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.
Livepeer’s new staking explorer makes that process easier than ever:
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.
Livepeer Staking
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.
2. Head to https://explorer.livepeer.org/connect-wallet and connect to your wallet.
3. Filter orchestrators by this address:
0x9d2b4e5c4b1fd81d06b883b0aca661b771c39ea3
Then input the number of LPT tokens and click the ‘STAKE’ button:
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:
Rewards & Unstaking
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.
Classic Staking Explorer Guide
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.
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.
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:
After clicking ‘UPDATE YOUR TRANSFER ALLOWANCE,’ this message should follow:
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.
Consider using ETH Gas Station to check the recommended gas prices.
After your bonding is complete, you should see this message pop up:
You may check the status of your Livepeer account via https://classic.explorer.livepeer.org/me
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.
Hopefully you found this useful. Feedback is always welcome!
