Livepeer
Cosmos SDK
Livepeer is an open video infrastructure, enabling developers to build video streaming applications. The network has been live on Ethereum’s mainnet since May 2018, and is run by a decentralized network of token holding node operators, and powers both traditional and web3 video streaming at reduced prices relative to the existing cloud providers.
APY | ~20% |
Total Supply | Inflationary |
Compounding | Automatic |
Compounding Frequency | Yes, daily |
Reward Distribution Period (Payout frequency) | Distributed automatically every cycle (~ once every day) |
Unbonding Period | ~7 days |
Validator Self-Bond Requirement | 0 LPT |
Figment Validator Address | 0x9d2b4e5c4b1fd81d06b883b0aca661b771c39ea3 |
Recommended Wallet | |
Slashing Penalty | 3% for double signing, 0.05% for downtime |
Validator Diversity | 100 Validators in the active set |
Livepeer is a rewarding proof of stake (PoS) network to be participating in — particularly in this early phase, with yearly rewards being as high as 1.5x the number of staked tokens.
Clicking the 'staking guide' button in the left-hand margin of the explorer will have the interface walk you through the staking process, step by step.
Figment is one of the few orchestrators (formerly called "transcoders") offering a service-level agreement (SLA), which guarantees compensation for missed rewards arising from any failure in our transcoder's performance.
If you prefer to use the classic Livepeer staking explorer, skip to the bottom. This is Figment’ guide to delegating your stake (aka bonding) to our Livepeer transcoder using Livepeer's latest staking explorer.
1. Ensure that your preferred wallet is installed and enabled:
The Livepeer team recommends Portis. I'm only familiar with Metamask, which I use to stake LPT that I have secured with a Ledger hardware device.
3. Filter orchestrators by this address:
0x9d2b4e5c4b1fd81d06b883b0aca661b771c39ea3
Then input the number of LPT tokens and click the 'STAKE' button:
In this case I am prepared to stake 33 LPT.
Since I'm using the Metamask extension, a transaction confirmation dialogue will pop up in my browser. After clicking accept and waiting for the transaction to confirm, my 'total staked' amount should increase:
You can wait as long as you want to claim rewards, which doesn't have an impact on your holdings--it's more of a technical necessity. I wait until I'm ready to stake more tokens or unstake before I claim rewards.
Since rewards are automatically added to your staked amount, your rewards will automatically compound. However, since your rewards are staked, that means that you'll have to wait ~7 days for them to unbond, in the case that you want to withdraw them as liquid tokens (to exchange or send them).
Withdrawing your rewards and unstaking are the same function. To do this, you'll unstake the same way you staked (see above).
After the ~7 day unbonding period has passed, you may then withdraw your tokens to your wallet. Click 'My Account' in the left margin. Scroll down to 'Available for Withdrawal' on the dashboard:
After the transaction is confirmed on the Ethereum network, your LPT tokens will be available in your wallet's address.
If you prefer to use Livepeer's legacy staking interface, you can head here and then follow our guide below.
Quick start
You can delegate your bond to a transcoder using the Metamask browser extension, via Livepeer’s transcoder dashboard.
The Figment full transcoder profile is here and this is our transcoder address: 0x9d2b4e5c4b1fd81d06b883b0aca661b771c39ea3
You may redelegate your bond or withdraw rewards instantly at any time. The unbonding period is seven (7) days and must be done prior to withdrawing your delegated bond.
Redelegating a bond.
The ‘Staking’ section of the Livepeer Explorer will provide information about your reward earnings.
As you earn rewards, they will accumulate in your ‘Stake’:
You can see how much you have earned the ‘Unclaimed earnings’:
Claiming earnings is simply an accounting necessity, and unclaimed earnings count toward your total staked LPT. This means two things:
1) unclaimed rewards will earn compounding rewards and
2) if you want to withdraw your staking rewards, you will need to wait the unbonding period (~7 days) because these are considered to be part of your stake.
Full guide
To delegate Livepeer tokens (LPT), you’ll need a small amount of ETH (0.1 ETH is plenty) at the same account address as your LPT. If you use a Ledger Nano S hardware wallet, you can use the Metamask browser extension to delegate via the Livepeer dashboard by clicking the ‘BOND’ button next to the Figment transcoder.
Top left corner of the transcoder profile.
The Figment transcoder address is 0x9d2b4e5c4b1fd81d06b883b0aca661b771c39ea3 and our full transcoder profile is here. Livepeer has also documented the delegation process here.
