Dear Orchestators,
As you might have noticed gas prices on the Ethereum network are skyrocketing.
This results in high transaction fees for the daily reward transactions orchestrators (trancoders) need to do daily in order to get their inflationary LPT distribution for themselves and their delegators.
The livepeer node software automatically calls reward for you but has very little notion of an optimal gas usage strategy. It just tries to call reward for a new round as quickly as it can.
You don’t have to call reward at the start of the round however, you can do it throughout the entire round. This gives you a window of 22 hours to make the transaction and you could look out for lower gas prices.
Disable automatic reward calls
Restart your node and add the following flag: -reward=false
Manual Strategies
1. Manually Calling Reward
This method is a little bit more work but gives you more control over the the process.
To do this you can use a service like https://mycrypto.com/
navigate to tools > interact with a contract (https://mycrypto.com/contracts/interact)
Things you’ll need:
- The BondingManager PROXY contract address: https://etherscan.io/address/0x511bc4556d823ae99630ae8de28b9b80df90ea2e#code
- The BondingManager ABI (can be found below or on Etherscan: https://etherscan.io/address/0xDC6eE74A18994caD3876a078B6fa4920FD9C507d#code )
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- (Optional) The transcoder addresses of those one spot above and below you in the transcoder list , you can find this in the livepeer explorer
Click on the transcoder above you and below you and their Ethereum addresses will be in the navigation bar in case they use a 3box profile.
These addresses will serve as hints for rewardWithHint, this is optional but will save you about 20-30% in gas cost.
Creating the transaction
- Enter the BondingManager proxy address and the ABI on Mycrypto
- In the dropdown select
rewardWithHint - Enter the address of the transcoder above you as
_newPosPrev - Enter the address of the transcoder below you as
_newPosNext - Submit the transaction using the wallet of your choice.
2. Re-enabling node reward calls briefly
This option would entail you restarting your node and re-enabling rewards briefly -reward=true when gas prices are low and waiting until the node auto submits the transaction.
This is the easiest way because the node will calculate the necessary transaction data for you.
You can control the gas price with the -gasPrice (in wei) flag but if you do not set this high enough your transaction will not go through. Similar to picking a gas price using a wallet like Metamask.
After the reward call is mined, restart your node and disable automatic reward calls again.
This option is less advisable in case you are currently transcoding work.
