Summit DeFi — Elevation Farms

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Summit DeFi

4 min readFeb 10, 2022

Elevation farming is one of the cornerstones of the Summit DeFi ecosphere. Our Elevation Farms are built around Yield Multiplying, a new way of interacting with your farmed yield, creating the potential of multiplying it massively.

We’ve built these to add a little spice to traditional yield farming and liven up the DeFi farming atmosphere by bringing excitement, tension and building the community through the use of our super cute totems. Remember that adorable Otter? Yeah, he’s one of those totems.

Nice to meet you, I’m Harry, Harry Otter.

So what’s the deal about Elevations?

Each Elevation has its own risk/reward ratio, although remember that your initial funds are never at risk as you are only risking your potential yield. The Elevations have progressive round times and progressive average yields.

The longer the round, the higher the potential reward.

Wait, “The Oasis” has a continuous round duration?

We appreciate that the risk element of Yield Multiplying might not be for everyone so we created “The Oasis”. This elevation acts exactly like your regular Yield Farm so what you earn in yield is yours with no strings attached and no risk.

There’s only one totem in this Elevation so you still get your totem buddy, but miss out on the fun of potentially multiplying your yield.

Alright, so what about the other Elevations?

Well now, the other Elevations are where your Yield Farming gets a bit more interesting as you are now able to participate in Yield Multiplying.

As your journey from the Oasis and through the higher elevations, you will meet more totems from which you can choose. Not only does it become a tougher decision on choosing who your favourite totem is but it also means more totems are trying to win that juicy reward pot each round to multiply their friends’ yield (you’re only their friend if you decide to pick them as your totem). The more totems in that elevation, the greater potential reward multiplier — 2x, 5x, and 10x!

As you come across more totems in the higher Elevations, this gives you a higher reward potential! All the Elevation rounds are set to 2 hours, par the Oasis which is very similar to your traditional DeFi farm. This is all captured in our beautiful comparison table just above.

Higher elevations offer higher rewards, not just through the possible Reward Multipliers, but through the higher Allocation Boosts. A higher elevation farm of token XYZ will always have a higher average 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, on average, earn the same share of the token’s allocation as 150 tokens staked at The OASIS.

What is Yield Locking?

We utilize a method called “Yield Locking” which is used to incentivize long term holders of SUMMIT and disincentivize short term thinking in regards to our farms.

When you earn rewards within any of our farms, the rewards then need to be sent to the Glacier where they can “thaw” and you are presented with three options:

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).

How do Rewards Work?

When you join a farm, there is a “Withdrawal Fee” which starts at 7% and then ticks down each day to 1%. 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%.

It is important to note that if you add 5% or more of your existing balance to a farm, the counter starts again from scratch!

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.

What about “Deposit Fees”?

Our pools will be subject to a Deposit Fee that ranges from 2% all the way to 0%. However, it’s not all that bad as this is only applicable to new money you put it.

You can freely move money already in pools between elevations without having to pay any additional deposit fee, as long as you don’t withdraw it.

Where do the passthrough rewards go?

With the rewards earned from the passthrough staking strategy, 60% of this will be put towards the “Expedition” and an additional 20% will be used consistently add to SUMMITs LP which over time will add deep liquidity.

We’ll touch upon the Expedition in a different article, but you’ll be able to win big there.

On top of this, 50% of all fairness taxes (when a user withdraws their SUMMIT before it thaws in the glacier) fees go towards the “Expedition” as well!

I bet you’re getting curious to know what this “Expedition” is all about now? Well, that article is coming soon!