We’re excited to announce a governance approved community rewards program that will award the Celo native asset (CELO) to confirmed addresses who save in Celo Dollars (cUSD). This is an opportunity for users who save in cUSD to also have a stake in shaping the direction of the Celo platform.
Rewards kickoff: to celebrate the program introduction, rewards will be 4x until March 1st. Expect to receive weekly rewards!
Confirmed cUSD addresses can earn rewards by holding a minimum average monthly balance of:
- Tier 1: 10 cUSD → earn up to $1 worth of CELO per month ($1 worth of CELO per week during the kickoff period)
- Tier 2: 100 cUSD → earn up to $5 worth of CELO per month ($5 worth of CELO per week during the kickoff period)
- Tier 3: 500 cUSD → earn up to $10 worth of CELO per month ($10 worth of CELO per week during the kickoff period)
See the full program details here.
If you already hold cUSD and are a Valora user, all you need is to meet the above eligibility criteria and you can start receiving rewards automatically! If you’re new to cUSD, you can start earning rewards by using the Valora app. Just follow the instructions below:
- Download the Valora app here
- Sign up for a new self hosted wallet using your phone number and create a PIN
- Follow the steps in the app to confirm your phone number (keep your screen on during the countdown!)
- Add Celo Dollar (cUSD) to your wallet by clicking on “Add and Withdraw” in the menu and follow the steps for your preferred cash in method.
Any wallet with a confirmed address holding a minimum balance of at least 20 cUSD starting on January 25th, 2021 is eligible for rewards! The first rewards distribution will happen on February 1st, 2021. While this program is expected to continue for a few months, specific terms and conditions are subject to change.
What is CELO and cUSD?
CELO and cUSD are the current assets supported by wallets like Valora on the Celo Network, which provides fast, secure, and stable digital payments.
Celo Dollars, or cUSD, is a stable value asset whose value tracks that of the US Dollar. cUSD was built for accessibility and ease of use, so users can easily pay, save and send with cUSD to anyone with a phone number, worldwide.
CELO is the native asset and core utility, governance, reserve, and staking mechanism for the Celo Network. When you own CELO, you can have a say by voting on how the Celo Network evolves and grows over time. CELO has a fixed supply, and a variable value related, in part, to the total value of stablecoins in circulation in the Celo ecosystem. To participate with your CELO, learn more about governance on the Celo Network.