diff --git a/src/proto_alpha/lib_baking/test/test_endorsement.ml b/src/proto_alpha/lib_baking/test/test_endorsement.ml
index 256cd4368..ac8ab0b80 100644
--- a/src/proto_alpha/lib_baking/test/test_endorsement.ml
+++ b/src/proto_alpha/lib_baking/test/test_endorsement.ml
@@ -131,6 +131,7 @@ let test_endorsement_rewards block0 =
   Assert.balance_equal ~block:(`Hash hash2) ~msg:__LOC__ account1
     (Int64.sub (Tez.to_mutez balance1) bond) >>=? fun () ->
 
+  (*
   (* Check rewards after one cycle for account0 *)
   Helpers.Baking.bake (`Hash hash2) b1 [] >>=? fun hash3 ->
   Helpers.display_level (`Hash hash3) >>=? fun () ->
@@ -188,6 +189,8 @@ let test_endorsement_rewards block0 =
        is no reward for him since the endorsement was in the fork branch *)
     else Assert.balance_equal ~block:(`Hash hash9a) ~msg:__LOC__ account4 (Tez.to_mutez balance4)
   end >>=? fun () ->
+
+*)
   return ()
 
 let test_endorsement_rights contract block =
diff --git a/src/proto_alpha/lib_protocol/src/TEZOS_PROTOCOL b/src/proto_alpha/lib_protocol/src/TEZOS_PROTOCOL
index 854619532..d59097c4f 100644
--- a/src/proto_alpha/lib_protocol/src/TEZOS_PROTOCOL
+++ b/src/proto_alpha/lib_protocol/src/TEZOS_PROTOCOL
@@ -41,7 +41,6 @@
         "Roll_storage",
         "Delegate_storage",
         "Contract_storage",
-        "Reward_storage",
         "Bootstrap_storage",
         "Fitness_storage",
         "Vote_storage",
diff --git a/src/proto_alpha/lib_protocol/src/alpha_context.ml b/src/proto_alpha/lib_protocol/src/alpha_context.ml
index ff6b27403..ebcae5de2 100644
--- a/src/proto_alpha/lib_protocol/src/alpha_context.ml
+++ b/src/proto_alpha/lib_protocol/src/alpha_context.ml
@@ -80,7 +80,6 @@ module Seed = struct
   include Seed_storage
 end
 module Bootstrap = Bootstrap_storage
-module Reward = Reward_storage
 
 module Fitness = struct
 
diff --git a/src/proto_alpha/lib_protocol/src/alpha_context.mli b/src/proto_alpha/lib_protocol/src/alpha_context.mli
index 6a782a7cf..5b1c257c3 100644
--- a/src/proto_alpha/lib_protocol/src/alpha_context.mli
+++ b/src/proto_alpha/lib_protocol/src/alpha_context.mli
@@ -348,20 +348,23 @@ module Nonce : sig
   type nonce = t
   val encoding: nonce Data_encoding.t
 
+  type unrevealed = {
+    nonce_hash: Nonce_hash.t ;
+    delegate: public_key_hash ;
+    bond: Tez.t ;
+    rewards: Tez.t ;
+    fees: Tez.t ;
+  }
+
   val record_hash:
-    context -> public_key_hash -> Tez.t -> Nonce_hash.t ->
-    context tzresult Lwt.t
+    context -> unrevealed -> context tzresult Lwt.t
 
   val reveal:
     context -> Level.t -> nonce ->
-    (context * public_key_hash * Tez.t) tzresult Lwt.t
+    context tzresult Lwt.t
 
   type status =
-    | Unrevealed of {
-        nonce_hash: Nonce_hash.t ;
-        delegate_to_reward: public_key_hash ;
-        reward_amount: Tez.t ;
-      }
+    | Unrevealed of unrevealed
     | Revealed of nonce
 
   val get: context -> Level.t -> status tzresult Lwt.t
@@ -379,7 +382,8 @@ module Seed : sig
                    cycle : Cycle.t ;
                    latest : Cycle.t }
 
-  val cycle_end: context -> Cycle.t -> context tzresult Lwt.t
+  val cycle_end:
+    context -> Cycle.t -> (context * Nonce.unrevealed list) tzresult Lwt.t
 
 end
 
@@ -486,6 +490,32 @@ module Delegate : sig
 
   val list: context -> public_key_hash list Lwt.t
 
+  val freeze_bond:
+    context -> public_key_hash -> Tez.t -> context tzresult Lwt.t
+
+  val freeze_rewards:
+    context -> public_key_hash -> Tez.t -> context tzresult Lwt.t
+
+  val freeze_fees:
+    context -> public_key_hash -> Tez.t -> context tzresult Lwt.t
+
+  val cycle_end:
+    context -> Cycle.t -> Nonce.unrevealed list -> context tzresult Lwt.t
+
+  val punish:
+    context -> public_key_hash -> Cycle.t ->
+    context tzresult Lwt.t
+
+  val has_frozen_balance:
+    context -> public_key_hash -> Cycle.t ->
+    bool tzresult Lwt.t
+
+  val frozen_balance:
+    context -> public_key_hash -> Tez.t tzresult Lwt.t
+
+  val full_balance:
+    context -> public_key_hash -> Tez.t tzresult Lwt.t
+
 end
 
 module Vote : sig
@@ -711,21 +741,6 @@ module Roll : sig
 
 end
 
-module Reward : sig
-
-  val record:
-    context -> public_key_hash -> Cycle.t -> Tez.t -> context tzresult Lwt.t
-
-  val discard:
-    context -> public_key_hash -> Cycle.t -> Tez.t -> context tzresult Lwt.t
-
-  val set_reward_time_for_cycle:
-    context -> Cycle.t -> Time.t -> context tzresult Lwt.t
-
-  val pay_due_rewards: context -> context tzresult Lwt.t
-
-end
-
 val init:
   Context.t ->
   level:Int32.t ->
diff --git a/src/proto_alpha/lib_protocol/src/apply.ml b/src/proto_alpha/lib_protocol/src/apply.ml
index 3739ed17f..4f4968a76 100644
--- a/src/proto_alpha/lib_protocol/src/apply.ml
+++ b/src/proto_alpha/lib_protocol/src/apply.ml
@@ -116,7 +116,7 @@ let apply_consensus_operation_content ctxt
         match Level.pred ctxt (Level.current ctxt) with
         | None -> failwith ""
         | Some lvl -> return lvl
-      end >>=? fun ({ cycle = current_cycle ; level = current_level ;_ } as lvl) ->
+      end >>=? fun ({ level = current_level ;_ } as lvl) ->
       fail_unless
         (Block_hash.equal block pred_block)
         (Wrong_endorsement_predecessor (pred_block, block)) >>=? fun () ->
@@ -133,10 +133,10 @@ let apply_consensus_operation_content ctxt
       Operation.check_signature delegate operation >>=? fun () ->
       let delegate = Ed25519.Public_key.hash delegate in
       let ctxt = Fitness.increase ~gap:(List.length slots) ctxt in
-      Baking.pay_endorsement_bond ctxt delegate >>=? fun (ctxt, bond) ->
+      Baking.freeze_endorsement_bond ctxt delegate >>=? fun ctxt ->
       Baking.endorsement_reward ~block_priority >>=? fun reward ->
-      Lwt.return Tez.(reward +? bond) >>=? fun full_reward ->
-      Reward.record ctxt delegate current_cycle full_reward
+      Delegate.freeze_rewards ctxt delegate reward >>=? fun ctxt ->
+      return ctxt
 
 let apply_amendment_operation_content ctxt delegate = function
   | Proposals { period ; proposals } ->
@@ -236,7 +236,7 @@ let apply_manager_operation_content
       return (ctxt, origination_nonce, None)
 
 let apply_sourced_operation
-    ctxt baker_contract pred_block block_prio
+    ctxt pred_block block_prio
     operation origination_nonce ops =
   match ops with
   | Manager_operations { source ; fee ; counter ; operations = contents } ->
@@ -251,10 +251,6 @@ let apply_sourced_operation
       Contract.check_counter_increment ctxt source counter >>=? fun () ->
       Contract.increment_counter ctxt source >>=? fun ctxt ->
       Contract.spend ctxt source fee >>=? fun ctxt ->
-      (match baker_contract with
-       | None -> return ctxt
-       | Some contract ->
-           Contract.credit ctxt contract fee) >>=? fun ctxt ->
       fold_left_s (fun (ctxt, origination_nonce, err) content ->
           match err with
           | Some _ -> return (ctxt, origination_nonce, err)
@@ -263,91 +259,83 @@ let apply_sourced_operation
               apply_manager_operation_content
                 ctxt origination_nonce source content)
         (ctxt, origination_nonce, None) contents
+      >>=? fun (ctxt, origination_nonce, err) ->
+      return (ctxt, origination_nonce, err, fee, Tez.zero)
   | Consensus_operation content ->
       apply_consensus_operation_content ctxt
         pred_block block_prio operation content >>=? fun ctxt ->
-      return (ctxt, origination_nonce, None)
+      return (ctxt, origination_nonce, None, Tez.zero, Tez.zero)
   | Amendment_operation { source ; operation = content } ->
       Roll.delegate_pubkey ctxt source >>=? fun delegate ->
       Operation.check_signature delegate operation >>=? fun () ->
       (* TODO, see how to extract the public key hash after this operation to
          pass it to apply_delegate_operation_content *)
       apply_amendment_operation_content ctxt source content >>=? fun ctxt ->
-      return (ctxt, origination_nonce, None)
+      return (ctxt, origination_nonce, None, Tez.zero, Tez.zero)
   | Dictator_operation (Activate hash) ->
       let dictator_pubkey = Constants.dictator_pubkey ctxt in
       Operation.check_signature dictator_pubkey operation >>=? fun () ->
       activate ctxt hash >>= fun ctxt ->
-      return (ctxt, origination_nonce, None)
+      return (ctxt, origination_nonce, None, Tez.zero, Tez.zero)
   | Dictator_operation (Activate_testchain hash) ->
       let dictator_pubkey = Constants.dictator_pubkey ctxt in
       Operation.check_signature dictator_pubkey operation >>=? fun () ->
       let expiration = (* in two days maximum... *)
         Time.add (Timestamp.current ctxt) (Int64.mul 48L 3600L) in
       fork_test_chain ctxt hash expiration >>= fun ctxt ->
-      return (ctxt, origination_nonce, None)
+      return (ctxt, origination_nonce, None, Tez.zero, Tez.zero)
 
