Following the launch of SIERRA, the liquid yield token issued by the Sierra Protocol, we are excited to introduce Sierra’s Summit Program. SIERRA has been designed to have a simple user experience, alongside community-first and transparency as core principles. Sierra’s Summit Program has been designed to mirror these principles by rewarding aligned, long-term contributors to the Sierra ecosystem.

This blog post outlines the key components of the incentive program that will take place over the coming months. We have recently published a detailed blog post covering lessons learned from points programs recently launched by other protocols and the guiding principles behind the design of Sierra’s Summit Program.

Summit Program Overview

The key components of the Summit Program include:

• By participating in the Summit Program, users will earn Peaks to track their participation

• The Summit Program will conclude with the Token Generation Event (TGE) for the Sierra Governance Token (SGT)

• The Summit Program will commence on Thursday November 20th, 2025 and will conclude by the end of June 2026 at the latest 

• At TGE, Peaks will convert to SGT based on the share of the total supply of SGT allocated to the Summit Program

• At least 30% of the total supply of SGT will be allocated to the Summit Program

• There will be at most 100,000,000 Peaks issued throughout the Summit Program

• There will be no vesting, penalties or similar mechanisms on SGT received at TGE

• Distribution of Peaks is linear, which means that the Summit Program does not provide additional incentives to participants who spread their activity across multiple addresses

As a participant of the Summit Program, some important details are:

• Participants can earn Peaks through many different activities involving SIERRA, which will all be displayed on the Peaks dashboard on Sierra’s website, available here: https://app.sierra.money/peaks 

• Peaks will be tracked weekly from each Thursday through the following Wednesday

• We will introduce Boost Peaks, which provide an additional reward to participants who continue participating in activities for multiple weeks to incentivize aligned user behaviour

• The weekly distribution of Peaks will be made each Friday and each participant’s balance of Peaks will be updated on the Peaks dashboard

• The Sierra team is working with Merkl and other partners to track all SIERRA activity related to participation in the Summit Program

• The Sierra team will be analyzing all activity related to the Summit Program and reserves the right to exclude activity that is deemed to be manipulative, such as wash trading or sybil attacks

We have designed the Summit Program to only include activities earning Peaks that contribute meaningfully to the Sierra ecosystem. Throughout the duration of the Summit Program, we will announce new partnerships with applications and platforms that earn Peaks. Here is a non-exhaustive list of activities earning Peaks:

• Passively holding SIERRA on Avalanche

• Providing liquidity for SIERRA on DEXes

• Buying YTs and providing liquidity on Pendle

• Depositing SIERRA into vaults

• Borrowing against SIERRA and SIERRA Principal Tokens (PTs) on lending markets

• Wagering with SIERRA on Crypto Casinos and Sportsbetting platforms

• Spending SIERRA with payments cards

• Bridging SIERRA to new blockchains with LayerZero

Over the next few months, we will provide significant details around SGT and its role in the Sierra ecosystem. In the meantime, here are some high-level details on SGT:

• SGT will be issued by SGT will be issued by Sierra Governance Limited, a company in the British Virgin Islands that is a wholly owned subsidiary of Sierra Foundation in Cayman Islands

• Prior to TGE, SIERRA holders and community members will be able to invest in SGT through one or more leading ICO platforms

• SGT holders will have real governance power over key features of the Sierra Protocol, including the Risk Framework, adding and removing yield sources, fees and revenue parameters, value accrual mechanisms, and spending funds in the treasury

Please follow Sierra’s official X account and join the Sierra community channel on Telegram to remain up to date on the Summit Program.