🍀Covalent SRB

Learn how Covalent staking rewards are calculated. CXTSRB is the annualized value of the daily on-chain operator reward disbursements divided by the stake of active operators.

CXTSRB is a benchmark representing the mean, annualized staking rate across all active Covalent nodes.

CXTSRB is calculated and published by Staking Rewards via the Covalent Profile and Data API.

TL;DR: Covalent staking rewards are paid once a day on Ethereum, when the staking manager calls rewardValidators on the OperationalStaking contract with a gross CXT amount per operator. CXTSRB annualizes the amounts actually credited over the last ~7 days and divides them by the stake of all active operators.

CXT Staking Rewards Rate: CXTSRB

$$CXTSRB = \frac{\sum_{o} R_o}{\sum_{o \in active} st_o} \qquad R_o = \frac{\sum_{i=2}^{N} a_{o,i} \times t_d \times t_y}{ts_N - ts_1}$$

Formula key	Metric name	Description
$a_{o,i}$	Credited Operator Reward	The gross CXT amount for operator o in disbursement i, decoded from the rewardValidators(rewardId, ids, amounts) calldata, minus any amount the contract refused to pay (the RewardFailedDueValidatorFrozen, RewardFailedDueValidatorDisabled and RewardFailedDueZeroStake events).
$ts_1, ts_N$	Disbursement Timestamps	Block timestamps of the first and last RewardsDisbursed event in the ~7-day (50,400-block) observation window. The first event only opens the interval, so its amounts are not counted.
$R_o$	Annual Operator Rewards	Annualized gross rewards of operator o. Their sum is published as Annual Rewards.
$st_o$	Operator Stake	Self-staked plus delegated CXT of operator o. Only operators that are enabled on-chain (disabledAtBlock == 0) are in the denominator.
$t_d, t_y$	Day and Year Constants	86,400 seconds and 365 days.

• The contract stores no emission rate; the daily per-operator amounts exist only in the rewardValidators calldata, which is why they are decoded from the disbursement transactions.

• Amounts are gross: the contract deducts each operator's commission before crediting delegators. CXTSRB is therefore a gross rate; commission enters at the operator level, CXTSRB(v).

• Disabled operators are skipped by the contract and earn nothing, so their stake is excluded from the CXTSRB denominator. Published Staked Tokens still includes the stake locked on disabled operators, so CXTSRB is intentionally not Annual Rewards / Staked Tokens.

• CXTSRB is non-compounded.

• If the latest disbursement is more than 48 hours old (for example when the reward pool is empty and the payout reverts), or the window cannot be read completely, the reward metrics are not updated for that run.

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Slashing

• CXTSRB does not factor in the possibility of slashing occurrences.

• It's important to note that if validator entities face slashing, rewards will increase, as the slashed tokens are reallocated among validators.

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CXT Validator Staking Reward Rate: CXTSRB(v)

Staking Rewards calculates the rate for each operator from that operator's own disbursements, net of its commission.

$$CXTSRB(v) = \frac{R_v \times (1-cr_v)}{st_v}$$

Formula key	Metric name	Description
$R_v$	Annual Operator Rewards	Annualized gross rewards credited to operator v (see CXTSRB).
$cr_v$	Commission Rate	The commission rate operator v has set on-chain (a 1e18-scaled fraction).
$st_v$	Operator Stake	Self-staked plus delegated CXT of operator v.

• A disabled operator receives no disbursements, so its CXTSRB(v) is 0.

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Observation Period:

• The CXTSRB is determined from the daily reward disbursements in the ~7 days (50,400 blocks) up to the latest block at the point of evaluation.

• This data is then annualized for a comprehensive year-long projection.

Calculation

The calculation happens every 2 hours and is immediately published via Data API.

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CXT Real Reward Rate: CXTSRB^R

The real reward rate calculates the CXTSRB adjusted for inflation in the network.

$$CXTSRB^R=1 + CXTSRB/(1+ir) -1$$

Formula key	Metric name	Description
ir	Inflation Rate	The annual provisions divided by the circulating supply.

Inflation Rate Behavior

• The initial staking yield and network rewards are supplied through the Staking Emission Schedule which will be used to supplement network rewards for up to 4 years.

• Annual provisions are the live Annual Rewards derived above, so the inflation rate follows any emission change voted by governance (for example the June 2026 halving).

• CXT has a fixed supply of 1,000,000,000; rewards are paid from a pre-funded reward pool in the staking contract.

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Other Covalent metrics calculated by Staking Rewards:

Metric	Description
Delegated Tokens	The number of CXT tokens staked to block producers.
Self Staked Tokens	The number of CXT tokens bonded by workers directly.
Staked Tokens	Self-staked plus delegated CXT across all operators, including stake still locked on disabled operators.
Annual Rewards	The sum of annualized operator reward disbursements.
Epoch Reward	The daily reward emission, Annual Rewards / 365.
Validator Minimum	The minimum self-stake required to enable an operator (validatorEnableMinStake), read from the staking contract.
Unstaking Time	The operator unstaking cooldown (validatorCoolDown, in blocks) converted at 12 seconds per block.

Limitations:

• The 365-day convention is used, without leap-year adjustment.

• The rate reflects the disbursements observed in the window; it is no guarantee of future or individual operator rates.

Data Sources:

• Staking Rewards from Ethereum RPC endpoints: the Covalent OperationalStaking contract (getMetadata, getAllValidatorsMetadata), its RewardsDisbursed and RewardFailedDue* event logs, and the rewardValidators disbursement transactions.

• CoinGecko for price and circulating supply.

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References:

• https://www.covalenthq.com/docs

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📚 Learn more about CXT Staking

📊 Calculate your CXT Staking Rewards

⚙️ Access historic Covalent Staking Data via API

Last updated on 09/30/2026