Elevation Farms (Yield Multiplier)
Elevation farming is the cornerstone of Summit. Elevation Farms are built around Yield Multiplier, a new way of interacting with your farmed Yield, and potentially multiplying it massively.
Elevation farms are built to bring excitement, tension, and community (through totems) to the DeFi space. Additionally the round times, progressive average yield, and vesting allows Elevation farms to help regulate SUMMIT price fluctuations.
Each Elevation has its own risk / reward breakdown. Here is a quick comparison between the elevations you can farm at:
The OASIS has been added only for comparison. The OASIS not an elevation farm and does not feature yield multipiers.
When staked in a Standard (i.e. Oasis) Farm, rewards are generated continuously and can be harvested freely, as you'd experience in any old DeFi farm.
Elevation Farms differ in that rewards are instead accumulated over the duration of a round, to be risked against each other at the end of fixed duration rounds.
Farms are divided into totems, the number of which vary by elevation. Over the course of a ‘round’ (2h) the staking rewards of each totem at each elevation are gathered together in one pot. One of the totems is randomly selected as the winner, with that totem earning the total staking rewards accumulated during that round.
Regardless of win or loss, your staked funds are always safe and available to you, and will continue to build your yield for risking in the next round.
Like the OASIS farms, Elevation farms utilize passthrough staking to maximize the value of your staked tokens and LP.
- You can stake at any point during a round. You will immediately begin accumulating your yield (the yield part of yield multiplier) as soon as you stake. The earlier in a round you stake, the higher your risked yield, and the higher your potential winnings.\
- 60 seconds before the end of the round, the farm will lock. During this time the winning totem is selected and the round finalized.\
- At the end of the round, your selected Totem will either win or lose. If you win, your winnings will vest over the duration of the following round.\
- You can freeze (move to Glacier) your winnings as they become available at any point in time.
- You can than wait for the tokens to vest (30 days), harvest early (50% penalty), or lock them for Everest (for a minimum of 30 days). To see more please look at the Farming article.
- You do not have to re-stake your tokens / LP every round, you will automatically roll-over to the next round and start generating new yield to multiply.
A new elevation unlocking is meant to be purely a positive for the userbase. To ensure this, the progression of elevations is mathematically guaranteed to yield more rewards over a long enough time span, and moving to the new elevations is designed to be as frictionless as possible:
Higher elevations offer higher rewards, not just through the possible Winnings Multipliers from Yield Multipier, but through the higher Allocation Boosts. A higher elevation farm of token XYZ will always have a higher SUMMIT reward emission than a lower elevation farm.
Emission is determined on a PER TOKEN/LP basis, thus all farms of a token across elevations will share a single emission allocation. That allocation is further split by the staked amount at each elevation, adjusted for the allocation boost as you rise in elevation.
100 tokens staked at The SUMMIT will earn the same share of the token's allocation as 150 tokens staked at The OASIS.
Higher elevations have longer round durations, meaning it takes longer on average to 'break ahead' of RNG fluctuations. Users are expected to remain in higher elevations for longer durations to accumulate their yield bets and earn large rewards.
Longer round durations and longer time spent in the pool provides a delayed buffer on price fluctuations, adding stability to the SUMMIT token's price.
For more information on SUMMIT tokenomics see here: