SUMMIT TOKEN & ECOSYSTEM
Farming
Expedition
Developers
Passthrough Strategy
Passthrough Strategies utilize the full TVL of Summit DeFi to earn rewards, which in turn are given back to SUMMIT holders through weekly Expeditions.
When you stake your non-native LP or Single Assets with Summit DeFi, we immediately pass it through to a well known player in the DeFi world, Beefy.Finance. Many trusted farms and vaults exist alongside Summit, and by utilizing assets staked with us, we can earn rewards that boost the price and value of the SUMMIT token itself.
The passthrough strategy system is a key piece of the Summit DeFi machinery, and contributes to returning value to Summit users
Passthrough Rewards
Each of the passthrough strategies earn a reward token, and our inbuilt strategies to handle it extracts any earned rewards whenever a deposit or withdrawal takes place.
60% of these rewards are sent to the Expedition Treasury, seeding Expeditions. These tokens will be of all types, and they will be converted into stablecoins regularly.
20% of these rewards is sent to the team treasury to continue development.
The remaining 20% is used to create SUMMIT-FTM LP to increase liquidity
Deposit Fees & Withdrawal Fees
There is a withdrawal fee which decreases from 7% to 1% over the first 7 deposit days to prevent excessive fund flipping, and to cover any fees through using passthrough strategies (which may themselves have deposit and withdrawal fees). On the 8th day, a “Bonus %” begins to be applied to the rewards you earn which starts at 1% and then goes up to 7%.
If you deposit greater than 5% of your existing balance into a pool within the OASIS or other Elevation farms, this will reset your withdrawal fee % back to 7%.
As an example, if you have $1,000 worth of SUMMIT currently in a farm and you deposit $50 (5%), then the “Withdrawal Fee” for that farm only will go back to 7% and start ticking down however; if you deposited $49 (4.9%) then it would not be reset.
Last modified 4mo ago
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