Summit DeFi Introduction
Summit DeFi brings a new flavor to the world of Yield Farming.
Choose your Totem. Risk your Yield. Farm Big, or not at all.
Why limit your farming yield to only what you farm.
You're sitting there, farming away with countless other users, and you don't even get to touch their rewards at all. Not even a little bit.
Seems like a waste to us.
We let you win your neighbor's yield. We let you win your block's yield. Hell, we let you win your entire town's yield!
Oh right, they can also win your yield as well.
Instead of risking the principle, you only risk the interest. Your staked funds are always 100% safe, all you have to lose is a bit of your time.
In DeFi terms, only your yield is at risk, never your staked amount.
Tailor your strategy between different elevations to match your risk tolerance. From guaranteed earnings to risking your milk money, we've got you covered.
Usually yield farming means your funds can't earn consistent and guaranteed rewards in other farms and vaults.
Why should that have to change? Staking with Summit DeFi passes your funds through to trusted and validated names in the DeFi world, and uses the earned rewards to build massive expedition pots which you get a chance to win as well.
Expeditions eliminate opportunity cost and return passthrough rewards right back to you, like you never even left the vaults. Even earn the passthrough rewards of less steady handed SUMMIT holders who have sold their ticket to ride.
Yield Multipier is a new concept, but we have spent the time to envision and build a fully featured ecosystem around it.
It's not required to micromanage your funds every round (you can if you'd like). Your funds are automatically entered into the next round when a round ends. You can continue to win while you sleep, and your winnings will wait for you to come back.
Elevate to switch funds between elevations with only a single transaction fee. Elevations unlock gradually during the first week, but we don't want you to be penalized for staking early by paying multiple fees.
One and done.
Farmed rewards require 28 - 35 days* to mature to become 100% claimable with zero penalty. You can claim rewards early before the lock matures however this will incur a 50% tax on the claimed amount. Of this taxed amount half (50%) is sent to the Expedition again to reward SUMMIT holders and the remaining half is Burned reducing SUMMIT supply.
*So if you freeze your rewards on the first day of the Epoch, you have to finish the epoch, then wait 4 weeks (35 days)
If you freeze your rewards on the last day of the Epoch, you only have to wait the 4 weeks (28 days)
A token / LP's earnings allocation is shared across all elevations it exists at. Funds at higher elevations will always earn more than funds at lower elevation.
You shouldn't be penalized for moving to a higher elevation, in fact, you should be rewarded for taking on additional risk. Shared token allocations allow 100% of users to move to a higher elevation if they so choose, without earning less rewards for it.
Summit DeFi has been audited by Obelisk twice, but if you do find a bug please get in contact - we recognize no code is perfect.
Sounds like fun? Then get yield multiplying!!