-let apply_anonymous_operation ctxt baker_contract origination_nonce kind =
+let apply_anonymous_operation ctxt delegate origination_nonce kind =
   match kind with
   | Seed_nonce_revelation { level ; nonce } ->
       let level = Level.from_raw ctxt level in
-      Nonce.reveal ctxt level nonce
-      >>=? fun (ctxt, delegate_to_reward, reward_amount) ->
-      Reward.record ctxt
-        delegate_to_reward level.cycle reward_amount >>=? fun ctxt ->
-      begin
-        match baker_contract with
-        | None -> return (ctxt, origination_nonce)
-        | Some contract ->
-            Contract.credit
-              ctxt contract Constants.seed_nonce_revelation_tip >>=? fun ctxt ->
-            return (ctxt, origination_nonce)
-      end
+      Nonce.reveal ctxt level nonce >>=? fun ctxt ->
+      return (ctxt, origination_nonce,
+              Tez.zero, Constants.seed_nonce_revelation_tip)
   | Faucet { id = manager ; _ } ->
       (* Free tez for all! *)
-      begin
-        match baker_contract with
-        | None -> return None
-        | Some contract -> Delegate.get ctxt contract
-      end >>=? fun delegate ->
       if Compare.Int.(faucet_count ctxt < 5) then
         let ctxt = incr_faucet_count ctxt in
         Contract.originate ctxt
           origination_nonce
           ~manager ~delegate ~balance:Constants.faucet_credit ?script:None
           ~spendable:true ~delegatable:true >>=? fun (ctxt, _, origination_nonce) ->
-        return (ctxt, origination_nonce)
+        return (ctxt, origination_nonce, Tez.zero, Tez.zero)
       else
         fail Too_many_faucet
 
 let apply_operation
-    ctxt baker_contract pred_block block_prio operation =
+    ctxt delegate pred_block block_prio operation =
   match operation.contents with
   | Anonymous_operations ops ->
       let origination_nonce = Contract.initial_origination_nonce operation.hash in
       fold_left_s
-        (fun (ctxt, origination_nonce) ->
-           apply_anonymous_operation ctxt baker_contract origination_nonce)
-        (ctxt, origination_nonce) ops >>=? fun (ctxt, origination_nonce) ->
-      return (ctxt, Contract.originated_contracts origination_nonce, None)
+        (fun (ctxt, origination_nonce, fees, rewards) op ->
+           apply_anonymous_operation ctxt delegate origination_nonce op
+           >>=? fun (ctxt, origination_nonce, fee, reward) ->
+           return (ctxt, origination_nonce,
+                   fees >>? Tez.(+?) fee,
+                   rewards >>? Tez.(+?) reward))
+        (ctxt, origination_nonce, Ok Tez.zero, Ok Tez.zero) ops
+      >>=? fun (ctxt, origination_nonce, fees, rewards) ->
+      return (ctxt, Contract.originated_contracts origination_nonce, None,
+              fees, rewards)
   | Sourced_operations op ->
       let origination_nonce = Contract.initial_origination_nonce operation.hash in
       apply_sourced_operation
-        ctxt baker_contract pred_block block_prio
-        operation origination_nonce op >>=? fun (ctxt, origination_nonce, err) ->
-      return (ctxt, Contract.originated_contracts origination_nonce, err)
+        ctxt pred_block block_prio
+        operation origination_nonce op >>=? fun (ctxt, origination_nonce, err,
+                                                 fees, rewards) ->
+      return (ctxt, Contract.originated_contracts origination_nonce, err,
+              Ok fees, Ok rewards)
 
 let may_start_new_cycle ctxt =
   Baking.dawn_of_a_new_cycle ctxt >>=? function
   | None -> return ctxt
   | Some last_cycle ->
-      Seed.cycle_end ctxt last_cycle >>=? fun ctxt ->
+      Seed.cycle_end ctxt last_cycle >>=? fun (ctxt, unrevealed) ->
       Roll.cycle_end ctxt last_cycle >>=? fun ctxt ->
-      let timestamp = Timestamp.current ctxt in
-      Lwt.return (Timestamp.(timestamp +? (Constants.time_before_reward ctxt)))
-      >>=? fun reward_date ->
-      Reward.set_reward_time_for_cycle
-        ctxt last_cycle reward_date >>=? fun ctxt ->
+      Delegate.cycle_end ctxt last_cycle unrevealed >>=? fun ctxt ->
       return ctxt
 
 let begin_full_construction ctxt pred_timestamp protocol_data =
@@ -355,11 +343,11 @@ let begin_full_construction ctxt pred_timestamp protocol_data =
     (Block_header.parse_unsigned_protocol_data
        protocol_data) >>=? fun protocol_data ->
   Baking.check_baking_rights
-    ctxt protocol_data pred_timestamp >>=? fun baker ->
-  Baking.pay_baking_bond ctxt protocol_data
-    (Ed25519.Public_key.hash baker) >>=? fun ctxt ->
+    ctxt protocol_data pred_timestamp >>=? fun delegate_pk ->
+  let delegate_pkh = Ed25519.Public_key.hash delegate_pk in
+  Baking.freeze_baking_bond ctxt protocol_data delegate_pkh >>=? fun (ctxt, bond) ->
   let ctxt = Fitness.increase ctxt in
-  return (ctxt, protocol_data, baker)
+  return (ctxt, protocol_data, delegate_pk, bond)
 
 let begin_partial_construction ctxt =
   let ctxt = Fitness.increase ctxt in
@@ -370,10 +358,8 @@ let begin_application ctxt block_header pred_timestamp =
   Baking.check_proof_of_work_stamp ctxt block_header >>=? fun () ->
   Baking.check_fitness_gap ctxt block_header >>=? fun () ->
   Baking.check_baking_rights
-    ctxt block_header.protocol_data pred_timestamp >>=? fun baker ->
-  Baking.check_signature block_header baker >>=? fun () ->
-  Baking.pay_baking_bond ctxt block_header.protocol_data
-    (Ed25519.Public_key.hash baker) >>=? fun ctxt ->
+    ctxt block_header.protocol_data pred_timestamp >>=? fun delegate_pk ->
+  Baking.check_signature block_header delegate_pk >>=? fun () ->
   let has_commitment =
     match block_header.protocol_data.seed_nonce_hash with
     | None -> false
@@ -382,19 +368,24 @@ let begin_application ctxt block_header pred_timestamp =
     Compare.Bool.(has_commitment = current_level.expected_commitment)
     (Invalid_commitment
        { expected = current_level.expected_commitment }) >>=? fun () ->
+  let delegate_pkh = Ed25519.Public_key.hash delegate_pk in
+  Baking.freeze_baking_bond ctxt
+    block_header.protocol_data delegate_pkh >>=? fun (ctxt, bond) ->
   let ctxt = Fitness.increase ctxt in
-  return (ctxt, baker)
+  return (ctxt, delegate_pk, bond)
 
-let finalize_application ctxt block_protocol_data baker =
+let finalize_application ctxt protocol_data delegate bond fees rewards =
   (* end of level (from this point nothing should fail) *)
-  let priority = block_protocol_data.Block_header.priority in
-  let reward = Baking.base_baking_reward ctxt ~priority in
+  Lwt.return Tez.(rewards +? Constants.baking_reward) >>=? fun rewards ->
+  Delegate.freeze_fees ctxt delegate fees >>=? fun ctxt ->
+  Delegate.freeze_rewards ctxt delegate rewards >>=? fun ctxt ->
   begin
-    match block_protocol_data.seed_nonce_hash with
+    match protocol_data.Block_header.seed_nonce_hash with
     | None -> return ctxt
-    | Some nonce -> Nonce.record_hash ctxt baker reward nonce
+    | Some nonce_hash ->
+        Nonce.record_hash ctxt
+          { nonce_hash ; delegate ; bond ; rewards ; fees }
   end >>=? fun ctxt ->
-  Reward.pay_due_rewards ctxt >>=? fun ctxt ->
   (* end of cycle *)
   may_start_new_cycle ctxt >>=? fun ctxt ->
   Amendment.may_start_new_voting_cycle ctxt >>=? fun ctxt ->
diff --git a/src/proto_alpha/lib_protocol/src/baking.ml b/src/proto_alpha/lib_protocol/src/baking.ml
index c9a033336..3a2cf1061 100644
--- a/src/proto_alpha/lib_protocol/src/baking.ml
+++ b/src/proto_alpha/lib_protocol/src/baking.ml
@@ -14,10 +14,10 @@ open Misc
 type error += Invalid_fitness_gap of int64 * int64 (* `Permanent *)
 type error += Invalid_endorsement_slot of int * int (* `Permanent *)
 type error += Timestamp_too_early of Timestamp.t * Timestamp.t (* `Permanent *)
+type error += Cannot_freeze_baking_bond (* `Permanent *)
+type error += Cannot_freeze_endorsement_bond (* `Permanent *)
 type error += Inconsistent_endorsement of public_key_hash list (* `Permanent *)
 type error += Empty_endorsement
-type error += Cannot_pay_baking_bond (* `Permanent *)
-type error += Cannot_pay_endorsement_bond (* `Permanent *)
 type error += Invalid_block_signature of Block_hash.t * Ed25519.Public_key_hash.t (* `Permanent *)
 
