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Blockdaemon Documentation

How to Stake LPT (Livepeer)

Livepeer is a scalable platform-as-a-service for developers who want to add live or on-demand video to their projects. LPT is the native token for the Livepeer Network. This guide will show you how to stake LPT to a Blockdaemon Livepeer validator

Please note that participation in the Livepeer network is tricky and requires several actions across different portals. This guide breaks this process down into easy to follow steps.

Here’s how you stake Liverpeer tokens (LPT):

  1. Connect a Compatible Wallet to The Livepeer Explorer
  2. Use a Bridge to Import Your LPT Tokens into the Arbitrum Network
  3. Import Your Liverpeer Tokens into Your Wallet Account
  4. Import Ethereum Tokens into the Arbitrum Network
  5. Delegate Your Liverpeer Tokens (LPT) to Blockdaemon

Step 1 – Connect a Compatible Wallet to The Livepeer Explorer

  • To stake ADA you will need a Livepeer compatible wallet and LPT tokens available. For this guide, we are using the MetaMask browser extension wallet
  • Install the wallet and/or deposit your LPTtokens as needed
  • Once your wallet has been set up, visit the Livepeer explorer

Livepeer Explorer

  • Click the Connect WalletĀ button
  • You will be given a list of Wallet types

Select a Wallet

  • Select MetaMask and follow the instructions to connect your chosen MetaMask account
  • Once connected to MetaMask, you will be prompted to switch networks from Ethereum to Arbitrum

Switch to Arbitrum

  • Click theĀ Switch to Abritrum button
  • This will display the Allow this site add a network screen in MetaMask
  • Click the Approve button in MetaMask
  • Click the Switch network button in MetaMask
  • This will take you back to the Livepeer Explorer

Step 2 – Use a Bridge to Import Your LPT Tokens into the Arbitrum Network

  • As Arbitrum is a layer 2 network, you will need a bridge to import your tokens from your layer 1 wallet account
  • Go to the Arbitrum bridge page

Arbitrum Select Wallet

  • Here you will be prompted to choose a compatible wallet to connect
  • click on MetaMask
  • This will open MetaMask at the Connect With MetaMask screen
  • Select the MetaMask account you used in Step 1
  • Click Next
  • Click Connect
  • This will take you to theĀ Arbitrum One BridgeĀ page

Arbitrum One Bridge

  • Select theĀ Layer 2 Balance:Ā radio button
  • Click the Token: Eth button
  • This will open theĀ Select TokenĀ pop-up

Select a Token

  • Enter LPT in the text Search by token name, symbol, L1 or L2 addressĀ field

Select LPT Token

  • Click the ImportĀ button associated with the LPT Liverpeer Token
  • This will open the Import known token pop-up

Import known token

  • Click theĀ Import tokenĀ button
  • You can now see your Layer 1 LPT balance in the Arbitrum One Bridge window

Layer 1 Balance

  • Enter the amount of LPT you want to transfer to the Arbitrum network in the Enter amount here field (or click max amount to transfer all of your LPT)
  • Click DepositĀ 
  • This will open the Depositing to Arbitrum pop-up

Move Funds to Arbitrum

  • Click Move Funds to Arbitrum button
  • This will display the Allow this site add a network screen in MetaMask
  • Click the Approve button in MetaMask
  • Click the Switch network button in MetaMask
  • This will take you back to the Arbitrum One Bridge page
  • Please Note:Ā you may be required to wait a short time while your transaction is processed
  • Once your transaction has been processed MetaMask will open on the Give permission to access your LPT?Ā screen

Give permission to access LPT

  • ClickĀ Confirm if you are happy with the transaction fee and want to transfer your tokens to the layer 2 Arbitrum network
  • The Abitrum One Bridge will now show your approval has a status of pending

Pending

  • After a few seconds, the approval status will change to success

Success

  • Please note: So far, you have only approved that you are able to transfer your LPT to Arbitrum. You will now have to confirm the ETH gas fee to complete the transfer to the Arbitrum network
  • Click the Confirm button if you are happy with the gas fee shown in MetaMask
  • You will now see the deposit-l1 transaction is pending

L1 pending

  • Shortly after, You will see the deposit-l2 transaction is pending

L2 pending

  • Once the deposit-l2 status changes to success, your tokens will have been successfully transferred to the Arbitrum network
  • Your Layer 2 Balance will now show your imported tokens

Layer 2 Balance


Step 3 – Import Your Liverpeer Tokens into Your Wallet Account

  • For this step, you will need to copy your Layer 2 token address
  • In the Arbitrum One Bridge page, click on the Token address:<address> text string under Layer 2 Balance
  • This will open the ArbiscanĀ page for the contract
  • Here you need to copy the Contract address. To do this, click the associated copy icon

Contract Address

  • Go to your MetaMask wallet and switch network to Arbitrum
  • ClickĀ Import tokensĀ in the AssetsĀ tab
  • Paste the contract address into the Token Contract Address field in MetaMask
  • ClickĀ theĀ Add Custom TokenĀ button in MetaMask
  • Click the Import tokensĀ buttons

Step 4 – Import Ethereum Tokens into the Arbitrum Network

  • In order to stake LPT you also need to bridge some ETH to the Arbitrum network. This ETH is needed to pay the relatively small staking fee
  • In your Arbitrum One Bridge screen, change the token back to ETH
  • Enter the amount of ETH you want to transfer. For this example, we are transferring 0.000608 ETH

Ether balance

  • Click the Deposit button
  • The will display theĀ Depositing Eth to Arbitrum pop-up
  • Click the MOVE FUNDS TO ARBITRUM button

depositing ETH to Arbitrum

  • Ā You will need to authorize this in MetaMask and pay a small gas fee

Step 5 – Delegate Your Liverpeer Tokens (LPT) to Blockdaemon

  • Go back to the Livepeer explorer
  • Click Switch to Arbitrum in the pop-up
  • Follow the MetaMask steps to switch networks
  • ClickĀ OrchestratorsĀ in the Liverpeer explorer left hand menu
  • This will display the list of Orchestrators

Livepeer Orchestrators

  • Enter Blockdaemon in the Search Orchestrators and Delegators field
  • Select Blockdaemon from the list
  • This will display the Blockdaemon orchestrator details

Blockdaemon Livepeer Orchestrator

  • Enter the amount of LPT you want to delegate to Blockdaemon
  • Click the Delegate button
  • This will take you to MetaMask
  • If you’re happy to delegate to Blockdaemon, confirm the transaction and gas fees in MetaMask
  • You will then see theĀ Waiting for ConfirmationĀ pop-up

Waiting for Confirmation

  • This will be followed by the Delegating LPT pop-up

Delegating LPT

  • Finally, you will see the Confirmed pop-up

LPT Delegation Confirmed

Congratulations! You have successfully delegated your LPT and are now actively participating in the Livepeer network

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