fi post-mortem.
- Response
- ✓ Post-mortem in 2 days +1.0— No confirmed payout— No ignored public warning documented
Vaults were paused by the Guardian multisig; the exploited strategy held stale Silo vault tokens and had been capped for offboarding but was still counted in the share price. BA Labs published a curator retrospective two days later and stepped down as risk curator.
Recovered USDC left in the vaults was distributed to affected users via Merkl after the loss was socialised; we found no payout toward the loss itself.
Primary sourceLazy Summer USDC Vault Exploit Post-Mortem — Summer.fi ↗Post-mortem ↗Payout record ↗
- −2.0
sUSDX market loss in the Lazy Summer Arbitrum USDC vault
Role: Risk curator for the Lazy Summer Protocol vaults
- Loss or bad debt
- $1.50M−2.0About $1.5M of depositor losses in the Arbitrum USDC Lower Risk vault from the Silo sUSDX/USDC (127) market, per the reimbursement RFC.
- Response
- — Account after 25 days — outside the 14-day window— No confirmed payout— No ignored public warning documented
Set the market cap to zero on 4 November 2025, two days before USDX depegged, but the vault could not exit because Stables Labs withdrew its liquidity and utilisation hit 100%.
A one-time reimbursement in SUMR tokens was proposed in December 2025; we found no confirmation that it was paid.
Primary source[RFC] Arbitrum User Reimbursement, Insurance Fund, and Other Improvements ↗Post-mortem ↗