> ## Documentation Index
> Fetch the complete documentation index at: https://docs.livepeer.org/llms.txt
> Use this file to discover all available pages before exploring further.

# LPT Token Glossary

> Key terms for the Livepeer Token (LPT) – staking, delegation, inflation, governance, treasury, and tokenomics.

export const LinkIcon = ({href, target = '_blank', rel = 'noopener noreferrer', style = {}, className = '', icon = 'arrow-up-right-from-square', size = 12, ...iconProps}) => {
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};

export const CopyText = ({text, label, className = '', style = {}, ...rest}) => {
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    backgroundColor: 'var(--lp-color-bg-card)',
    border: '1px solid var(--lp-color-border-default)',
    minWidth: 0,
    overflow: 'hidden',
    ...style
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  }}>{label}</strong>}
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    textOverflow: 'ellipsis',
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    minWidth: 0
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export const glossaryBadges = [{
  color: 'blue',
  label: 'Video'
}, {
  color: 'purple',
  label: 'AI'
}, {
  color: 'green',
  label: 'Livepeer'
}, {
  color: 'yellow',
  label: 'Technical'
}];

export const LazyLoad = ({children, height = "200px", offset = "200px", fadeDuration = 400, className = "", style = {}, ...rest}) => {
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  const [ready, setReady] = useState(false);
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        setVisible(true);
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    }, {
      rootMargin: offset
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    observer.observe(el);
    return () => observer.disconnect();
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    return () => cancelAnimationFrame(frameId);
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    ...style
  }} {...rest} />;
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    transition: `opacity ${fadeDuration}ms ease-in`,
    ...style
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      {children}
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};

export const CustomDivider = ({color = "var(--lp-color-border-default)", middleText = "", spacing = "default", style = {}, className = "", ...rest}) => {
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        <Icon icon="/snippets/assets/logos/Livepeer-Logo-Symbol-Theme.svg" />
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      <div style={{
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};

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export const SearchTable = ({TableComponent = null, tableTitle = null, headerList = [], itemsList = [], monospaceColumns = [], margin, searchPlaceholder = 'Search...', searchColumns = [], categoryColumn = 'Category', filterColumns = [], columnWidths = {}, contentFitColumns = [], columnVariant = {}, categoryBadges = [], textIcons = [], showSeparators = false, separatorColumn = null, boldFirstColumn = true, className = '', style = {}}) => {
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  const safeSearchColumns = Array.isArray(searchColumns) ? searchColumns : [];
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    }
    return [...new Set(scoped.map(item => String(item?.[colName] || '')).filter(Boolean))].sort((a, b) => a.localeCompare(b, 'en', {
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    flexWrap: 'wrap',
    gap: "var(--lp-spacing-2)",
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};

{/* ==========================SECTION: SEARCH TIP========================= */}

<Tip>
  **Finding terms quickly**

  * **Cmd+K** (Mac) / **Ctrl+K** (Windows) – search all Livepeer docs
  * **Cmd+F** (Mac) / **Ctrl+F** (Windows) – search within this page
  * Use the category filter below to narrow by topic
</Tip>

<Note>
  Machine-readable term index: [glossary-data.json](./glossary-data.json)
</Note>

Definitions for LPT token holders and stakers – covering staking, delegation, inflation, governance, treasury, and the smart contracts that power the Livepeer Protocol.