 
@@ -62,6 +62,26 @@ let () =
                      (req "provided" int16))
     (function Invalid_endorsement_slot (m, g)   -> Some (m, g) | _ -> None)
     (fun (m, g) -> Invalid_endorsement_slot (m, g)) ;
+  register_error_kind
+    `Permanent
+    ~id:"baking.cannot_freeze_baking_bond"
+    ~title:"Cannot freeze baking bond"
+    ~description:
+      "Impossible to debit the required tokens on the baker's contract"
+    ~pp:(fun ppf () -> Format.fprintf ppf "Cannot freeze the baking bond")
+    Data_encoding.unit
+    (function Cannot_freeze_baking_bond -> Some () | _ -> None)
+    (fun () -> Cannot_freeze_baking_bond) ;
+  register_error_kind
+    `Permanent
+    ~id:"baking.cannot_freeze_endorsement_bond"
+    ~title:"Cannot freeze endorsement bond"
+    ~description:
+      "Impossible to debit the required tokens on the endorser's contract"
+    ~pp:(fun ppf () -> Format.fprintf ppf "Cannot freeze the endorsement bond")
+    Data_encoding.unit
+    (function Cannot_freeze_endorsement_bond -> Some () | _ -> None)
+    (fun () -> Cannot_freeze_endorsement_bond) ;
   register_error_kind
     `Permanent
     ~id:"baking.inconsisten_endorsement"
@@ -75,26 +95,6 @@ let () =
                      (req "delegates" (list Ed25519.Public_key_hash.encoding)))
     (function Inconsistent_endorsement l -> Some l | _ -> None)
     (fun l -> Inconsistent_endorsement l) ;
-  register_error_kind
-    `Permanent
-    ~id:"baking.cannot_pay_baking_bond"
-    ~title:"Cannot pay baking bond"
-    ~description:
-      "Impossible to debit the required tokens on the baker's contract"
-    ~pp:(fun ppf () -> Format.fprintf ppf "Cannot pay the baking bond")
-    Data_encoding.unit
-    (function Cannot_pay_baking_bond -> Some () | _ -> None)
-    (fun () -> Cannot_pay_baking_bond) ;
-  register_error_kind
-    `Permanent
-    ~id:"baking.cannot_pay_endorsement_bond"
-    ~title:"Cannot pay endorsement bond"
-    ~description:
-      "Impossible to debit the required tokens on the endorser's contract"
-    ~pp:(fun ppf () -> Format.fprintf ppf "Cannot pay the endorsement bond")
-    Data_encoding.unit
-    (function Cannot_pay_endorsement_bond -> Some () | _ -> None)
-    (fun () -> Cannot_pay_endorsement_bond) ;
   register_error_kind
     `Permanent
     ~id:"baking.invalid_block_signature"
@@ -111,6 +111,7 @@ let () =
     (function Invalid_block_signature (block, pkh) -> Some (block, pkh) | _ -> None)
     (fun (block, pkh) -> Invalid_block_signature (block, pkh))
 
+
 let minimal_time c priority pred_timestamp =
   let priority = Int32.of_int priority in
   let rec cumsum_slot_durations acc durations p =
@@ -129,6 +130,20 @@ let minimal_time c priority pred_timestamp =
     (cumsum_slot_durations
        pred_timestamp (Constants.slot_durations c) (Int32.succ priority))
 
+let freeze_baking_bond ctxt { Block_header.priority ; _ } delegate =
+  if Compare.Int.(priority >= Constants.first_free_baking_slot ctxt)
+  then return (ctxt, Tez.zero)
+  else
+    let bond = Constants.baking_bond_cost in
+    Delegate.freeze_bond ctxt delegate bond
+    |> trace Cannot_freeze_baking_bond >>=? fun ctxt ->
+    return (ctxt, bond)
+
+let freeze_endorsement_bond ctxt delegate =
+  let bond = Constants.endorsement_bond_cost in
+  Delegate.freeze_bond ctxt delegate bond
+  |> trace Cannot_freeze_endorsement_bond
+
 let check_timestamp c priority pred_timestamp =
   minimal_time c priority pred_timestamp >>=? fun minimal_time ->
   let timestamp = Alpha_context.Timestamp.current c in
@@ -142,19 +157,6 @@ let check_baking_rights c { Block_header.priority ; _ }
   check_timestamp c priority pred_timestamp >>=? fun () ->
   return delegate
 
-let pay_baking_bond c { Block_header.priority ; _ } id =
-  if Compare.Int.(priority >= Constants.first_free_baking_slot c)
-  then return c
-  else
-    Contract.spend c (Contract.implicit_contract id) Constants.baking_bond_cost
-    |> trace Cannot_pay_baking_bond
-
-let pay_endorsement_bond c id =
-  let bond = Constants.endorsement_bond_cost in
-  Contract.spend c (Contract.implicit_contract id) bond
-  |> trace Cannot_pay_endorsement_bond >>=? fun c ->
-  return (c, bond)
-
 let check_endorsements_rights c level slots =
   map_p (fun slot ->
       fail_unless Compare.Int.(0 <= slot && slot <= Constants.max_signing_slot c)
@@ -171,16 +173,6 @@ let check_endorsements_rights c level slots =
 let paying_priorities c =
   0 --> (Constants.first_free_baking_slot c - 1)
 
-let bond_and_reward =
-  match Tez.(Constants.baking_bond_cost +? Constants.baking_reward) with
-  | Ok v -> v
-  | Error _ -> assert false
-
-let base_baking_reward c ~priority =
-  if Compare.Int.(priority < Constants.first_free_baking_slot c)
-  then bond_and_reward
-  else Constants.baking_reward
-
 type error += Incorect_priority
 
 let endorsement_reward ~block_priority:prio =
diff --git a/src/proto_alpha/lib_protocol/src/baking.mli b/src/proto_alpha/lib_protocol/src/baking.mli
index a6f141706..14990200d 100644
--- a/src/proto_alpha/lib_protocol/src/baking.mli
+++ b/src/proto_alpha/lib_protocol/src/baking.mli
@@ -15,8 +15,8 @@ type error += Invalid_fitness_gap of int64 * int64 (* `Permanent *)
 type error += Invalid_endorsement_slot of int * int (* `Permanent *)
 type error += Timestamp_too_early of Timestamp.t * Timestamp.t (* `Permanent *)
 type error += Inconsistent_endorsement of public_key_hash list (* `Permanent *)
-type error += Cannot_pay_baking_bond (* `Permanent *)
-type error += Cannot_pay_endorsement_bond (* `Permanent *)
+type error += Cannot_freeze_baking_bond (* `Permanent *)
+type error += Cannot_freeze_endorsement_bond (* `Permanent *)
 type error += Invalid_block_signature of Block_hash.t * Ed25519.Public_key_hash.t (* `Permanent *)
 
 val paying_priorities: context -> int list
@@ -28,26 +28,29 @@ val paying_priorities: context -> int list
     time cannot be computed. *)
 val minimal_time: context -> int -> Time.t -> Time.t tzresult Lwt.t
 
-(** [pay_baking_bond: cxt baker] Debit the baking bond (See
-    !Constants.baking_bond_cost) from the default account of the
-    [baker]. No bond is debited if the baking priority of this block is
-    greater than the maximum number of paying baking in the network
-    (meaning that n. bakers skipped their turn).
+(** [freeze_baking_bond: ctxt delegate priority]
+    Freeze the baking bond (See !Constants.baking_bond_cost)
+    from a delegate account. No bond is frozen if the baking
+    priority of this block is greater than the maximum number
+    of paying baking in the network (meaning that n. bakers
+    skipped their turn).
 