After clicking ‘BOND,’ this message should pop up:
You must give Livepeer permission to control a specific number of your Livepeer tokens (LPT).
After clicking ‘UPDATE YOUR TRANSFER ALLOWANCE,’ this message should follow:
In this case, I granted Livepeer permission to control 10,000 LPT, even though I only have ~2 LPT.
After clicking ‘SUBMIT,’ a Metamask dialogue will pop up, asking you to confirm the transaction.
You may edit the gas fee parameters in Metamask, but it’s important to be careful if you change the gas fee, because it’s possible to accidentally spend thousands of dollars on a single transaction if the gas fee is too high. Alternatively, if the gas price is too low, the transaction won’t be processed.
ETH Gas Station reports the going rate for gas fees on the Ethereum network.
After your bonding is complete, you should see this message pop up:
The unbonding period is seven (7) days and must be done prior to withdrawing your delegated bond. You may redelegate your bond or withdraw your rewards instantly and at any time.
Redelegating a bond.
Hopefully you found this useful. Feedback is always welcome!
Governance is broken down into two phases. Phase one is social consensus and takes place off-chain with ideation, a draft and a last call before phase two. Phase two takes place on-chain and is called formal consensus with the vote and then potential execution of the proposal.
What is staking?
On a Proof of Stake blockchain, staking is the act of depositing tokens in order to become a validator; that is, to participate in proposing and attesting to transaction blocks. Anyone with a minimum necessary coin balance can validate transactions and earn staking rewards on these blockchains.
What is the name of the asset being staked?
Livepeer's token, LPT, is used for staking and voting on on-chain governance.
Where can I explore the network and create a Livepeer wallet?
Wallet: Delegators can either use Metamask and a ledger or Livepeer's wallet, Portis Explorer: https://explorer.livepeer.org/
Why Stake LPT?
Initially, the LPT tokens are staked to earn new issuance ("inflationary") subsidies. It means that the LPT supply will increase and stakers will capture the newly issued LPT. Generally, you will earn around 20% annually on your staked LPT, but that can change. Stakers will also capture fees from network transactions, so as Livepeer transaction volume increases, LPT stakers will earn more than new issuance subsidies. LPT tokens also give stakers the right to vote on policy decisions on how the Liverpeer will operate and distribute treasury funds.
How long does it take to stake and unstake?
From the moment you initiate the unbonding process, it takes 7 days to unstake. During this time you will not earn rewards.
When are staking rewards and transfers enabled?
Staking rewards and transfers are currently enabled, and with the Confluence upgrade take place exclusively on Arbitrum.
How is staking income disbursed? Is staking income liquid or automatically staked?
Staking income on Liverpeer is automatically distributed every automatically every epoch (~ once every day). Staking income is staked automatically, which means you will need to unstake to withdraw your staking income.
Can I lose potential staking rewards?
Your potential rewards depend on validator performance. When your validator is down, you will not earn staking income.
Can my staked LPT tokens be slashed (seized or destroyed)?
There is currently no slashing mechanism for Livepeer, but might be reintroduced in the near future after other updates are implemented.
What is the rate of new issuance (aka "annual inflation") for LPT? How does the token supply change?
The inflation rate in Livepeer fluctuates; it depends on how many tokens are staked out of the total supply in circulation. Livepeer refers to this ratio as its participation rate. The protocol aims for a 50% participation rate as the benchmark for balancing network security and token liquidity. The protocol incentivizes participation by increasing or decreasing the inflation rate by 0.0003% for every round that the participation rate dips below or above 50%, respectively. One round is equal to 5,760 Ethereum blocks, lasting about 22.5 hours, which is roughly how often rewards are claimed.
What affects future yields?
Orchestrators earn revenue based on LPT earned as staking revenue. Revenue is calculated by the price of LPT on the day earned and so orchestrators who hold a percentage of LPT rewards have likely produced far greater returns. As stated above, yield can change based on the amount of tokens staked relative to the desired 50% participation rate set by the protocol.
Do I maintain custody of my LPT tokens? Who or what controls my staked LPT token?
Figment has partnerships with a number of top-in-class custodians: For inquiries, please contact [email protected] The Livepeer protocol takes control of your LPT tokens while you are staking. While your LPT tokens are staked, you may participate in on-chain governance by voting on different proposals.
How are decisions about Livepeer made and executed?
Livepeer uses token voting for on-chain governance. Governance proposals are discussed on the forum.
Last modified 5mo ago