The present participle of 'guerdon': the act of giving rewards or recompense to someone.
From 'guerdon' plus the present participle suffix '-ing'. The continuous form emphasizes the ongoing action of rewarding or compensating.
The 'ing' form makes 'guerdoning' sound almost ceremonial—like a formal medieval act of bestowing honors rather than a simple transaction, which is exactly what poets wanted to convey.
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