<CustomDivider />

<LazyLoad height="600px">
  <SearchTable
    TableComponent={DynamicTable}
    showSeparators={true}
    filterColumns={["Niche"]}
    columnWidths={{ Definition: '50%' }}
    columnVariant={{ Category: "badge" }}
    categoryBadges={glossaryBadges}
    headerList={["Term", "Category", "Niche", "Definition"]}
    searchColumns={["Term", "Definition"]}
    itemsList={[
{ Term: "Active Set", Category: "livepeer", Niche: "protocol", Definition: "The protocol-defined set of orchestrators ranked highly enough by bonded stake to receive work and earn rewards for the round." },
{ Term: "Active Set Election", Category: "livepeer", Niche: "protocol", Definition: "The round-by-round process that determines which orchestrators are in the Active Set based on bonded stake and protocol rules." },
{ Term: "AI Inference", Category: "ai", Niche: "concept", Definition: "Running a trained machine learning model on new input data to produce predictions or generated outputs, as opposed to the training phase." },
{ Term: "AI Inference (Network Work Type)", Category: "ai", Niche: "concept, livepeer:protocol", Definition: "Running trained AI models as the newer category of on-network compute work alongside transcoding, with orchestrators earning ETH fees for completed inference jobs." },
{ Term: "Arbitrum One", Category: "web3", Niche: "chain", Definition: "A Layer 2 Optimistic Rollup that settles to Ethereum, processing transactions off-chain while inheriting Ethereum-grade security guarantees." },
{ Term: "Atomic Execution", Category: "web3", Niche: "governance", Definition: "A guarantee that a set of on-chain operations either all succeed or none execute, preventing partial state changes." },
{ Term: "Bonding", Category: "web3", Niche: "tokenomics", Definition: "The act of locking (staking) LPT tokens to an orchestrator in Livepeer's delegated proof-of-stake system." },
{ Term: "Bonded Stake", Category: "web3", Niche: "tokenomics", Definition: "The total amount of LPT currently locked across the network through active bonding relationships between delegators and orchestrators." },
{ Term: "Bonding Rate (beta)", Category: "economic", Niche: "reward, web3:tokenomics", Definition: "The ratio of total bonded LPT to total token supply; Livepeer targets a 50% participation rate." },
{ Term: "Bonding Rate Target", Category: "web3", Niche: "tokenomics", Definition: "The 50% threshold used by the inflation model as the reference point to determine whether per-round issuance should increase or decrease." },
{ Term: "BondingManager", Category: "livepeer", Niche: "contract", Definition: "The core Livepeer smart contract managing all bonding, delegation, stake accounting, and fund ownership logic." },
{ Term: "BondingVotes", Category: "livepeer", Niche: "contract, web3:governance", Definition: "The Livepeer smart contract that tracks historical stake snapshots for governance, enabling stake-weighted voting power to be calculated at any past checkpoint." },
{ Term: "Bridge", Category: "web3", Niche: "concept", Definition: "Infrastructure connecting two blockchain ecosystems that enables token and information transfer between them." },
{ Term: "Bridging", Category: "web3", Niche: "concept", Definition: "The process of moving LPT tokens between Ethereum L1 and Arbitrum L2 using the canonical bridge contracts." },
{ Term: "Capital-backed Sybil Resistance", Category: "web3", Niche: "tokenomics", Definition: "A security mechanism where staking capital is required to participate, making Sybil attacks economically costly because each fake identity must fund real stake." },
{ Term: "Capital Efficiency", Category: "web3", Niche: "tokenomics", Definition: "The degree to which staked capital generates productive returns through protocol inflation rewards, ETH fees, or work allocation." },
{ Term: "Checkpoint", Category: "livepeer", Niche: "protocol", Definition: "An on-chain snapshot of stake state recorded by the BondingVotes contract, used as the reference point for governance voting power calculations." },
{ Term: "Claim Earnings", Category: "livepeer", Niche: "protocol", Definition: "The on-chain action a delegator or orchestrator takes to collect accumulated inflationary LPT rewards and ETH fees that have been assigned to their stake." },
{ Term: "Commission Rate", Category: "economic", Niche: "reward", Definition: "The combined percentage of inflationary rewards and ETH fees that an orchestrator retains before distributing the remainder to delegators." },
{ Term: "Community Treasury", Category: "economic", Niche: "treasury", Definition: "The on-chain fund governed by LPT stakeholders via LivepeerGovernor, funded by a governable percentage of per-round inflation." },
{ Term: "Concentration Risk", Category: "web3", Niche: "tokenomics", Definition: "The risk arising when a disproportionate share of total bonded stake is held by a small number of orchestrators, reducing network decentralization and resilience." },
{ Term: "Delegation", Category: "web3", Niche: "tokenomics", Definition: "The act of LPT holders staking their tokens toward orchestrators they trust, sharing proportionally in rewards without running any infrastructure themselves." },
{ Term: "Delegation Model", Category: "livepeer", Niche: "protocol, web3:tokenomics", Definition: "Livepeer's delegated proof-of-stake system in which token holders choose orchestrators to delegate stake to, earning rewards without running infrastructure." },
{ Term: "Delegator", Category: "livepeer", Niche: "role, web3:tokenomics", Definition: "A token holder who bonds LPT to an orchestrator in order to secure the network, earn a share of rewards and fees, and participate in on-chain governance." },
{ Term: "Dilution", Category: "economic", Niche: "reward, web3:tokenomics", Definition: "The reduction in proportional ownership experienced by non-staking token holders when new LPT is minted each round through inflation." },