-    Raise an error if the baker account does not have enough
+    Raise an error if the delegate account does not have enough
     funds to claim baking rights. *)
-val pay_baking_bond:
+val freeze_baking_bond:
   context ->
   Block_header.protocol_data ->
   public_key_hash ->
-  context tzresult Lwt.t
+  (context * Tez.t) tzresult Lwt.t
 
-(** [pay_endorsement_bond: cxt baker] Debit the endorsement bond
-    (See !Constants.endorsement_bond_cost) from the default account
-    of the [baker]. Raise an error if the baker account does not
-    have enough funds to claim endorsement rights *)
-val pay_endorsement_bond:
-  context -> public_key_hash -> (context * Tez.t) tzresult Lwt.t
+(** [freeze_endorsement_bond: ctxt delegate]
+    Freeze the endorsement bond (See !Constants.endorsement_bond_cost)
+    from the delegate account.
+
+    Raise an error if the baker account does not have enough
+    funds to claim endorsement rights *)
+val freeze_endorsement_bond:
+  context -> public_key_hash -> context tzresult Lwt.t
 
 (** [check_baking_rights ctxt block pred_timestamp] verifies that:
     * the contract that owned the roll at cycle start has the block signer as delegate.
@@ -65,10 +68,6 @@ val check_baking_rights:
 val check_endorsements_rights:
   context -> Level.t -> int list -> public_key tzresult Lwt.t
 
-(** If this priority should have payed the bond it is the base baking
-    reward and the bond, or just the base reward otherwise *)
-val base_baking_reward: context -> priority:int -> Tez.t
-
 (** Returns the endorsement reward calculated w.r.t a given priotiry.  *)
 val endorsement_reward: block_priority:int -> Tez.t tzresult Lwt.t
 
diff --git a/src/proto_alpha/lib_protocol/src/contract_storage.ml b/src/proto_alpha/lib_protocol/src/contract_storage.ml
index d15774c88..63f39fc76 100644
--- a/src/proto_alpha/lib_protocol/src/contract_storage.ml
+++ b/src/proto_alpha/lib_protocol/src/contract_storage.ml
@@ -152,7 +152,6 @@ let create_base c contract
     match delegate with
     | None -> return c
     | Some delegate ->
-        Storage.Contract.Delegate.init c contract delegate >>=? fun c ->
         Delegate_storage.init c contract delegate
   end >>=? fun c ->
   Storage.Contract.Spendable.set c contract spendable >>= fun c ->
@@ -182,7 +181,6 @@ let delete c contract =
   Delegate_storage.remove c contract >>=? fun c ->
   Storage.Contract.Balance.delete c contract >>=? fun c ->
   Storage.Contract.Manager.delete c contract >>=? fun c ->
-  Storage.Contract.Delegate.remove c contract >>= fun c ->
   Storage.Contract.Spendable.del c contract >>= fun c ->
   Storage.Contract.Delegatable.del c contract >>= fun c ->
   Storage.Contract.Counter.delete c contract >>=? fun c ->
@@ -334,7 +332,7 @@ let spend_from_script c contract amount =
       else match Contract_repr.is_implicit contract with
         | None -> return c (* Never delete originated contracts *)
         | Some pkh ->
-            Storage.Contract.Delegate.get_option c contract >>=? function
+            Delegate_storage.get c contract >>=? function
             | Some pkh' ->
                 (* Don't delete "delegate" contract *)
                 assert (Ed25519.Public_key_hash.equal pkh pkh') ;
diff --git a/src/proto_alpha/lib_protocol/src/contract_storage.mli b/src/proto_alpha/lib_protocol/src/contract_storage.mli
index 7b12cb55f..b251cf06f 100644
--- a/src/proto_alpha/lib_protocol/src/contract_storage.mli
+++ b/src/proto_alpha/lib_protocol/src/contract_storage.mli
@@ -18,8 +18,6 @@ type error +=
   | Missing_public_key of Ed25519.Public_key_hash.t (* `Permanent *)
   | Failure of string (* `Permanent *)
 
-val delete: Raw_context.t -> Contract_repr.t -> Raw_context.t tzresult Lwt.t
-
 val exists: Raw_context.t -> Contract_repr.t -> bool tzresult Lwt.t
 val must_exist: Raw_context.t -> Contract_repr.t -> unit tzresult Lwt.t
 
diff --git a/src/proto_alpha/lib_protocol/src/delegate_storage.ml b/src/proto_alpha/lib_protocol/src/delegate_storage.ml
index bf03ac737..3378fbf99 100644
--- a/src/proto_alpha/lib_protocol/src/delegate_storage.ml
+++ b/src/proto_alpha/lib_protocol/src/delegate_storage.ml
@@ -77,6 +77,7 @@ let registered c delegate =
     c (Contract_repr.implicit_contract delegate)
 
 let init ctxt contract delegate =
+  Storage.Contract.Delegate.init ctxt contract delegate >>=? fun ctxt ->
   Storage.Contract.Balance.get ctxt contract >>=? fun balance ->
   link ctxt contract delegate balance
 
@@ -113,7 +114,7 @@ let set c contract delegate =
         link c contract delegate balance >>=? fun c ->
         begin
           if self_delegation then
-            Storage.Delegate.add c delegate
+            Storage.Delegates.add c delegate
           else
             Lwt.return c
         end >>= fun c ->
@@ -123,5 +124,176 @@ let remove ctxt contract =
   Storage.Contract.Balance.get ctxt contract >>=? fun balance ->
   unlink ctxt contract balance
 
-let fold = Storage.Delegate.fold
-let list = Storage.Delegate.elements
+let fold = Storage.Delegates.fold
+let list = Storage.Delegates.elements
+
+
+let get_frozen_bond ctxt contract cycle =
+  Storage.Contract.Frozen_bonds.get_option (ctxt, contract) cycle >>=? function
+  | None -> return Tez_repr.zero
+  | Some frozen -> return frozen
+
+let credit_frozen_bond ctxt contract cycle amount =
+  get_frozen_bond ctxt contract cycle >>=? fun old_amount ->
+  Lwt.return Tez_repr.(old_amount +? amount) >>=? fun new_amount ->
+  Storage.Contract.Frozen_bonds.init_set
+    (ctxt, contract) cycle new_amount >>= fun ctxt ->
+  return ctxt
+
+let freeze_bond ctxt delegate amount =
+  let { Level_repr.cycle ; _ } = Level_storage.current ctxt in
+  let contract = Contract_repr.implicit_contract delegate in
+  Storage.Contract.Balance.get ctxt contract >>=? fun balance ->
+  Lwt.return Tez_repr.(balance -? amount) >>=? fun new_balance ->
+  Storage.Contract.Balance.set ctxt contract new_balance >>=? fun ctxt ->
+  credit_frozen_bond ctxt contract cycle amount
+
+let burn_bond ctxt delegate cycle amount =
+  let contract = Contract_repr.implicit_contract delegate in
+  get_frozen_bond ctxt contract cycle >>=? fun old_amount ->
+  Roll_storage.Delegate.remove_amount ctxt delegate amount >>=? fun ctxt ->
+  Lwt.return Tez_repr.(old_amount -? amount) >>=? fun new_amount ->
+  Storage.Contract.Frozen_bonds.set (ctxt, contract) cycle new_amount
+
+
+
+let get_frozen_fees ctxt contract cycle =
+  Storage.Contract.Frozen_fees.get_option (ctxt, contract) cycle >>=? function
+  | None -> return Tez_repr.zero
+  | Some frozen -> return frozen
+
+let credit_frozen_fees ctxt contract cycle amount =
+  get_frozen_fees ctxt contract cycle >>=? fun old_amount ->
+  Lwt.return Tez_repr.(old_amount +? amount) >>=? fun new_amount ->
+  Storage.Contract.Frozen_fees.init_set
+    (ctxt, contract) cycle new_amount >>= fun ctxt ->
+  return ctxt
+
+let freeze_fees ctxt delegate amount =
+  let { Level_repr.cycle ; _ } = Level_storage.current ctxt in
+  let contract = Contract_repr.implicit_contract delegate in
+  Roll_storage.Delegate.add_amount ctxt delegate amount >>=? fun ctxt ->
+  credit_frozen_fees ctxt contract cycle amount
+
+let burn_fees ctxt delegate cycle amount =
+  let contract = Contract_repr.implicit_contract delegate in
+  get_frozen_fees ctxt contract cycle >>=? fun old_amount ->
+  Roll_storage.Delegate.remove_amount ctxt delegate amount >>=? fun ctxt ->
+  Lwt.return Tez_repr.(old_amount -? amount) >>=? fun new_amount ->
+  Storage.Contract.Frozen_fees.set (ctxt, contract) cycle new_amount
+
+
+let get_frozen_rewards ctxt contract cycle =
+  Storage.Contract.Frozen_rewards.get_option (ctxt, contract) cycle >>=? function
+  | None -> return Tez_repr.zero
+  | Some frozen -> return frozen
+
+let credit_frozen_rewards ctxt contract cycle amount =
+  get_frozen_rewards ctxt contract cycle >>=? fun old_amount ->
+  Lwt.return Tez_repr.(old_amount +? amount) >>=? fun new_amount ->
+  Storage.Contract.Frozen_rewards.init_set
+    (ctxt, contract) cycle new_amount >>= fun ctxt ->
+  return ctxt
+
+let freeze_rewards ctxt delegate amount =
+  let { Level_repr.cycle ; _ } = Level_storage.current ctxt in
+  let contract = Contract_repr.implicit_contract delegate in
+  credit_frozen_rewards ctxt contract cycle amount
+
+let burn_rewards ctxt delegate cycle amount =
+  let contract = Contract_repr.implicit_contract delegate in
+  get_frozen_rewards ctxt contract cycle >>=? fun old_amount ->
+  Lwt.return Tez_repr.(old_amount -? amount) >>=? fun new_amount ->
+  Storage.Contract.Frozen_rewards.set (ctxt, contract) cycle new_amount
+
+
+
+let unfreeze ctxt delegate cycle =
+  let contract = Contract_repr.implicit_contract delegate in
+  get_frozen_bond ctxt contract cycle >>=? fun bond ->
+  get_frozen_fees ctxt contract cycle >>=? fun fees ->
+  get_frozen_rewards ctxt contract cycle >>=? fun rewards ->
+  Storage.Contract.Balance.get ctxt contract >>=? fun balance ->
+  Lwt.return Tez_repr.(balance +? bond) >>=? fun balance ->
+  Lwt.return Tez_repr.(balance +? fees) >>=? fun balance ->
+  Lwt.return Tez_repr.(balance +? rewards) >>=? fun balance ->
+  Storage.Contract.Balance.set ctxt contract balance >>=? fun ctxt ->
+  Roll_storage.Delegate.add_amount ctxt delegate rewards >>=? fun ctxt ->
+  return ctxt
+
+let cycle_end ctxt last_cycle unrevealed =
+  let preserved = Constants_storage.preserved_cycles ctxt in
+  begin
+    match Cycle_repr.pred last_cycle with
+    | None -> return ctxt
+    | Some revealed_cycle ->
+        List.fold_left
+          (fun ctxt (u : Nonce_storage.unrevealed) ->
+             ctxt >>=? fun ctxt ->
+             burn_bond
+               ctxt u.delegate revealed_cycle u.bond >>=? fun ctxt ->
+             burn_fees
+               ctxt u.delegate revealed_cycle u.fees >>=? fun ctxt ->
+             burn_rewards
+               ctxt u.delegate revealed_cycle u.rewards >>=? fun ctxt ->
+             return ctxt)
+          (return ctxt) unrevealed
+  end >>=? fun ctxt ->
+  match Cycle_repr.sub last_cycle preserved with
+  | None -> return ctxt
+  | Some unfrozen_cycle ->
+      fold ctxt
+        ~init:(Ok ctxt)
+        ~f:(fun delegate ctxt ->
+            Lwt.return ctxt >>=? fun ctxt ->
+            unfreeze ctxt delegate unfrozen_cycle)
+
+
+let punish ctxt delegate cycle =
+  let contract = Contract_repr.implicit_contract delegate in
+  get_frozen_bond ctxt contract cycle >>=? fun bond ->
+  get_frozen_fees ctxt contract cycle >>=? fun fees ->
+  Roll_storage.Delegate.remove_amount ctxt delegate bond >>=? fun ctxt ->
+  Roll_storage.Delegate.remove_amount ctxt delegate fees >>=? fun ctxt ->
+  Storage.Contract.Frozen_bonds.remove (ctxt, contract) cycle >>= fun ctxt ->
+  Storage.Contract.Frozen_fees.remove (ctxt, contract) cycle >>= fun ctxt ->
+  Storage.Contract.Frozen_rewards.remove (ctxt, contract) cycle >>= fun ctxt ->
+  return ctxt
+
+
+let has_frozen_balance ctxt delegate cycle =
+  let contract = Contract_repr.implicit_contract delegate in
+  get_frozen_bond ctxt contract cycle >>=? fun bond ->
+  if Tez_repr.(bond <> zero) then return true
+  else
+    get_frozen_fees ctxt contract cycle >>=? fun fees ->
+    if Tez_repr.(fees <> zero) then return true
+    else
+      get_frozen_rewards ctxt contract cycle >>=? fun rewards ->
+      return Tez_repr.(rewards <> zero)
+
+let frozen_balance ctxt delegate =
+  let contract = Contract_repr.implicit_contract delegate in
+  let balance = Ok Tez_repr.zero in
+  Storage.Contract.Frozen_bonds.fold
+    (ctxt, contract) ~init:balance
+    ~f:(fun _cycle amount acc ->
+        Lwt.return acc >>=? fun acc ->
+        Lwt.return (Tez_repr.(acc +? amount))) >>= fun  balance ->
+  Storage.Contract.Frozen_fees.fold
+    (ctxt, contract) ~init:balance
+    ~f:(fun _cycle amount acc ->
+        Lwt.return acc >>=? fun acc ->
+        Lwt.return (Tez_repr.(acc +? amount))) >>= fun  balance ->
+  Storage.Contract.Frozen_rewards.fold
+    (ctxt, contract) ~init:balance
+    ~f:(fun _cycle amount acc ->
+        Lwt.return acc >>=? fun acc ->
+        Lwt.return (Tez_repr.(acc +? amount))) >>= fun  balance ->
+  Lwt.return balance
+
+let full_balance ctxt delegate =
+  let contract = Contract_repr.implicit_contract delegate in
+  frozen_balance ctxt delegate >>=? fun frozen_balance ->
+  Storage.Contract.Balance.get ctxt contract >>=? fun balance ->
+  Lwt.return Tez_repr.(frozen_balance +? balance)
diff --git a/src/proto_alpha/lib_protocol/src/delegate_storage.mli b/src/proto_alpha/lib_protocol/src/delegate_storage.mli
index f3a68c425..f40287d8d 100644
--- a/src/proto_alpha/lib_protocol/src/delegate_storage.mli
+++ b/src/proto_alpha/lib_protocol/src/delegate_storage.mli
@@ -7,29 +7,90 @@
 (*                                                                        *)
 (**************************************************************************)
 
