How to stake and delegate LPT in order to participate in the network


#1

The easiest way to stake token is to visit explorer.livepeer.org/transcoders.

This will display a list of active and candidate transcoders on the network, along with the prices they are charging, and some useful stats.

You can stake to the network by clicking “BOND” next to your chosen node, and then follow the instructions.

It is your responsibility as a token holder to research transcoders based upon their past performance, statistics, rates they are charging, and any social campaigns that they’ve posted indicating why they believe they will do a good job for the network.

Click on any transcoder to view their on chain statistics. Visit this forum thread to view campaigns that certain transcoders may have posted.

When you have selected the transcoder you would like to delegate your stake towards, return to the explorer and click the “bond” button using your Ethereum enabled browser (Metamask, Parity, Mist, Toshi, Cipher, etc). It will ask you how many token you would like to bond, and have you confirm an Ethereum transaction.

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Remember that you can always change who you are bonded to or unbond if you don’t believe the transcoder is doing a good job, but when you bond, you have to wait for the multi-week unbonding period before you can withdraw your token.


So, you've got some Livepeer Tokens... what next?
Transcoder Megathread - Start here to learn about playing the role of transcoder on Livepeer
#2

Hi - Wondering how you can stake using a hardware wallet + mycrypto? Thx!


#3

We’re working on direct hardware wallet support in the explorer right now: https://github.com/livepeer/livepeerjs/projects/1 (See “In Progress”).

In the meantime, do this via MyCrypto is possible, but requires a familiarity with the protocol that is really beyond the level of support that we can give and expect users to not run into issues. The short version is that you can issue an approve() txn on the Livepeer Token contract for the amount you want to bond, approving the address of the BondingManager Proxy contract. And then you would call bond() on the BondingManager Proxy contract. But you need to use the ABI of the BondingManager Target contract in order to expose this method through the MyCryto interface. Like I said…there’re some hoops to jump through so we don’t really support this method for those who aren’t brave :slight_smile:

Here’re the addresses of the contracts, and links to Etherscan where you can find the ABIs: https://github.com/livepeer/wiki/wiki/Deployed-Contract-Addresses

Would definitely recommend testing it first with a small amount of token.

Another method of course is just transferring some of the token to a web3 enabled wallet like Metamask or Toshi, and using that to bond. But, the direct Ledger support should be coming soon.


#4

This is super helpful, thank you! I realize this may be an annoying question…but very rough eta on “soon”? like weeks or months? Also where should we watch for the implementation? this thread?


#5

Hey there,
thanks for all the details. I am a big fan of your didactic approach. A question on my side regarding the unbonding : how much time is the “multi-week unbonding period?”
Cheers, Ben


#6

Hey Ben. Right now it’s 7 days. After you unbond and wait 7 days you can then withdraw your LPT back into your account.