{ Term: "Dilution Protection", Category: "web3", Niche: "tokenomics, economic:reward", Definition: "The benefit that active stakers receive by bonding – because inflationary rewards accrue only to bonded participants, stakers maintain their proportional ownership while non-stakers are diluted." },
{ Term: "Economic Weight", Category: "web3", Niche: "tokenomics", Definition: "An orchestrator's total active bonded stake, which determines their proportional share of inflationary rewards and their probability of being selected for job routing." },
{ Term: "ETH Fees", Category: "economic", Niche: "payment", Definition: "Ether paid by gateways to orchestrators as compensation for completed transcoding or AI inference work, with a configurable portion shared to delegators." },
{ Term: "Fee Cut", Category: "economic", Niche: "reward", Definition: "A complementary way to describe the ETH fee split: the percentage retained by the orchestrator rather than the portion shared to delegators. Current Explorer product surfaces use Fee Share for the delegator-facing value." },
{ Term: "Fee Pool", Category: "economic", Niche: "payment", Definition: "The accumulated ETH fees earned by an orchestrator from completed work in a given round, split between the orchestrator and their delegators according to the configured fee split." },
{ Term: "Fee Share", Category: "economic", Niche: "reward", Definition: "The portion of ETH fees earned by an orchestrator that is distributed to delegators proportionally to their bonded stake. Current Explorer product surfaces use this term." },
{ Term: "Fee Switch", Category: "economic", Niche: "treasury", Definition: "A governance-controlled mechanism that enables or adjusts the redirection of protocol fees to the community treasury or other designated destinations." },
{ Term: "Gateway", Category: "livepeer", Niche: "role", Definition: "A protocol node that submits jobs to the network, routes work to orchestrators, manages payment flows, and serves as the interface between applications and the Livepeer Protocol." },
{ Term: "Genesis Supply", Category: "economic", Niche: "reward", Definition: "The initial 10 million LPT tokens created at protocol launch and distributed via the Merkle Mine mechanism." },
{ Term: "Governance", Category: "web3", Niche: "governance", Definition: "The on-chain system of rules and processes by which LPT stakeholders make decisions about protocol changes, treasury spending, and parameter updates through token-weighted voting." },
{ Term: "Governance Forum", Category: "operational", Niche: "governance", Definition: "The Forum's governance category at forum.livepeer.org where LIPs, pre-proposals, and protocol governance discussions take place before on-chain voting." },
{ Term: "Governor", Category: "livepeer", Niche: "contract, web3:governance", Definition: "The Livepeer smart contract that executes approved governance proposals after a Timelock delay, enforcing parameter changes and treasury spending on-chain." },
{ Term: "Inflation", Category: "livepeer", Niche: "protocol, economic:reward, web3:tokenomics", Definition: "The dynamic issuance of new LPT each round, distributed to active orchestrators and delegators proportional to their bonded stake." },
{ Term: "Inflation Adjustment (alpha)", Category: "web3", Niche: "tokenomics", Definition: "The fixed per-round rate (0.00005%) by which the inflation rate increases or decreases based on whether the current Bonding Rate is below or above the Target Bonding Rate." },
{ Term: "Inflation Model", Category: "web3", Niche: "tokenomics, economic:reward", Definition: "Livepeer's algorithmic mechanism that adjusts the per-round LPT issuance rate dynamically based on the gap between the current Bonding Rate and the 50% Target Bonding Rate." },
{ Term: "Inflation Rate", Category: "economic", Niche: "reward", Definition: "The per-round percentage of the total LPT supply that is newly minted and distributed to active orchestrators and delegators." },
{ Term: "Inflationary Rewards", Category: "economic", Niche: "reward", Definition: "Newly minted LPT tokens distributed each round proportionally to active orchestrators and their delegators based on bonded stake." },
{ Term: "Issuance", Category: "web3", Niche: "tokenomics", Definition: "The minting of new LPT tokens each round as the mechanism for distributing inflationary rewards to protocol participants." },
{ Term: "L1 Escrow", Category: "livepeer", Niche: "contract, web3:chain", Definition: "The Ethereum mainnet contract that holds LPT in escrow during cross-chain bridging to Arbitrum, locking L1 tokens as L2 equivalents are minted on Arbitrum." },
{ Term: "L2LPTGateway", Category: "livepeer", Niche: "contract, web3:chain", Definition: "The bridge contract deployed on Arbitrum that enables LPT token transfers between Ethereum L1 and Arbitrum L2." },
{ Term: "LIP (Livepeer Improvement Proposal)", Category: "livepeer", Niche: "protocol, operational:governance", Definition: "A formal design document proposing changes to the Livepeer protocol, governance, or ecosystem, analogous to Ethereum's EIP process." },
{ Term: "Liquidity Risk", Category: "web3", Niche: "tokenomics", Definition: "The risk that bonded LPT tokens cannot be quickly converted to liquid assets due to the mandatory unbonding period before withdrawal." },
{ Term: "Livepeer Explorer", Category: "livepeer", Niche: "tool", Definition: "The official Livepeer protocol explorer for viewing on-chain state including orchestrator information, staking data, delegator positions, and governance proposals." },
{ Term: "Livepeer Foundation", Category: "livepeer", Niche: "entity", Definition: "The non-profit Cayman Islands Foundation Company that stewards Livepeer's long-term vision, ecosystem growth, grant programs, and core protocol development." },
{ Term: "LivepeerGovernor", Category: "livepeer", Niche: "contract, web3:governance", Definition: "The OpenZeppelin-based on-chain governor contract for Livepeer that enables stake-weighted voting on protocol proposals using checkpointed BondingVotes data." },
