Summit DeFi — The Glacier & Everest
In this article, we’re gonna to give you a brief overview of two important aspects of the Summit DeFi ecosystem — The Glacier and Everest so let’s jump straight in!
The Glacier
All farms within the Summit DeFi ecosystem utilise a method called “Yield Locking”. This is used to incentivize long term holders of SUMMIT and disincentivize short term thinking in regards to our farms.
We recognise the benefits yield locking has had for other projects to develop their community and wider use of their token, and we hope that it will similarly help the Summit project grow it’s community and engagement, as well as support more stable price action.
So when you claim earn SUMMIT within our farms (and the Expedition) these rewards are sent to the Glacier where you have the following options:
- Let them thaw for a period of 28–35 days, where they can then be withdrawn without impact from a fairness tax
- Harvest them early with a fairness tax*
- Lock them for Everest at no penalty, as long as it is locked for 30 days or more. If it is locked for less than 30 days the Everest lock period will be pushed to a minimum of 30 days.
*You can claim rewards early before the lock matures however this will incur a 50% penalty on the claimed amount. Of this taxed amount half is sent to the Expedition to reward SUMMIT holders and the remainder is burned reducing SUMMIT supply.
Everest
Everest will be the Summit DeFi governance token, with some extra bonuses. Apart from helping with the future direction of Summit DeFi (through queries from the team which Everest holders can vote on), Everest can be used in the following ways:
- You can use it to farm more Summit through our Yield Multiplying platform
- Automatically participate in Expeditions where you can win your share of SUMMIT & USDC.
- Join exclusive Everest Pools, which use part of the Expedition Treasury to consistently earn you tokens (To be implemented at a later date)
How Do I Get Everest?
The only way to obtain Everest is by locking your SUMMIT in the Glacier.
You’ll need to keep hold of your Everest in order to redeem it for the SUMMIT you initially locked.
Is Everest Tradeable?
No, Everest is not tradeable.
You can read more about The Glacier and Everest in our docs:
💬 Join Us:
Visit our website: https://summitdefi.com/
Join our Discord: https://discord.gg/summitdefi
Join our Telegram: https://t.me/summitdefi
Follow our Twitter: https://twitter.com/Summitdefi
Follow our Medium: https://medium.summitdefi.com/
Read our docs: https://docs.summitdefi.com/
See our code: https://github.com/summit-defi/summit-contracts-v2
See our audit: https://github.com/Tibereum/obelisk-audits/blob/main/Summitv2.pdf
