Introducing Rewards tab in Celovote

Zviad Metreveli
Zviad Metreveli
Introducing Rewards tab in Celovote

It has now been close to one month that voter rewards for locked CELO holders have been enabled. To make it easy to track earned rewards and provide additional information for account and tax reporting purposes, we are introducing Rewards tab in Celovote

This feature is fully free for everyone. Even if you don’t plan on authorizing Celovote for your vote management, you can still use the rewards tab to get all the information for your accounts and ReleaseGold contracts.

Rewards as CELO

Voter rewards are paid out in CELO and they automatically compound. You can see rewards earned broken down by quarter, or in more detailed view, broken down by each epoch individually. As of writing this blog post, official celocli tool still has slight inaccuracies in rewards reporting compared to Celovote. See open issue here.

Detailed view of per epoch rewards

Rewards as cUSD

NOTE This is not a tax or legal advice. This information is provided for informative purposes only. You should always refer to a qualified specialist for all your tax and legal questions to comply with the appropriate laws in your jurisdiction.

While rewards as CELO are useful, more important feature of Rewards tab is history of earned rewards in terms of cUSD. For various accounting and tax reporting purposes it is important to know what the “cost basis”, or value of earned rewards are in USD at the time when the rewards are earned.

For each epoch, CELO -> cUSD conversion is calculated based on on-chain exchange rate when distribution occurs. This gives value of rewards in cUSD at the exact time of distribution.

Examples of earned rewards in cUSD

For distributions that happened before on-chain exchange rate was enabled, conversion rate of 1 CELO => 1 cUSD is used based on CoinList auction price.

Hopefully you find this feature helpful. Feel free to send any suggestions for improvements to [email protected].