Network Economics Update - 6/25/18


#1

The Livepeer network is currently in round 1016 which is the 55th round since the launch of the network on May 1st 2018 which was round 961. Below are the latest observations on the state of the Livepeer network economy:

Parameter Value Notes
Total LPT Supply 10,118,320 The total supply of LPT
Total LPT Generated 118,320 The amount of inflationary LPT that has been generated by calls to reward() by transcoders and distributed towards those who stake and delegate their token. This amount is in addition to to the initial supply of 10,000,000 LPT at network launch which is being slowly released over a 36 month period via the MerkleMine and vesting grants
Total LPT Staked 216,483 The amount of LPT that is currently staked
Participation Rate 2.14% The percentage of all LPT that is being staked. The target rate is 50% which should take at least 12-18 months to approach due to the slow release of LPT in the MerkleMine
Inflation 0.0305% The current per round inflation rate. Every round that the participation rate is below 50%, the inflation rate will increase by .0003%
Current Mintable Tokens 3085 The amount of LPT that can be minted this round and distributed towards those who contribute work on the network by staking and delegating tokens
  • The top transcoder 0xa20416801ac2eacf2372e825b4a90ef52490c2bb had another good week with its total stake increasing by 23,350 from 70,046 in round 1009 to 93,396 in round 1016 (current round). With its current total stake representing ~37.5% of the active transcoder set stake, it will distribute 1098 (factoring in its 5% reward cut) of 3085 inflationary reward LPT to its delegators in the current round.

  • In round 1009, 3 delegators contributed ~79% of the total stake for transcoder 0xa20416801ac2eacf2372e825b4a90ef52490c2bb. In round 1016 (current round), 4 delegators are contributing ~80% of the total stake: 0xdcF2cDC7908d87a10459b2DE238717BEC0379E63 is delegating 27,406 LPT which represents ~29% of the total stake, 0x02e41B363dC827c8a44619a41e6053b3e6215865 is delegating 23,586 which represents ~25% of the total stake, 0x33893Da1aa81264A6c24F252bF1B5A57c994c38B is delegating 12,989 LPT which represents ~13% of the total stake and 0xe1C879F065682A0d35966596A72d5681a56118A5 is delegating 12,550 LPT which represents ~13% of the total stake.

  • The transcoder with the second most total stake 0xbe9a8b21353ea73794553c154c6c9a06823fcd11 currently has a 33,259 total stake which represents ~13.6% of the active transcoder set stake allowing it to distribute 251 (factoring in its 40% reward cut) of 3085 inflationary reward LPT to its delegators in the current round.

  • In round 1016 (current round), 3 delegators are contributing ~95% of the total stake: 0xdc73A35aD351Bb71357f0EB3F25c10A0463DF5bC is delegating 20,156 LPT which represents ~60% of the total stake, 0x842f03a9f76BE1F14A4e046F4F7a2C6e43340Bf0 is delegating 8,078 LPT which represents ~24% of the total stake, and 0xbe9a8b21353ea73794553c154c6c9A06823fCd11 is also delegating 3,985 LPT to itself which represents ~11% of the total stake.

  • There are now 16 registered transcoders. Note: the active transcoder set size is currently 10 and the maximum number of registered transcoders is currently 20. Both these values are moveable protocol parameters.

  • After a subpar performance in calling reward() in the week of round 1002 through round 1008, transcoder 0xbD91C9DF3C30F0e43B19b1dd05888CF9b647b781 really improved its performance this past week and did not miss a single reward() call. Bravo!

In the interest of providing greater transparency for delegators around which transcoders are reliably calling reward each round, below is some information on which transcoders missed reward calls this past week:

  • Round 1013
    • 0x4f4758F7167B18e1F5B3c1a7575E3eb584894dbc
  • Round 1015
    • 0xFdCd7840908990dB1915b2E9d1AE68aF6086a00B