Summit DeFi — Everest Community Discussion

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Summit DeFi

3 min readNov 10, 2021

Greetings Travelers!

We hope you’re all enjoying the Daily Expeditions and getting a taste of what Summit has to offer its holders though we’re not done yet! There’s still V2 and Everest to come! With this in mind, we want to discuss the upcoming improvements to the Expedition system (Everest).

Aside from the general improvements to the Expeditions to further improve its quality of life, there’s a few things that we would like to open to the community so you can all have your say on it as we’re building this for you.

EVEREST will be a reward you are given for locking up your SUMMIT and SUMMIT-FTM LP. The EVEREST you own will be used as follows:

1. Your ticket to the Expedition — By holding Everest you are automatically entered into the Expedition and get your share of the Expedition winnings.

2. Your Vote Matters — Everest gives you voting rights in the Summit governance

3. Access to Exclusive Pools — Your Everest allows you access to exclusive Pools where you can stake it to earn other Blue Chip tokens (Such as FTM, TOMB, MIM, BOO, etc) or you could stake it to earn either more SUMMIT (which can then be turned into more Everest).

We want to reward those users who lock their SUMMIT and SUMMIT LP for longer duration’s, as it reduces price fluctuation and increases liquidity depth, so similar to Spirit and inSpirit, we are adding differing lock periods, and different reward multipliers based on that lock period (linearly scaling between endpoints). At the end of the lock period, your EVEREST is used to unlock your funds, and that EVEREST is burned.

As an example: if you lock 1 SUMMIT for 1 day, you might receive 0.1 EVEREST in return, but if you lock 1 SUMMIT for 1 month, you might receive 1 EVEREST in return. These are rough numbers, but they illustrate what we would like the community to help come up with:

1. What should the minimum lockup period be?
We believe 3 days is a good start, because it allows users to participate in the Expedition without causing price fluctuations.

a) 3 Days Lockup
b) 7 Days Lockup
c) 14 Days Lockup

2. What should the maximum lockup period be?
We think somewhere between 1 month and 1 year. Locking for a year may be too large a commitment for our users though.

a) 3 Months Lockup
b) 6 Month Lockup
c) 1 Year Lockup

3. What should the lockup multiplier be?
How much more EVEREST should you earn if you lock up for 1 month (hypothetical max lockup), than if you lock up for 3 days (hypothetical min lockup).

As examples
3 days (1x) — 1 month (10x)
1 week (1x) — 1 year (5x)

We’ve created a new channel in our discord where there will be dedicated threads to discuss with each other about these points.

If you want to take part then come join us in our Discord — https://discord.com/invite/summitdefi

See you at the Summit!