Preface: if you don’t think you have Livepeer Tokens (LPT), you might want to check this post.
So, let’s get started:
you bond your LPT to a Livepeer Transcoder node today
the Transcoder node will receive reward for participating (in LPT)
you will receive a share of the reward the Transcoder node receives (in LPT)
you will receive a share of the fees that the Transcoding node earns (in ETH)
you wait until tomorrow before you bond
the value of your LPT stake will get diluted, due to the new LPT minted today by the inflationary mechanism designed into the protocol
If you want to bond your Livepeer Tokens, go to Livepeer Protocol Explorer’s list of Transcoders, and follow the instructions from there.
If you want to find out more, you can read this more detailed post about bonding in Livepeer’s forum.