SUMMIT TOKEN & ECOSYSTEM
Farming
Expedition
Developers
Everest - The Expedition
Expeditions test your risk tolerance in a daily gauntlet , rewarding holders of EVEREST with large amounts of stablecoins and SUMMIT
Choose your Cosmic Deity.
Let the Gods decide your fate.
But what IS an Expedition?
Put simply, Expeditions add intrinsic value to the EVEREST token. Every day our entire TVL goes to work, earning funds to build up the Expedition Treasury which is then used to create daily pots that are won by holders of SUMMIT.
Every day an Expedition distributes rewards built up within the Expedition Treasury back to SUMMIT holders, with a touch of risk thrown in because we are still Summit DeFi after all.
Light hearted users may withdraw and sell their SUMMIT, but their staked amount had already earned passthrough rewards which seed the Expedition pot.
Stronger-handed holders of SUMMIT who have locked for EVEREST can then earn those rewards in the next Expedition.
Expeditions transfer opportunity cost from the impatient to the patient.
What is Paid Out?
Expeditions now pay out SUMMIT and USDC together. The SUMMIT will be market bought using the Expedition Treasury to create constant buy pressure and support price at key levels.
Expedition Emissions are calculated based on a 1 month period. For example if 60k USDC is in the Expedition Treasury then 2K USDC would be distributed daily. When funds are added to the Expedition Treasury it resets the 60 Day emission profile.
Joining an Expedition
If you have locked SUMMIT for EVEREST, and are holding that EVEREST, you only have to join the Expedition Once. You must select your Deity and Faith and then even if you forget about it, you are still earning every day!
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Expedition Rewards
The pot is split amongst the users, adjusted by how much of your winnings you risked with your Deity.
Your share of the reward pot is based on your amount of EVEREST and how much you risk.
For example, a user with Everest in the Expedition will receive a proportion of the daily pot corresponding to their proportion of the Everest in the Expedition.
The user can choose to risk some of these potential earnings by choosing a Deity (Bull or Bear) and Faith (amount of earnings at risk).
That means they have the potential to win not just their share of the Expedition pot, but other users pots too! As we are Summit DeFi risked Everest earnings also benefit from a 20% risk takers bonus to their share of the Expedition pot over unrisked Everest.
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Your USDC Winnings are available for withdrawal IMMEDIATELY however; your SUMMIT will be subject to the Glacier (lock it for more Everest, let is Vest over 28 - 35, or withdraw immediately with a 50% tax)
Last modified 4mo ago