{ Term: "LPT (Livepeer Token)", Category: "livepeer", Niche: "protocol, web3:token", Definition: "The ERC-20 governance and staking token used to coordinate, incentivize, and secure the Livepeer Network; staked LPT determines orchestrator selection, work allocation, and reward distribution." },
{ Term: "Merkle Mine", Category: "web3", Niche: "concept", Definition: "Livepeer's decentralized token distribution algorithm used at genesis, where eligible Ethereum addresses could claim LPT by submitting Merkle proofs." },
{ Term: "Minter", Category: "livepeer", Niche: "contract", Definition: "The Livepeer smart contract responsible for minting new LPT tokens during reward calls and for holding ETH accumulated from winning probabilistic micropayment tickets." },
{ Term: "Non-custodial", Category: "web3", Niche: "concept", Definition: "A staking model in which users retain control of their private keys and token ownership while their LPT is bonded, so they are never required to transfer custody to a third party." },
{ Term: "On-chain Treasury", Category: "livepeer", Niche: "protocol, economic:treasury", Definition: "A smart-contract-governed pool of LPT funded by a percentage of inflation and disbursed through community-approved governance proposals for ecosystem development." },
{ Term: "Operator Market", Category: "livepeer", Niche: "protocol", Definition: "The competitive ecosystem of orchestrators offering differentiated services to gateways and delegators, distinguished by price, performance, reliability, and commission rates." },
{ Term: "Orchestrator", Category: "livepeer", Niche: "role", Definition: "A supply-side operator that contributes GPU resources, receives jobs from gateways, performs transcoding or AI inference, earns ETH fees, and distributes inflationary LPT rewards to their delegators." },
{ Term: "Payment Ticket", Category: "livepeer", Niche: "protocol, economic:payment", Definition: "A signed off-chain data structure sent from a gateway to an orchestrator representing a probabilistic payment redeemable on-chain for ETH if it is a winning ticket." },
{ Term: "Pending Rewards", Category: "economic", Niche: "reward", Definition: "Inflationary LPT and ETH fees that have been earned through staking but not yet claimed by calling the claim earnings function." },
{ Term: "Per Round", Category: "livepeer", Niche: "economics", Definition: "The Livepeer protocol's fundamental time unit, approximately equal to one day of Ethereum blocks; reward minting, activations, and delegator earnings accrue on a per-round basis." },
{ Term: "Price Per Pixel", Category: "economic", Niche: "pricing", Definition: "The fundamental pricing unit for Livepeer transcoding work, expressed as the cost in wei for processing one pixel of video." },
{ Term: "Proof-of-Stake", Category: "web3", Niche: "concept", Definition: "A blockchain consensus mechanism where validators stake cryptocurrency as collateral to propose and validate blocks, replacing the energy-intensive Proof-of-Work model." },
{ Term: "Proposer Bond", Category: "web3", Niche: "governance, economic:treasury", Definition: "The minimum bonded LPT balance (100 LPT) required to submit a formal on-chain governance proposal." },
{ Term: "Quadratic Funding", Category: "economic", Niche: "treasury", Definition: "A public goods funding mechanism where matching funds amplify small individual contributions so that projects with broad community support receive disproportionately larger allocations." },
{ Term: "Quorum", Category: "livepeer", Niche: "protocol, web3:governance, operational:governance", Definition: "The minimum percentage of total participating bonded stake required for a governance vote to produce a binding result." },
{ Term: "Rebond", Category: "web3", Niche: "tokenomics", Definition: "The action of moving bonded LPT stake from one orchestrator to a different orchestrator without going through the unbonding thawing period." },
{ Term: "Retroactive Funding", Category: "economic", Niche: "treasury", Definition: "A funding model that rewards past contributions or completed projects based on demonstrated impact, reducing speculative risk for the treasury." },
{ Term: "Reward Call", Category: "livepeer", Niche: "protocol, economic:reward", Definition: "The on-chain transaction that an active orchestrator must submit each round to mint the round's inflationary LPT allocation and distribute it to themselves and their delegators." },
{ Term: "Reward Calling", Category: "livepeer", Niche: "protocol, economic:reward", Definition: "The operational practice of regularly submitting the reward transaction on-chain each round to mint and distribute inflationary LPT to an orchestrator and their delegators." },
{ Term: "Reward Cut", Category: "economic", Niche: "reward", Definition: "The percentage of inflationary LPT rewards that an orchestrator retains before distributing the remainder proportionally to their delegators." },
{ Term: "Round", Category: "livepeer", Niche: "protocol", Definition: "A discrete time interval measured in Ethereum/Arbitrum blocks during which staking rewards are calculated, active sets are determined, and protocol state advances." },
{ Term: "RoundsManager", Category: "livepeer", Niche: "contract", Definition: "The Livepeer smart contract that tracks round progression, stores the current round number, and coordinates round-based protocol state transitions." },
{ Term: "Slashing", Category: "livepeer", Niche: "protocol, economic:reward, web3:tokenomics", Definition: "A penalty mechanism that destroys a portion of an orchestrator's bonded LPT stake as punishment for protocol violations such as failing verification or underperforming." },
{ Term: "SPE (Special Purpose Entity)", Category: "livepeer", Niche: "entity, operational:governance", Definition: "A treasury-funded organizational unit with a defined scope, budget, and accountability period, used to execute specific ecosystem development tasks." },
