Summit DeFi — Expeditions

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Summit DeFi

4 min readFeb 10, 2022

Greetings Traveler! We have journeyed together throughout the various Elevations in the hopes of reaching the Summit. At long last, we’ve made it and now is the time for us to prepare for the Expedition.

All SUMMIT holders who have locked up for EVEREST can participate in the journey to reach the summit where great riches can be found. So grab your map, hug your totem and let’s begin!

What is an Expedition?

An Expedition is the ultimate pool of Summit DeFi! Every day our entire TVL within Summit DeFi is put to work through our passthrough strategy which continuously earns funds to build up our Expedition Treasury. This treasury is then used to create daily Expedition pots that are won by the holders of Everest and is one of the ways that we give value back to you as the holder!

Every Expedition Pot will payout both SUMMIT AND USDC!

Pick your Cosmic Deity.
Decide your FAITH.
Let the Gods decide your fate.

The difference here is that we’re not talking about your average totem, oh no, we’re talking about choosing a cosmic deity to back.

Deity/God Totems

The Cosmic Deities are written in the stars, but their true forms will be revealed to the travellers in their first Expedition.

Titans fight above to guide the Sherpa’s expedition. Untold riches are the reward for a successful search.

The Cosmic Bull guides the way, leading the Sherpa to glory.
The Cosmic Bear deceives, distracts, and creates false treasure.
If the Sherpa is successful in his search, the treasure is distributed to the Cosmic Bull. If not, it is stolen by the Cosmic Bear.

While Totems have a consistent chance of winning, Deities are different.

Each round of an Expedition the Deities change in strength meaning each round of the Expedition has a different chance of the Cosmic Bull successfully guiding the Sherpa to riches. The Cosmic bull has a 50–90% chance of winning while the Cosmic bear has a 10% — 50% of winning. How these numbers are chosen are detailed within our docs

How are the Expeditions funded?

The Expeditions are funded by:

60% of Passthrough Staking Rewards goes to the Expedition Treasury
50% of withdrawal fees goes to the Expedition Treasury
50% of Summit for those who claim rewards early (before 4 epochs)

As it grows, the Expedition Treasury will be composed of multiple token and LP types coming from fees and Passthrough Strategy rewards.

Once daily, the following maintenance of the treasury will occur:

Earned LPs in the Expedition Treasury will be broken.
All funds will be converted into stablecoins to insulate against the market.

If we notice too many traders arbitraging against our buying process this will change, but rest assured, the aim is to maximize the amount of funds in the expedition.

When are they?

After the first Expedition is held on the first Friday after launch they will then be held daily and run for 24 hours.

Who is Eligible?

Any user who has locked the SUMMIT for Everest will be able to participate.

How do I Participate?

After selecting your Deity for the first time, you will then be auto entered into all the following Expeditions as long as you still hold EVEREST so you don’t have to manually join each time.

How are the Rewards Split?

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 FAITH you put for your Deity (measure of risk you are willing to take).

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.