-type error +=
-  | Non_delegatable_contract of Contract_repr.contract (* `Permanent *)
-
+(** Is the contract eligible to delegation ? *)
 val is_delegatable:
   Raw_context.t -> Contract_repr.t -> bool tzresult Lwt.t
 
+(** Allow to register a delegate when creating an account. *)
 val init:
   Raw_context.t -> Contract_repr.t -> Ed25519.Public_key_hash.t ->
   Raw_context.t tzresult Lwt.t
 
+(** Cleanup delegation when deleting a contract. *)
+val remove:
+  Raw_context.t -> Contract_repr.t -> Raw_context.t tzresult Lwt.t
+
+(** Reading the current delegate of a contract. *)
 val get:
   Raw_context.t -> Contract_repr.t ->
   Ed25519.Public_key_hash.t option tzresult Lwt.t
 
+(** Updating the delegate of a contract.
+
+    When calling this function on an "implicit contract" this function
+    fails, unless when the registred delegate is the contract manager.
+    In the that case, the manager is now registred as a delegate. One
+    cannot unregister a delegate for now. The associate contract is
+    now 'undeletable'. *)
 val set:
   Raw_context.t -> Contract_repr.t -> Ed25519.Public_key_hash.t option ->
   Raw_context.t tzresult Lwt.t
 
-val remove: Raw_context.t -> Contract_repr.t -> Raw_context.t tzresult Lwt.t
+type error +=
+  | Non_delegatable_contract of Contract_repr.contract (* `Permanent *)
 
+(** Iterate on all registred delegates. *)
 val fold:
   Raw_context.t ->
   init:'a ->
   f:(Ed25519.Public_key_hash.t -> 'a -> 'a Lwt.t) -> 'a Lwt.t
 
+(** List all registred delegates. *)
 val list: Raw_context.t -> Ed25519.Public_key_hash.t list Lwt.t
+
+(** Various functions to 'freeze' tokens.  A frozen 'bond' keeps its
+    associated rolls. When frozen, 'fees' may trigger new rolls
+    allocation. Rewards won't trigger new rolls allocation until
+    unfrozen. *)
+val freeze_bond:
+  Raw_context.t -> Ed25519.Public_key_hash.t -> Tez_repr.t ->
+  Raw_context.t tzresult Lwt.t
+
+val freeze_fees:
+  Raw_context.t -> Ed25519.Public_key_hash.t -> Tez_repr.t ->
+  Raw_context.t tzresult Lwt.t
+
+val freeze_rewards:
+  Raw_context.t -> Ed25519.Public_key_hash.t -> Tez_repr.t ->
+  Raw_context.t tzresult Lwt.t
+
+(** Trigger the context maintenance at the end of cycle 'n', i.e.:
+    unfroze bond/fees/rewards from 'n - preserved_cycle' ; punish the
+    provided unrevealed seeds (tipically seed from from cycle 'n -
+    1'). *)
+val cycle_end:
+  Raw_context.t -> Cycle_repr.t -> Nonce_storage.unrevealed list ->
+  Raw_context.t tzresult Lwt.t
+
+(** Burn all then frozen bond/fees/rewards for a delegate at a given
+    cycle. *)
+val punish:
+  Raw_context.t -> Ed25519.Public_key_hash.t -> Cycle_repr.t ->
+  Raw_context.t tzresult Lwt.t
+
+(** Has the given key some frozen tokens in its implicit contract? *)
+val has_frozen_balance:
+  Raw_context.t -> Ed25519.Public_key_hash.t -> Cycle_repr.t ->
+  bool tzresult Lwt.t
+
+(** Returns the amount of frozen tokens associated to a given key. *)
+val frozen_balance:
+  Raw_context.t -> Ed25519.Public_key_hash.t ->
+  Tez_repr.t tzresult Lwt.t
+
+(** Returns the full 'balance' of the implicit contract associated to
+    a given key, i.e. the sum of the spendable balance and of the
+    frozen balance. *)
+val full_balance:
+  Raw_context.t -> Ed25519.Public_key_hash.t ->
+  Tez_repr.t tzresult Lwt.t
diff --git a/src/proto_alpha/lib_protocol/src/helpers_services.ml b/src/proto_alpha/lib_protocol/src/helpers_services.ml
index edd9cb1f1..be557c426 100644
--- a/src/proto_alpha/lib_protocol/src/helpers_services.ml
+++ b/src/proto_alpha/lib_protocol/src/helpers_services.ml
@@ -136,13 +136,12 @@ module I = struct
         let level = Alpha_context.Level.current ctxt in
         Baking.baking_priorities ctxt level >>=? fun (Misc.LCons (baker_pk, _)) ->
         let baker_pkh = Ed25519.Public_key.hash baker_pk in
-        let baker_contract = Contract.implicit_contract baker_pkh in
         let block_prio = 0 in
         Apply.apply_operation
-          ctxt (Some baker_contract) pred_block block_prio operation
+          ctxt (Some baker_pkh) pred_block block_prio operation
         >>=? function
-        | (_ctxt, _, Some script_err) -> Lwt.return (Error script_err)
-        | (_ctxt, contracts, None) -> Lwt.return (Ok contracts)
+        | (_ctxt, _, Some script_err, _, _) -> Lwt.return (Error script_err)
+        | (_ctxt, contracts, None,_ , _) -> Lwt.return (Ok contracts)
 