{ Term: "Stake", Category: "web3", Niche: "tokenomics", Definition: "LPT bonded to an orchestrator through the protocol, representing a commitment that secures the network and determines the holder's proportional share of rewards and governance power." },
{ Term: "Stake-Weighted", Category: "livepeer", Niche: "governance", Definition: "A mechanism where each participant's voting power, reward allocation, or selection probability is proportional to their staked token balance rather than equal per-participant." },
{ Term: "Stake-Weighted Voting", Category: "web3", Niche: "governance", Definition: "A governance voting system in which each participant's vote counts in proportion to their total bonded LPT stake rather than one-address-one-vote." },
{ Term: "Staking", Category: "web3", Niche: "tokenomics, economic:reward", Definition: "The act of locking tokens in a proof-of-stake protocol to participate in network security, governance, and earn inflationary rewards and fee income." },
{ Term: "Supply", Category: "web3", Niche: "tokenomics", Definition: "The total number of LPT tokens in existence at any given time, starting from a genesis supply of 10 million and growing continuously through inflationary issuance." },
{ Term: "Target Bonding Rate", Category: "web3", Niche: "tokenomics", Definition: "The 50% participation threshold for the ratio of bonded LPT to total supply; the inflation mechanism adjusts the per-round issuance rate to push toward this target." },
{ Term: "Thawing Period", Category: "livepeer", Niche: "protocol", Definition: "The mandatory waiting period after initiating an unbond before the freed LPT becomes withdrawable to the holder's wallet." },
{ Term: "Timelock", Category: "web3", Niche: "governance", Definition: "A smart contract mechanism that enforces a mandatory delay between when a governance proposal passes and when it can be executed on-chain." },
{ Term: "Token Distribution", Category: "web3", Niche: "tokenomics", Definition: "The allocation and dispersal of LPT tokens across founders, team, investors, and the public through mechanisms including the Merkle Mine, vesting schedules, and inflationary issuance." },
{ Term: "Tokenomics", Category: "web3", Niche: "tokenomics", Definition: "The economic design of the LPT token system encompassing total supply, genesis distribution, inflation schedule, staking incentives, governance rights, and deflationary mechanisms." },
{ Term: "Transcoding", Category: "video", Niche: "processing", Definition: "The direct digital-to-digital conversion of video from one encoding format to another, producing multiple adaptive renditions for cross-device delivery." },
{ Term: "Treasury", Category: "economic", Niche: "treasury", Definition: "The on-chain pool of LPT and ETH held in protocol smart contracts for funding public goods, SPEs, grants, and ecosystem development through community governance." },
{ Term: "Treasury Allocation", Category: "economic", Niche: "treasury", Definition: "A governance-approved distribution of treasury funds to a specific proposal, SPE, or grant recipient." },
{ Term: "Treasury Governance", Category: "economic", Niche: "treasury, web3:governance", Definition: "The on-chain process by which LPT stakeholders propose, vote on, and execute allocation of community treasury funds for ecosystem development." },
{ Term: "Treasury Reward Cut Rate", Category: "economic", Niche: "treasury", Definition: "The governable percentage of per-round inflationary LPT that is diverted to the community treasury instead of being distributed directly to orchestrators and delegators." },
{ Term: "Unbonding", Category: "web3", Niche: "tokenomics", Definition: "The process by which a delegator or orchestrator initiates withdrawal of bonded LPT from the protocol, triggering the mandatory thawing period before tokens become liquid." },
{ Term: "USD (United States Dollar)", Category: "economic", Niche: "currency", Definition: "The official currency of the United States; used as the reference denomination for Livepeer gateway fees, grant amounts, treasury allocations, and market data." },
{ Term: "USDT (Tether)", Category: "web3", Niche: "token", Definition: "A US-dollar-pegged ERC-20 stablecoin issued by Tether Limited; available on some centralised exchanges as a trading pair for LPT." },
{ Term: "veLPT (Vote-Escrowed LPT)", Category: "economic", Niche: "treasury, web3:governance", Definition: "A proposed mechanism that would allow LPT holders to lock tokens for an extended period in exchange for enhanced governance voting power, aligning long-term incentives." },
{ Term: "Vesting", Category: "web3", Niche: "tokenomics, economic:reward", Definition: "A schedule controlling when token allocations – such as founder or team grants – become available over time, often with an initial cliff period followed by pro-rata release." },
{ Term: "Vote Detachment", Category: "web3", Niche: "governance, operational:governance", Definition: "The ability for a delegator to override their orchestrator's governance vote with their own individual stake-weighted vote on a specific proposal." },
{ Term: "Voting Power", Category: "livepeer", Niche: "protocol, web3:governance", Definition: "The weight of a participant's vote in Livepeer on-chain governance, determined by their total bonded LPT stake at the block when the proposal was created." },
{ Term: "Wei", Category: "web3", Niche: "token", Definition: "The smallest denomination of Ether, where 1 ETH equals 10^18 Wei; used in Livepeer for precise on-chain price calculations such as price per pixel." },
{ Term: "Yield", Category: "economic", Niche: "reward", Definition: "The annualized return on staked LPT expressed as a percentage, combining inflationary LPT rewards and any ETH fee share earned through the bonded orchestrator." },
]}
  />
</LazyLoad>

