Livepeer is a rewarding proof of stake (PoS) project to be participating in — particularly in this early phase, where rewards may be as high as 1.5x the number tokens staked for the year.
Figment Networks is one of the few transcoders offering a service-level agreement (SLA), which guarantees compensation for missed rewards arising from any failure in our in performance.
This is Figment Networks’ guide to delegating your stake (aka bonding) to a Livepeer transcoder.
Quick start
You can delegate your bond to a transcoder using the Metamask browser extension, via Livepeer’s transcoder dashboard: https://explorer.livepeer.org/transcoders
The Figment Networks full transcoder profile is here and this is our transcoder address: 0x9d2b4e5c4b1fd81d06b883b0aca661b771c39ea3
You may redelegate your bond or withdraw rewards instantly at any time. The unbonding period is seven (7) days and must be done prior to withdrawing your delegated bond.
The ‘Staking’ section of the Livepeer Explorer will provide information about your reward earnings.
As you earn rewards, they will accumulate in your ‘Stake’:
You can see how much you have earned the ‘Unclaimed earnings’:
Claiming earnings is simply an accounting necessity, and unclaimed earnings count toward your total staked LPT. This means two things:
1) unclaimed rewards will earn compounding rewards and
2) if you want to withdraw your staking rewards, you will need to wait the unbonding period (~7 days) because these are considered to be part of your stake.
Full guide
To delegate Livepeer tokens (LPT), you’ll need a small amount of ETH (0.1 ETH is plenty) at the same account address as your LPT. If you use a Ledger Nano S hardware wallet, you can use the Metamask browser extension to delegate via the Livepeer dashboard by clicking the ‘BOND’ button next to the Figment Networks transcoder.
The Figment Networks transcoder address is 0x9d2b4e5c4b1fd81d06b883b0aca661b771c39ea3 and our full transcoder profile is here. Livepeer has also documented the delegation process here.
After clicking ‘BOND,’ this message should pop up:
After clicking ‘UPDATE YOUR TRANSFER ALLOWANCE,’ this message should follow:
After clicking ‘SUBMIT,’ a Metamask dialogue will pop up, asking you to confirm the transaction.
You may edit the gas fee parameters in Metamask, but it’s important to be careful if you change the gas fee, because it’s possible to accidentally spend thousands of dollars on a single transaction if the gas fee is too high. Alternatively, if the gas price is too low, the transaction won’t be processed.
Consider using ETH Gas Station to check the recommended gas prices.
After your bonding is complete, you should see this message pop up:
You may check the status of your Livepeer account via https://explorer.livepeer.org/me
The unbonding period is seven (7) days and must be done prior to withdrawing your delegated bond. You may redelegate your bond or withdraw your rewards instantly and at any time.
Hopefully you found this useful. Feedback is always welcome!
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