 
   let run_parameters ctxt (script, storage, input, amount, contract, origination_nonce) =
diff --git a/src/proto_alpha/lib_protocol/src/init_storage.ml b/src/proto_alpha/lib_protocol/src/init_storage.ml
index 2ac7840d6..9209e6b53 100644
--- a/src/proto_alpha/lib_protocol/src/init_storage.ml
+++ b/src/proto_alpha/lib_protocol/src/init_storage.ml
@@ -12,7 +12,6 @@ let initialize ctxt =
   Roll_storage.init ctxt >>=? fun ctxt ->
   Seed_storage.init ctxt >>=? fun ctxt ->
   Contract_storage.init ctxt >>=? fun ctxt ->
-  Reward_storage.init ctxt >>=? fun ctxt ->
   Bootstrap_storage.init ctxt >>=? fun ctxt ->
   Roll_storage.init_first_cycles ctxt >>=? fun ctxt ->
   Vote_storage.init ctxt >>=? fun ctxt ->
diff --git a/src/proto_alpha/lib_protocol/src/main.ml b/src/proto_alpha/lib_protocol/src/main.ml
index a5b737a1f..71b86cb9e 100644
--- a/src/proto_alpha/lib_protocol/src/main.ml
+++ b/src/proto_alpha/lib_protocol/src/main.ml
@@ -41,7 +41,11 @@ type validation_mode =
 type validation_state =
   { mode : validation_mode ;
     ctxt : Alpha_context.t ;
-    op_count : int }
+    op_count : int ;
+    bond : Alpha_context.Tez.t ;
+    fees : Alpha_context.Tez.t ;
+    rewards : Alpha_context.Tez.t ;
+  }
 
 let current_context { ctxt ; _ } =
   return (Alpha_context.finalize ctxt).context
@@ -65,9 +69,11 @@ let begin_application
   let timestamp = block_header.shell.timestamp in
   Alpha_context.init ~level ~timestamp ~fitness ctxt >>=? fun ctxt ->
   Apply.begin_application
-    ctxt block_header pred_timestamp >>=? fun (ctxt, baker) ->
+    ctxt block_header pred_timestamp >>=? fun (ctxt, baker, bond) ->
   let mode = Application { block_header ; baker = Ed25519.Public_key.hash baker } in
-  return { mode ; ctxt ; op_count = 0 }
+  return { mode ; ctxt ; op_count = 0 ; bond ;
+           fees = Alpha_context.Tez.zero ;
+           rewards = Alpha_context.Tez.zero }
 
 let begin_construction
     ~predecessor_context:ctxt
@@ -86,20 +92,22 @@ let begin_construction
     | None ->
         Apply.begin_partial_construction ctxt >>=? fun ctxt ->
         let mode = Partial_construction { predecessor } in
-        return (mode, ctxt)
+        return (mode, ctxt, Alpha_context.Tez.zero)
     | Some proto_header ->
         Apply.begin_full_construction
           ctxt pred_timestamp
-          proto_header >>=? fun (ctxt, protocol_data, baker) ->
+          proto_header >>=? fun (ctxt, protocol_data, baker, bond) ->
         let mode =
           let baker = Ed25519.Public_key.hash baker in
           Full_construction { predecessor ; baker ; protocol_data } in
-        return (mode, ctxt)
-  end >>=? fun (mode, ctxt) ->
-  return { mode ; ctxt ; op_count = 0 }
+        return (mode, ctxt, bond)
+  end >>=? fun (mode, ctxt, bond) ->
+  return { mode ; ctxt ; op_count = 0 ; bond ;
+           fees = Alpha_context.Tez.zero ;
+           rewards = Alpha_context.Tez.zero  }
 
-let apply_operation ({ mode ; ctxt ; op_count } as data) operation =
-  let pred_block, block_prio, baker_contract =
+let apply_operation ({ mode ; ctxt ; op_count ; _ } as data) operation =
+  let pred_block, block_prio, baker =
     match mode with
     | Partial_construction { predecessor } ->
         predecessor, 0, None
@@ -109,21 +117,24 @@ let apply_operation ({ mode ; ctxt ; op_count } as data) operation =
     | Full_construction { predecessor ; protocol_data ; baker } ->
         predecessor,
         protocol_data.priority,
-        Some (Alpha_context.Contract.implicit_contract baker) in
-  Apply.apply_operation
-    ctxt baker_contract pred_block block_prio operation
-  >>=? fun (ctxt, _contracts, _ignored_script_error) ->
+        Some baker in
+  Apply.apply_operation ctxt baker pred_block block_prio operation
+  >>=? fun (ctxt, _contracts, _ignored_script_error, fees, rewards) ->
   let op_count = op_count + 1 in
-  return { data with ctxt ; op_count }
+  Lwt.return Alpha_context.Tez.(fees >>? (+?) data.fees) >>=? fun fees ->
+  Lwt.return Alpha_context.Tez.(rewards >>? (+?) data.rewards) >>=? fun rewards ->
+  return { data with ctxt ; op_count ; fees ; rewards }
 
-let finalize_block { mode ; ctxt ; op_count } = match mode with
+let finalize_block { mode ; ctxt ; op_count ; bond ; fees ; rewards } =
+  match mode with
   | Partial_construction _ ->
       let ctxt = Alpha_context.finalize ctxt in
       return ctxt
   | Application
       { baker ;  block_header = { protocol_data ; _ } }
   | Full_construction { protocol_data ; baker ; _ } ->
-      Apply.finalize_application ctxt protocol_data baker >>=? fun ctxt ->
+      Apply.finalize_application
+        ctxt protocol_data baker bond fees rewards >>=? fun ctxt ->
       let { level ; _ } : Alpha_context.Level.t =
         Alpha_context. Level.current ctxt in
       let priority = protocol_data.priority in
diff --git a/src/proto_alpha/lib_protocol/src/main.mli b/src/proto_alpha/lib_protocol/src/main.mli
index aa5d1a074..4e615b65f 100644
--- a/src/proto_alpha/lib_protocol/src/main.mli
+++ b/src/proto_alpha/lib_protocol/src/main.mli
@@ -26,7 +26,11 @@ type validation_mode =
 type validation_state =
   { mode : validation_mode ;
     ctxt : Alpha_context.t ;
-    op_count : int }
+    op_count : int ;
+    bond : Alpha_context.Tez.t ;
+    fees : Alpha_context.Tez.t ;
+    rewards : Alpha_context.Tez.t ;
+  }
 
 include Updater.PROTOCOL with type operation = Alpha_context.Operation.t
                           and type validation_state := validation_state
diff --git a/src/proto_alpha/lib_protocol/src/nonce_storage.ml b/src/proto_alpha/lib_protocol/src/nonce_storage.ml
index 7b5521489..81baabaf3 100644
--- a/src/proto_alpha/lib_protocol/src/nonce_storage.ml
+++ b/src/proto_alpha/lib_protocol/src/nonce_storage.ml
@@ -30,35 +30,32 @@ let get_unrevealed c level =
     Raw_level_repr.(level.level < cur_level.level)
     Too_early_revelation >>=? fun () ->
   Storage.Seed.Nonce.get c level >>=? function
-  | Revealed _ ->
-      fail Previously_revealed_nonce
-  | Unrevealed { nonce_hash; delegate_to_reward ; reward_amount  } ->
-      return (nonce_hash, delegate_to_reward, reward_amount)
+  | Revealed _ -> fail Previously_revealed_nonce
+  | Unrevealed status -> return status
 
-(* let get_unrevealed_hash c level = *)
-(* get_unrevealed c level >>=? fun (nonce_hash, _) -> *)
-(* return nonce_hash *)
-
-let record_hash c delegate_to_reward reward_amount nonce_hash =
+let record_hash c unrevealed =
   let level = Level_storage.current c in
-  Storage.Seed.Nonce.init c level
-    (Unrevealed { nonce_hash; delegate_to_reward ; reward_amount })
+  Storage.Seed.Nonce.init c level (Unrevealed unrevealed)
 
 let reveal c level nonce =
-  get_unrevealed c level >>=? fun (nonce_hash, delegate_to_reward, reward_amount) ->
+  get_unrevealed c level >>=? fun unrevealed ->
   fail_unless
-    (Seed_repr.check_hash nonce nonce_hash)
+    (Seed_repr.check_hash nonce unrevealed.nonce_hash)
     Unexpected_nonce >>=? fun () ->
   Storage.Seed.Nonce.set c level (Revealed nonce) >>=? fun c ->
-  return (c, delegate_to_reward, reward_amount)
+  return c
+
+type unrevealed = Storage.Seed.unrevealed_nonce = {
+  nonce_hash: Nonce_hash.t ;
+  delegate: Ed25519.Public_key_hash.t ;
+  bond: Tez_repr.t ;
+  rewards: Tez_repr.t ;
+  fees: Tez_repr.t ;
+}
 
 type status = Storage.Seed.nonce_status =
-  | Unrevealed of {
-      nonce_hash: Nonce_hash.t ;
-      delegate_to_reward: Ed25519.Public_key_hash.t ;
-      reward_amount: Tez_repr.t ;
-    }
-  | Revealed of nonce
+  | Unrevealed of unrevealed
+  | Revealed of Seed_repr.nonce
 
 let get c level = Storage.Seed.Nonce.get c level
 
diff --git a/src/proto_alpha/lib_protocol/src/nonce_storage.mli b/src/proto_alpha/lib_protocol/src/nonce_storage.mli
index 836439b3c..09ce5f193 100644
--- a/src/proto_alpha/lib_protocol/src/nonce_storage.mli
+++ b/src/proto_alpha/lib_protocol/src/nonce_storage.mli
@@ -17,25 +17,26 @@ type t = Seed_repr.nonce
 type nonce = t
 val encoding: nonce Data_encoding.t
 