<CustomDivider />

## Livepeer Protocol Terms

<AccordionGroup>
  <Accordion title="Active Set" icon="book-open">
    **Definition**: The protocol-defined set of Orchestrators ranked highly enough by bonded stake to receive work and earn rewards for the round.

    **Also known as**: Active Set election

    **Context**: Orchestrators must be in the Active Set to participate in reward calling and job routing; the set is re-elected at the start of each round based on cumulative stake.

    **Status**: current

    **Pages**: `lpt/staking`, `lpt/protocol`
  </Accordion>

  <Accordion title="Active Set Election <Badge color='yellow'>draft</Badge>" icon="book-open">
    **Definition**: The round-by-round process that determines which Orchestrators are in the Active Set based on bonded stake and protocol rules.

    **Context**: Active Set Election runs deterministically from the BondingManager's stake rankings; Orchestrators that fall out of the Active Set between rounds do not earn inflationary rewards for that round.

    **Status**: draft

    **Pages**: `lpt/staking`, `lpt/protocol`
  </Accordion>

  <Accordion title="Checkpoint" icon="book-open">
    **Definition**: An on-chain snapshot of stake state recorded by the BondingVotes contract, used as the reference point for governance voting power calculations.

    **Context**: Checkpoints are written each round so that governance votes can reference stake at the block when a proposal was created, preventing manipulation by bonding immediately before a vote.

    **Status**: current

    **Pages**: `lpt/protocol`, `lpt/contracts`
  </Accordion>

  <Accordion title="Claim Earnings" icon="book-open">
    **Definition**: The on-chain action a Delegator or Orchestrator takes to collect accumulated inflationary LPT rewards and ETH fees that have been assigned to their stake.

