Earnings Claiming Gas Cost Reductions: LIP-36 and LIP-52 Recap

The Livepeer community recently accepted LIP-36 and LIP-52, two Livepeer Improvement Proposals (LIPs) that drastically reduce the gas cost of earnings claiming for tokenholders, allowing them to access staked LPT and perform staking actions that would otherwise be too expensive due to high gas prices on Ethereum. LPT that was staked for a long time that would have cost hundreds or thousands of dollars of Ethereum transaction fees to access can now be accessed for a few dollars.

These two LIPs were accepted through the Livepeer governance process and have been deployed to Ethereum mainnet. If you are a tokenholder, take note of the following changes that impact you:

• If you have past earnings that have not been claimed yet and are using the explorer, you will not have to manually claim those earnings. The next time you perform a staking action in the explorer, your past earnings will be automatically claimed. After this, you will not have to manually claim earnings in the future since the earnings will be claimed automatically when performing staking actions so no need to be alarmed by the lack of a manual claim earnings option in the explorer.
• If you have past earnings that have not been claimed yet and are not using the explorer (i.e. if you use livepeer_cli or if your Ethereum account keys are not accessible in a web wallet like Metamask), you will have to manually submit a single transaction to claim those past earnings using this tool. Afterwards, you will not have to manually claim earnings in the future since the earnings will be claimed automatically when performing staking actions (the manual earnings claiming option will be removed from livepeer_cli in the next release).

LIP-36 Poll Recap

Poll Result Summary

• 100% of staked LPT voted yes.
• 52.151% of staked LPT participated in the poll.
• 17 out of 46 active orchestrators voted in the poll.
• The poll can be viewed here.
• A full list of active orchestrators that voted (and that did not vote) in the poll can be viewed here.

LIP-52 Poll Recap

Poll Result Summary

• 99.987% of staked LPT voted yes.
• 45.699% of staked LPT participated in the poll.
• 17 out of 46 active orchestrators voted in the poll.
• The poll can be viewed here.
• A full list of active orchestrators that voted (and that did not vote) in the poll can be viewed here.

Upcoming LIPs

In the next few weeks, tokenholders should be on the look out for updates and more information around two other LIPs. The first is LIP-25 which introduces a technically extensible governance system which is one of the milestones of the current governance roadmap. The second is LIP-56 which aims to reduce the gas costs of calling reward for active orchestrators. Stay tuned for more details!

If you have questions or comments and would like to get involved in the governance process for future protocol updates, jump into the #community-governance channel in the Livepeer Discord chat, the forum or the LIP repo.