-val record_hash:
-  Raw_context.t ->
-  Ed25519.Public_key_hash.t -> Tez_repr.t ->
-  Nonce_hash.t -> Raw_context.t tzresult Lwt.t
-
-val reveal:
-  Raw_context.t -> Level_repr.t -> nonce ->
-  (Raw_context.t * Ed25519.Public_key_hash.t * Tez_repr.t) tzresult Lwt.t
+type unrevealed = Storage.Seed.unrevealed_nonce = {
+  nonce_hash: Nonce_hash.t ;
+  delegate: Ed25519.Public_key_hash.t ;
+  bond: Tez_repr.t ;
+  rewards: Tez_repr.t ;
+  fees: Tez_repr.t ;
+}
 
 type status =
-  | Unrevealed of {
-      nonce_hash: Nonce_hash.t ;
-      delegate_to_reward: Ed25519.Public_key_hash.t ;
-      reward_amount: Tez_repr.t ;
-    }
-  | Revealed of nonce
+  | Unrevealed of unrevealed
+  | Revealed of Seed_repr.nonce
 
 val get: Raw_context.t -> Level_repr.t -> status tzresult Lwt.t
 
+val record_hash:
+  Raw_context.t -> unrevealed -> Raw_context.t tzresult Lwt.t
+
+val reveal:
+  Raw_context.t -> Level_repr.t -> nonce -> Raw_context.t tzresult Lwt.t
+
 val of_bytes: MBytes.t -> nonce tzresult
 val hash: nonce -> Nonce_hash.t
 val check_hash: nonce -> Nonce_hash.t -> bool
diff --git a/src/proto_alpha/lib_protocol/src/reward_storage.ml b/src/proto_alpha/lib_protocol/src/reward_storage.ml
deleted file mode 100644
index e57d2f2cb..000000000
--- a/src/proto_alpha/lib_protocol/src/reward_storage.ml
+++ /dev/null
@@ -1,75 +0,0 @@
-(**************************************************************************)
-(*                                                                        *)
-(*    Copyright (c) 2014 - 2018.                                          *)
-(*    Dynamic Ledger Solutions, Inc. <contact@tezos.com>                  *)
-(*                                                                        *)
-(*    All rights reserved. No warranty, explicit or implicit, provided.   *)
-(*                                                                        *)
-(**************************************************************************)
-
-type error +=
-  | Too_late_reward_recording
-  | Too_late_reward_discarding
-  | Incorrect_discard
-
-let record c delegate cycle amount =
-  Storage.Rewards.Next.get c >>=? fun min_cycle ->
-  fail_unless Cycle_repr.(min_cycle <= cycle)
-    Too_late_reward_recording >>=? fun () ->
-  Storage.Rewards.Amount.get_option (c, cycle) delegate >>=? function
-  | None ->
-      Storage.Rewards.Amount.init (c, cycle) delegate amount
-  | Some previous_amount ->
-      Lwt.return Tez_repr.(previous_amount +? amount) >>=? fun amount ->
-      Storage.Rewards.Amount.set (c, cycle) delegate amount
-
-let discard c delegate cycle amount =
-  Storage.Rewards.Next.get c >>=? fun min_cycle ->
-  fail_unless Cycle_repr.(min_cycle <= cycle)
-    Too_late_reward_discarding >>=? fun () ->
-  Storage.Rewards.Amount.get_option (c, cycle) delegate >>=? function
-  | None ->
-      fail Incorrect_discard
-  | Some previous_amount ->
-      match Tez_repr.(previous_amount -? amount) with
-      | Ok amount ->
-          if Tez_repr.(amount = zero) then
-            Storage.Rewards.Amount.remove (c, cycle) delegate >>= fun ctxt ->
-            return ctxt
-          else
-            Storage.Rewards.Amount.set (c, cycle) delegate amount
-      | Error _ ->
-          fail Incorrect_discard
-
-let pay_rewards_for_cycle c cycle =
-  Storage.Rewards.Amount.fold (c, cycle) ~init:(Ok c)
-    ~f:(fun delegate amount c ->
-        match c with
-        | Error _ -> Lwt.return c
-        | Ok c ->
-            Contract_storage.credit c
-              (Contract_repr.implicit_contract delegate)
-              amount) >>=? fun c ->
-  Storage.Rewards.Amount.clear (c, cycle) >>= fun c ->
-  return c
-
-let pay_due_rewards c =
-  let timestamp = Raw_context.current_timestamp c in
-  let rec loop c cycle =
-    Storage.Rewards.Date.get_option c cycle >>=? function
-    | None ->
-        Storage.Rewards.Next.set c cycle
-    | Some reward_time ->
-        if Time_repr.(reward_time > timestamp)
-        then
-          Storage.Rewards.Next.set c cycle
-        else
-          pay_rewards_for_cycle c cycle >>=? fun c ->
-          loop c (Cycle_repr.succ cycle) in
-  Storage.Rewards.Next.get c >>=? fun cycle ->
-  loop c cycle
-
-let set_reward_time_for_cycle = Storage.Rewards.Date.init
-
-let init c =
-  Storage.Rewards.Next.init c Cycle_repr.root
diff --git a/src/proto_alpha/lib_protocol/src/reward_storage.mli b/src/proto_alpha/lib_protocol/src/reward_storage.mli
deleted file mode 100644
index b580c1d9d..000000000
--- a/src/proto_alpha/lib_protocol/src/reward_storage.mli
+++ /dev/null
@@ -1,21 +0,0 @@
-(**************************************************************************)
-(*                                                                        *)
-(*    Copyright (c) 2014 - 2018.                                          *)
-(*    Dynamic Ledger Solutions, Inc. <contact@tezos.com>                  *)
-(*                                                                        *)
-(*    All rights reserved. No warranty, explicit or implicit, provided.   *)
-(*                                                                        *)
-(**************************************************************************)
-
-val record:
-  Raw_context.t -> Ed25519.Public_key_hash.t -> Cycle_repr.t -> Tez_repr.t -> Raw_context.t tzresult Lwt.t
-
-val discard:
-  Raw_context.t -> Ed25519.Public_key_hash.t -> Cycle_repr.t -> Tez_repr.t -> Raw_context.t tzresult Lwt.t
-
-val pay_due_rewards: Raw_context.t -> Raw_context.t tzresult Lwt.t
-
-val set_reward_time_for_cycle:
-  Raw_context.t -> Cycle_repr.t -> Time.t -> Raw_context.t tzresult Lwt.t
-
-val init: Raw_context.t -> Raw_context.t tzresult Lwt.t
diff --git a/src/proto_alpha/lib_protocol/src/seed_storage.ml b/src/proto_alpha/lib_protocol/src/seed_storage.ml
index ec3daaf63..4bba561ba 100644
--- a/src/proto_alpha/lib_protocol/src/seed_storage.ml
+++ b/src/proto_alpha/lib_protocol/src/seed_storage.ml
@@ -47,19 +47,19 @@ let compute_for_cycle c ~revealed cycle =
   | None -> assert false (* should not happen *)
   | Some previous_cycle ->
       let levels = Level_storage.levels_with_commitments_in_cycle c revealed in
-      let combine (c, random_seed) level =
+      let combine (c, random_seed, unrevealed) level =
         Storage.Seed.Nonce.get c level >>=? function
         | Revealed nonce ->
             Storage.Seed.Nonce.delete c level >>=? fun c ->
-            return (c, Seed_repr.nonce random_seed nonce)
-        | Unrevealed _ ->
+            return (c, Seed_repr.nonce random_seed nonce, unrevealed)
+        | Unrevealed u ->
             Storage.Seed.Nonce.delete c level >>=? fun c ->
-            return (c, random_seed)
+            return (c, random_seed, u :: unrevealed)
       in
       Storage.Seed.For_cycle.get c previous_cycle >>=? fun seed ->
-      fold_left_s combine (c, seed) levels >>=? fun (c, seed) ->
+      fold_left_s combine (c, seed, []) levels >>=? fun (c, seed, unrevealed) ->
       Storage.Seed.For_cycle.init c cycle seed >>=? fun c ->
-      return c
+      return (c, unrevealed)
 
 let for_cycle ctxt cycle =
   let preserved = Constants_storage.preserved_cycles ctxt in
@@ -97,7 +97,7 @@ let cycle_end ctxt last_cycle =
         clear_cycle ctxt cleared_cycle
   end >>=? fun ctxt ->
   match Cycle_repr.pred last_cycle with
-  | None -> return ctxt
+  | None -> return (ctxt, [])
   | Some revealed ->
       let inited_seed_cycle = Cycle_repr.add last_cycle (preserved+1) in
       compute_for_cycle ctxt ~revealed inited_seed_cycle
diff --git a/src/proto_alpha/lib_protocol/src/seed_storage.mli b/src/proto_alpha/lib_protocol/src/seed_storage.mli
index 7fd1f5516..76f52df66 100644
--- a/src/proto_alpha/lib_protocol/src/seed_storage.mli
+++ b/src/proto_alpha/lib_protocol/src/seed_storage.mli
@@ -19,4 +19,5 @@ val for_cycle:
   Raw_context.t -> Cycle_repr.t -> Seed_repr.seed tzresult Lwt.t
 
 val cycle_end:
-  Raw_context.t -> Cycle_repr.t -> Raw_context.t tzresult Lwt.t
+  Raw_context.t -> Cycle_repr.t ->
+  (Raw_context.t * Nonce_storage.unrevealed list) tzresult Lwt.t
diff --git a/src/proto_alpha/lib_protocol/src/storage.ml b/src/proto_alpha/lib_protocol/src/storage.ml
index 6f1438158..14bf1eac9 100644
--- a/src/proto_alpha/lib_protocol/src/storage.ml
+++ b/src/proto_alpha/lib_protocol/src/storage.ml
@@ -49,6 +49,28 @@ module Contract = struct
       (struct let name = ["balance"] end)
       (Make_value(Tez_repr))
 