    **Context**: Earnings accumulate through pending reward pools and must be explicitly claimed; claiming through the BondingManager updates the Delegator's bonded balance.

    **Status**: current

    **Pages**: `lpt/staking`, `lpt/delegation`
  </Accordion>

  <Accordion title="Delegation Model <Badge color='yellow'>draft</Badge>" icon="book-open">
    **Definition**: Livepeer's delegated proof-of-stake system in which token holders choose Orchestrators to delegate stake to, earning rewards without running infrastructure.

    **Context**: The delegation model separates capital provision (Delegators) from operational work (Orchestrators), enabling a broad token holder base to participate in network security proportionally to their stake.

    **Status**: draft

    **Pages**: `lpt/delegation`
  </Accordion>

  <Accordion title="Inflation" icon="book-open">
    **Definition**: The dynamic issuance of new LPT each round, distributed to active Orchestrators and Delegators proportional to their bonded stake.

    **Context**: Livepeer's inflation mechanism adjusts the per-round mint rate (Inflation Adjustment) up or down by 0.00005% per round to push the Bonding Rate toward the 50% Target Bonding Rate.

    **Status**: current

    **Pages**: `lpt/inflation`, `lpt/economics`
  </Accordion>

  <Accordion title="LIP (Livepeer Improvement Proposal)" icon="book-open">
    **Definition**: A formal design document proposing changes to the Livepeer Protocol, governance, or ecosystem, analogous to Ethereum's EIP process.

    **Context**: LIPs must follow a defined process – draft, discussion, formal proposal on-chain, community vote – before being implemented; key examples include LIP-89 (on-chain governance) and LIP-91/92 (treasury).

    **Status**: current

    **Pages**: `lpt/governance`, `lpt/protocol`
  </Accordion>

  <Accordion title="LPT (Livepeer Token)" icon="book-open">
    **Definition**: The ERC-20 governance and staking token used to coordinate, incentivise, and secure the Livepeer Network; staked LPT determines Orchestrator selection, work allocation, and reward distribution.

    **Also known as**: Livepeer Token

    **Context**: LPT is the foundational cryptoeconomic primitive of the protocol – it serves simultaneously as a staking bond (security), a governance weight (voting power), and an inflation-distributed reward token.

    **Status**: current

    **Pages**: `lpt/staking`, `lpt/economics`, `lpt/governance`, `lpt/tokenomics`
  </Accordion>

  <Accordion title="On-chain Treasury" icon="book-open">
    **Definition**: A smart-contract-governed pool of LPT funded by a percentage of inflation and disbursed through community-approved governance proposals for ecosystem development.

    **Also known as**: Community Treasury

    **Context**: The On-chain Treasury was established by LIP-91/92 and is administered via LivepeerGovernor; it enables the community to fund SPEs, grants, and other public goods without relying on Livepeer Inc.

    **Status**: current

    **Pages**: `lpt/treasury`, `lpt/governance`
  </Accordion>

  <Accordion title="Operator Market" icon="book-open">
    **Definition**: The competitive ecosystem of Orchestrators offering differentiated services to Gateways and Delegators, distinguished by price, performance, reliability, and commission rates.

    **Context**: The operator market is Livepeer's two-sided marketplace dynamic – Delegators allocate stake to Orchestrators they trust, creating economic incentives for operators to compete on quality and price.

    **Status**: current

    **Pages**: `lpt/staking`, `lpt/economics`
  </Accordion>

  <Accordion title="Payment Ticket" icon="book-open">
    **Definition**: A signed off-chain data structure sent from a Gateway to an Orchestrator representing a probabilistic payment redeemable on-chain for ETH if it is a winning ticket.

    **Context**: Payment tickets are the mechanism by which Gateways pay Orchestrators without incurring on-chain gas fees per job; only the rare winning tickets are submitted to the TicketBroker contract.

    **Status**: current

    **Pages**: `lpt/payments`, `lpt/protocol`
  </Accordion>

  <Accordion title="Per Round" icon="book-open">
    **Definition**: The Livepeer Protocol's fundamental time unit, approximately equal to one day of Ethereum blocks; reward minting, activations, and Delegator earnings accrue on a per-round basis.

    **Tags**: `livepeer:economics`

    **Context**: Key unit for Orchestrator reward calculations, Delegator stake checkpoints, and LPT inflation scheduling.

    **Status**: current

    **Pages**: `lpt/protocol`, `lpt/staking`
  </Accordion>

  <Accordion title="Quorum" icon="book-open">
    **Definition**: The minimum percentage of total participating bonded stake required for a governance vote to produce a binding result.

