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Covenant is a simplified version of Quest, made for custom, fixed rewards deals for Gauge voting.
The creator can define the list of allowed voters, the target amount of votes they wish to receive, the number of periods and the total budget for all periods. At creation, a fixed reward per vote amount will be calculated based on those parameters.
At the end of each voting period, the sum of all listed voters bias is summed up to calculate the total received amount of votes, and the exact amount of rewards is calculated for the voters (the undistributed rewards are available for the creator to be withdrawn after the distribution). After each distribution, each voter's reward can be accrued, to be claimed directly or at a later date.
Paladin takes a 2% fee (this ratio can be changed by the Paladin DAO) out of the total budget of a Covenant before the reward per vote calculations.
- if the voter changes its vote before accruing the rewards, they are lost and cannot be accrued anymore
- if the total amount of votes from voters in the list exceed the target votes, the voters will dilute all the rewards between themselves, and will then receive less than the fixed reward per vote specified in the Covenant parameters
- if the rewards are not accrued by voters during the next week after the distribution, they can be retrieved by the creator
This update brings the reward forwarding logic to Covenant, allowing one or multiple addresses to redirect their voting rewards to another address that will be allowed to claim it all. This allows some smart contracts that can vote but cannot claim to accumulate the rewards on an external address to retrieve the rewards more easily, or for an user using a set of different voting addresses to accumulate all their rewards in 1 single address, allowing to claim only once for all the addresses.
This updates also brings some new external methods allowing for an easier distribution of rewards for the Covenant operators.