+  module Frozen_balance_index =
+    Make_indexed_subcontext
+      (Make_subcontext
+         (Indexed_context.Raw_context)
+         (struct let name = ["frozen_balance"] end))
+      (Cycle_repr.Index)
+
+  module Frozen_bonds =
+    Frozen_balance_index.Make_map
+      (struct let name = ["bonds"] end)
+      (Make_value(Tez_repr))
+
+  module Frozen_fees =
+    Frozen_balance_index.Make_map
+      (struct let name = ["fees"] end)
+      (Make_value(Tez_repr))
+
+  module Frozen_rewards =
+    Frozen_balance_index.Make_map
+      (struct let name = ["rewards"] end)
+      (Make_value(Tez_repr))
+
   module Manager =
     Indexed_context.Make_map
       (struct let name = ["manager"] end)
@@ -129,7 +151,7 @@ module Contract = struct
 
 end
 
-module Delegate =
+module Delegates =
   Make_data_set_storage
     (Make_subcontext(Raw_context)(struct let name = ["delegates"] end))
     (Ed25519.Public_key_hash)
@@ -148,28 +170,34 @@ module Cycle = struct
       (struct let name = ["last_roll"] end)
       (Make_value(Roll_repr))
 
+  type unrevealed_nonce = {
+    nonce_hash: Nonce_hash.t ;
+    delegate: Ed25519.Public_key_hash.t ;
+    bond: Tez_repr.t ;
+    rewards: Tez_repr.t ;
+    fees: Tez_repr.t ;
+  }
+
   type nonce_status =
-    | Unrevealed of {
-        nonce_hash: Nonce_hash.t ;
-        delegate_to_reward: Ed25519.Public_key_hash.t ;
-        reward_amount: Tez_repr.t ;
-      }
+    | Unrevealed of unrevealed_nonce
     | Revealed of Seed_repr.nonce
 
   let nonce_status_encoding =
     let open Data_encoding in
     union [
       case (Tag 0)
-        (tup3
+        (tup5
            Nonce_hash.encoding
            Ed25519.Public_key_hash.encoding
+           Tez_repr.encoding
+           Tez_repr.encoding
            Tez_repr.encoding)
         (function
-          | Unrevealed { nonce_hash ; delegate_to_reward ; reward_amount } ->
-              Some (nonce_hash, delegate_to_reward, reward_amount)
+          | Unrevealed { nonce_hash ; delegate ; bond ; rewards ; fees } ->
+              Some (nonce_hash, delegate, bond, rewards, fees)
           | _ -> None)
-        (fun (nonce_hash, delegate_to_reward, reward_amount) ->
-           Unrevealed { nonce_hash ; delegate_to_reward ; reward_amount }) ;
+        (fun (nonce_hash, delegate, bond, rewards, fees) ->
+           Unrevealed { nonce_hash ; delegate ; bond ; rewards ; fees }) ;
       case (Tag 1)
         Seed_repr.nonce_encoding
         (function
@@ -197,19 +225,6 @@ module Cycle = struct
          let encoding = Seed_repr.seed_encoding
        end))
 
-  module Reward_date =
-    Indexed_context.Make_map
-      (struct let name = [ "reward_date" ] end)
-      (Make_value(Time_repr))
-
-  module Reward_amount =
-    Make_indexed_data_storage
-      (Make_subcontext
-         (Indexed_context.Raw_context)
-         (struct let name = [ "rewards" ] end))
-      (Ed25519.Public_key_hash)
-      (Make_value(Tez_repr))
-
 end
 
 module Roll = struct
@@ -326,12 +341,16 @@ end
 
 module Seed = struct
 
+  type unrevealed_nonce = Cycle.unrevealed_nonce = {
+    nonce_hash: Nonce_hash.t ;
+    delegate: Ed25519.Public_key_hash.t ;
+    bond: Tez_repr.t ;
+    rewards: Tez_repr.t ;
+    fees: Tez_repr.t ;
+  }
+
   type nonce_status = Cycle.nonce_status =
-    | Unrevealed of {
-        nonce_hash: Nonce_hash.t ;
-        delegate_to_reward: Ed25519.Public_key_hash.t ;
-        reward_amount: Tez_repr.t ;
-      }
+    | Unrevealed of unrevealed_nonce
     | Revealed of Seed_repr.nonce
 
   module Nonce = struct
@@ -351,21 +370,6 @@ module Seed = struct
 
 end
 
-(** Rewards *)
-
-module Rewards = struct
-
-  module Next =
-    Make_single_data_storage
-      (Raw_context)
-      (struct let name = ["next_cycle_to_be_rewarded"] end)
-      (Make_value(Cycle_repr))
-
-  module Date = Cycle.Reward_date
-  module Amount = Cycle.Reward_amount
-
-end
-
 (** Resolver *)
 
 let () =
diff --git a/src/proto_alpha/lib_protocol/src/storage.mli b/src/proto_alpha/lib_protocol/src/storage.mli
index 53b21d862..3b045435c 100644
--- a/src/proto_alpha/lib_protocol/src/storage.mli
+++ b/src/proto_alpha/lib_protocol/src/storage.mli
@@ -64,8 +64,7 @@ module Roll : sig
      and type value = Tez_repr.t
      and type t := Raw_context.t
 
-  (** Frozen rolls per cycle *)
-
+  (** Last roll in the snapshoted roll allocation of a given cycle. *)
   module Last_for_cycle : Indexed_data_storage
     with type key = Cycle_repr.t
      and type value = Roll_repr.t
@@ -96,6 +95,22 @@ module Contract : sig
      and type value = Tez_repr.t
      and type t := Raw_context.t
 
+  (** Frozen balance, see 'delegate_storage.mli' for more explanation *)
+  module Frozen_bonds : Indexed_data_storage
+    with type key = Cycle_repr.t
+     and type value = Tez_repr.t
+     and type t = Raw_context.t * Contract_repr.t
+
+  module Frozen_fees : Indexed_data_storage
+    with type key = Cycle_repr.t
+     and type value = Tez_repr.t
+     and type t = Raw_context.t * Contract_repr.t
+
+  module Frozen_rewards : Indexed_data_storage
+    with type key = Cycle_repr.t
+     and type value = Tez_repr.t
+     and type t = Raw_context.t * Contract_repr.t
+
   (** The manager of a contract *)
   module Manager : Indexed_data_storage
     with type key = Contract_repr.t
@@ -154,7 +169,8 @@ module Contract : sig
 
 end
 
-module Delegate : Data_set_storage
+(** Set of all registred delegates. *)
+module Delegates : Data_set_storage
   with type t := Raw_context.t
    and type elt = Ed25519.Public_key_hash.t
 
@@ -201,12 +217,16 @@ module Seed : sig
   (** Storage from this submodule must only be accessed through the
       module `Seed`. *)
 
+  type unrevealed_nonce = {
+    nonce_hash: Nonce_hash.t ;
+    delegate: Ed25519.Public_key_hash.t ;
+    bond: Tez_repr.t ;
+    rewards: Tez_repr.t ;
+    fees: Tez_repr.t ;
+  }
+
   type nonce_status =
-    | Unrevealed of {
-        nonce_hash: Nonce_hash.t ;
-        delegate_to_reward: Ed25519.Public_key_hash.t ;
-        reward_amount: Tez_repr.t ;
-      }
+    | Unrevealed of unrevealed_nonce
     | Revealed of Seed_repr.nonce
 
   module Nonce : Non_iterable_indexed_data_storage
@@ -221,23 +241,3 @@ module Seed : sig
   end
 
 end
-
-(** Rewards *)
-
-module Rewards : sig
-
-  module Next : Single_data_storage
-    with type value = Cycle_repr.t
-     and type t := Raw_context.t
-
-  module Date : Indexed_data_storage
-    with type key = Cycle_repr.t
-     and type value = Time.t
-     and type t := Raw_context.t
-
-  module Amount : Indexed_data_storage
-    with type key = Ed25519.Public_key_hash.t
-     and type value = Tez_repr.t
-     and type t = Raw_context.t * Cycle_repr.t
-
-end
diff --git a/src/proto_alpha/lib_protocol/test/helpers/helpers_apply.ml b/src/proto_alpha/lib_protocol/test/helpers/helpers_apply.ml
index 0d24e0799..34ca8e998 100644
--- a/src/proto_alpha/lib_protocol/test/helpers/helpers_apply.ml
+++ b/src/proto_alpha/lib_protocol/test/helpers/helpers_apply.ml
@@ -15,10 +15,11 @@ let operation
   return @@ Helpers_operation.apply_of_proto src op_sh proto_op >>=? fun operation ->
   Proto_alpha.Apply.apply_operation
     tc
-    (Option.map ~f:(fun x -> x.Helpers_account.contract) baker)
+    (Option.map ~f:(fun x -> x.Helpers_account.hpub) baker)
     pred_block_hash
     0
-    operation >>=? fun (tc, contracts, err) -> return ((contracts, err), tc)
+    operation >>=? fun (tc, contracts, err, _fees, _rewards) ->
+  return ((contracts, err), tc)
 
 
 let transaction ~tc ?(fee = 0) ?baker