Usage

SavingsCELO has a very simple design from the user's perspective:

• User can deposit X amount of CELO to receive back Y amount of sCELO tokens.

• After some time passes, user can return Y amount of sCELO tokens to redeem >X amount of CELO tokens back.

• NOTE: Deposits are instant but redemptions are delayed by the unlocking period (3 days on Mainnet).

While the number of sCELO tokens a user holds doesn't change over time, the value of sCELO vs CELO increases as voter rewards come in. When a user eventually redeems their sCELO for CELO they will receive roughly the same amount of CELO back as if they had staked it on a validator group. sCELO interest accrual mechanism is very similar to how Compound cTokens work.

CELO -> sCELO conversion rate is calculated as:

• Current total sCELO supply / Current total CELO deposited in SavingsCELO contract

Users can check current conversion rate by:

• https://celovote.com/savingscelo

• Using SavingsCELO app in Celo Terminal

• Using savingscelo-cli command line tool: $: savingscli rate

Users can interact with the SavingsCELO smart contract using an app in Celo Terminal, or by using a command line tool: savingscelo-cli