Staking Livepeer Tokens On The Blockdaemon Transcoder And Managing Your Wallet

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This guide will walk you through how to bond and delegate on Livepeer, utilizing MetaMask. Metamask is a browser extension that manages your Ethereum wallet and allows you to run Ethereum dApps right in your browser so you can send and receive ETH/ERC20 tokens.

Livepeer offers a very attractive staking yield: currently ~ 24% on an annualized basis. If the network-wide stake rate remains lower than 50% (12.04% as of 09/26/18), the yield rises daily, increasing the annualized yield for stakeholders to ~ 50%+.

If you own Livepeer, it’s advisable to bond it to a transcoder so that you can earn the staking yield. 

Getting set up to delegate your Livepeer tokens to our transcoder and to your MetaMask wallet takes a few steps, but shouldn't take more than 5-6 minutes to complete.

Delegating Livepeer tokens

!Important Notes!

You can Bond tokens in under a minute to a transcoder, but it takes 7 DAYS to unbond. Choose the transcoder(s) you delegate to wisely. There is nothing Livepeer or Blockdaemon can do to speed up the process of unbonding.

You are always in control of your tokens - they never leave your wallet. Blockdaemon has no access or control of your tokens when you choose to delegate to our transcoder. The same is true for any other transcoder.

Blockdaemon reserves the right to update fees and rewards %s at any time. You will see updates on the transcoder site before the round is done, so you have the chance to make any changes you wish before the round is done.

We strongly recommend after you bond to transcoder(s) to visit https://livepeer.tools/ and connect your wallet. This will give you a summary of rewards you receive, etc… You can set up alerts on when changes happen on transcoders your delegating to and when they call rewards.

Resources:

Transcoder List: https://explorer.livepeer.org/transcoders 

Blockdaemon’s Transcoder: https://explorer.livepeer.org/accounts/0x4712e01e944802613de3a0a6d23274e7e0243015/overview

How to Bond with the Metamask wallet

If you are not logged in to your MetaMask account or you have not allowed the transcoder site to connect to it, you will see this red bar near the top of the page. bond_1.jpg

Sign in/Create an account with MetaMask, and click to allow the transcoder site to connect.

1.  Once you are signed in, be sure you’re on the Main Ethereum Network by selecting the top left circle in the chrome extension. (MetaMask will default to this network, so you may not need to do anything).

 bond_2.jpg

2.  Select the hamburger menu on the left, under the fox, to look at the tokens available on the account. 

bond_3.jpg

3.  Select Add tokens, and search for LPT, so you can view balance summary.

 bond_5.jpg

bond_4.jpg

The account address, although it says Ethereum, can be used to hold LPT as well (see screenshot below as an example).

bond_6.jpg 

4.  If you have not already done so, transfer the LPT you want to bond to your MetaMask wallet.

(If you want to use a hardware wallet, follow these instructions to connect your wallet to metamask.)

Be sure your account has ETH as well, as you will need it to process the transactions (recommend about $10 worth).

bond_7.jpg

5.  If you are not there or were navigated away, go to Blockdaemon’s transcoder page: https://explorer.livepeer.org/accounts/0x4712e01e944802613de3a0a6d23274e7e0243015/overview 

In the top left of the page, you will see an option, Bond.

bond_8.jpg 

Before bonding, you will need to set the Transfer Allowance. Each time you change this is a new transaction that you have to pay gas for, so it is recommended to set the allowance just over the total amount you plan to bond in one transaction.

Example: if you plan to bond 500 LPT, set the transfer allowance to 500 LPT.

 bond_9.jpg

6.  After selecting Submit, MetaMask will open where you can complete the transaction. Select Confirm.

 bond_10.jpg

Once the transaction is complete, you will see a confirmation like below.

bond_12.jpg

7.  Next, you can select Bond again to delegate your LPT to the transcoder. Enter the amount you wish to bond, and select Submit.

bond_11.jpg 

MetaMask will open to confirm the transaction.

 bond_13.jpg

Once complete, you will see another confirmation screen. 

You can find the transcoders you have bonded to by going to the transcoder list. Any transcoders you have bonded to will be highlighted green, and show the amount you have delegated.

bond_14.jpg

Resources:

Transcoder List: https://explorer.livepeer.org/transcoders 

Blockdaemon’s Transcoder: https://explorer.livepeer.org/accounts/0x4712e01e944802613de3a0a6d23274e7e0243015/overview

https://supermax.cool/livepeer is a great resource for real-time inflation and stake rate metrics.

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