How to Stake your LPT Tokens with Livepeer: The Complete Guide to Becoming a Delegator 🏆
A full guide, and a four-step video tutorial, about how to delegate your LPT tokens with Livepeer.
This article is available also in these other languages:
If you are here, you probably already know what Livepeer is! But, just in case you are not aware, Livepeer is a decentralized video infrastructure network for live and on-demand streaming. If you want to know more, you can read our previous article here:
Step-by-step Guide (and a video tutorial)
We will explain below how to become a Delegator in an easy-to-follow, four-step tutorial. Feel free to jump to the next step if you’re already familiar with some of them.
- Install and set up a crypto wallet
- Transfer your funds to your crypto wallet
- Swap USDC for LPT (we will use Uniswap)
- Delegate your LPT tokens (via the Livepeer Explorer)
“Delegating” your tokens is a synonym for staking. Staking is a way to put your crypto to work and earn rewards on it. So, a Delegator is a person who stakes his/her LPT tokens in the Livepeer network and in exchange, earns a passive interest (up to 42% APY).
1. Install and Set Up a Crypto Wallet
You will need to have a crypto wallet to delegate your LPT tokens: we have prepared the following article to guide you on how to install and set up four of the most popular wallets: Rainbow, Coinbase Wallet, MetaMask, and Rabby Wallet.
Remember, you cannot delegate your LPT from a crypto exchange, but you will need one of the wallets that you can find also in the Livepeer Explorer login page, as shown below:
2. Transfer your Funds to Your Wallet
To delegate your LPT tokens, you need to have them stored in your crypto wallet. If you do not have any tokens, you can buy LPT on all major crypto exchanges like Coinbase, Binance, Kraken, and so on. The full list of crypto exchanges where you can purchase LPT tokens is available here. But before doing so, read on to see our suggestion first on how to save yourself some money!
Once you have purchased your LPT tokens on your Exchange, you will need to transfer them to your wallet. However, this can be very expensive to do because you need to send them over the Ethereum network, and then bridge them to Arbitrum. This method is rather complex and expensive.
Instead of buying LPT tokens on a crypto exchange, our suggestion is to purchase stablecoins like USDC or USDT (that are pegged with the U.S. dollar) and then transfer them over to the Arbitrum network.
Note: Livepeer operates on the Arbitrum network!
We have prepared a video explaining how to move USDC from Coinbase to MetaMask:
3. How to Swap USDC for LPT
Once you have purchased some USDC (or any other stablecoin) and sent them to your wallet, it is time to swap them for LPT. This can be done in any Decentralized Exchange (DEX). For our example, we will use Uniswap, by far the most popular and used DEX.
A decentralized exchange (DEX) like Uniswap is a digital marketplace where you can directly exchange tokens without a central authority. It operates on the blockchain, allowing for quick and secure trades without relying on intermediaries, the opposite of a central exchange (CEX) like Coinbase.
Be aware that when using MetaMask, you must manually add tokens by providing their contract address. Below, we provide the contract addresses for USDC and LPT on the Arbitrum network:
- USDC Contract Address on Arbitrum 0xaf88d065e77c8cC2239327C5EDb3A432268e5831
- LPT Contract Address on Arbitrum 0x289ba1701C2F088cf0faf8B3705246331cB8A839
We have prepared a video explaining how to swap USDC for LPT using Uniswap:
4. Delegate your LPT via the Livepeer Explorer
Now that you have obtained your LPT tokens, the last step is to delegate them to an Orchestrator. In this guide, we are not going into detail about how to choose an Orchestrator, but we will simply explain the process. In a future article, we will illustrate how to choose a specific Orchestrator.
Remember: a Delegator delegates its LPT tokens to an Orchestrator, which is a node on the Livepeer network that performs video processing such as transcoding. Additionally, they now also performing generative AI.
To delegate your LPT tokens we will use Livepeer Explorer:
The Livepeer Explorer is like a map for exploring and tracking what’s happening in the Livepeer network. It shows you things like who’s streaming videos, how much they’re earning, and what’s happening with the network’s infrastructure. It’s a tool that helps you understand and navigate the world of Livepeer, including delegating your LPT.
To delegate your LPT we have prepared the following video:
Congratulations!
Congratulations! You’ve successfully joined the Livepeer ecosystem. As a new Delegator, you’ll start earning rewards consistently. With your rewards automatically reinvested, you’ll gradually accumulate more LPT just by contributing to the Livepeer Ecosystem. So, sit back, relax, and watch your rewards grow!
Do you have any questions?
Live Pioneers is the first unofficial community for long term LPT holders and supporters of the Livepeer protocol ▶️
If you have any questions, or concerns, or want to submit feedback, you can reach out to us using our social channels:
- App: livepioneers.app
- Telegram: t.me/livepioneers
- X: x.com/livepioneers
- Blog: blog.livepioneers.com/lists
- YouTube: youtube.com/@livepioneers