    **Context**: Livepeer's on-chain governance requires a quorum threshold to be met before a proposal outcome is valid; if quorum is not reached, the proposal fails regardless of the for/against split.

    **Status**: current

    **Pages**: `lpt/governance`
  </Accordion>

  <Accordion title="Reward Call" icon="book-open">
    **Definition**: The on-chain transaction that an active Orchestrator must submit each round to mint the round's inflationary LPT allocation and distribute it to themselves and their Delegators.

    **Context**: Reward calling is optional per round but forfeits that round's rewards if skipped; many Orchestrators automate reward calling with monitoring tools to avoid missing rounds.

    **Status**: current

    **Pages**: `lpt/staking`, `lpt/protocol`
  </Accordion>

  <Accordion title="Reward Calling <Badge color='yellow'>draft</Badge>" icon="book-open">
    **Definition**: The operational practice of regularly submitting the reward transaction on-chain each round to mint and distribute inflationary LPT to an Orchestrator and their Delegators.

    **Context**: Reward calling is a critical Orchestrator responsibility; missing rounds forfeits that round's inflation permanently. Automated tools and community watchers help Orchestrators avoid missed calls.

    **Status**: draft

    **Pages**: `lpt/staking`, `lpt/protocol`
  </Accordion>

  <Accordion title="Round" icon="book-open">
    **Definition**: A discrete time interval measured in Ethereum/Arbitrum blocks during which staking rewards are calculated, active sets are determined, and protocol state advances.

    **Context**: A Livepeer round is approximately 5,760 Arbitrum blocks (roughly one day); reward calls, Active Set elections, and inflation adjustments all occur on round boundaries.

    **Status**: current

    **Pages**: `lpt/protocol`, `lpt/staking`
  </Accordion>

  <Accordion title="Slashing" icon="book-open">
    **Definition**: A penalty mechanism that destroys a portion of an Orchestrator's bonded LPT stake as punishment for protocol violations such as failing verification or underperforming.

    **External**: [Proof of stake – ethereum.org](https://ethereum.org/developers/docs/consensus-mechanisms/pos/)

    **Status**: current

    **Pages**: `lpt/protocol`, `lpt/security`
  </Accordion>

  <Accordion title="Thawing Period" icon="book-open">
    **Definition**: The mandatory waiting period after initiating an unbond before the freed LPT becomes withdrawable to the holder's wallet.

    **Context**: The thawing period is a security mechanism that prevents Delegators from immediately withdrawing stake after misbehavior, giving the protocol time to apply any pending slashing.

    **Status**: current

    **Pages**: `lpt/staking`, `lpt/delegation`
  </Accordion>

  <Accordion title="Voting Power" icon="book-open">
    **Definition**: The weight of a participant's vote in Livepeer on-chain governance, determined by their total bonded LPT stake at the block when the proposal was created.

    **Context**: Voting power in Livepeer is stake-weighted, not one-token-one-vote; Delegators can override their Orchestrator's vote with their own stake-proportional vote via vote detachment.

    **Status**: current

    **Pages**: `lpt/governance`, `lpt/staking`
  </Accordion>
</AccordionGroup>

<CustomDivider />

## Livepeer Contracts

<AccordionGroup>
  <Accordion title="BondingManager" icon="book-open">
    **Definition**: The core Livepeer smart contract managing all bonding, delegation, stake accounting, and fund ownership logic.

    **Context**: BondingManager is the authoritative on-chain source for stake balances, reward-cut parameters, and Delegator relationships; it is called during reward calls and unbonding.

    **Status**: current

    **Pages**: `lpt/contracts`, `lpt/staking`
  </Accordion>

  <Accordion title="BondingVotes" icon="book-open">
    **Definition**: The Livepeer smart contract that tracks historical stake snapshots for governance, enabling stake-weighted voting power to be calculated at any past checkpoint.

    **Context**: BondingVotes implements the ERC-5805 checkpoint standard and feeds bonded stake data into LivepeerGovernor for on-chain proposal votes.

    **Status**: current

    **Pages**: `lpt/contracts`, `lpt/governance`
  </Accordion>

  <Accordion title="Governor" icon="book-open">
    **Definition**: The Livepeer smart contract that executes approved governance proposals after a Timelock delay, enforcing parameter changes and treasury spending on-chain.

    **Also known as**: LivepeerGovernor

    **Context**: Governor (LivepeerGovernor) is based on OpenZeppelin's Governor framework and reads voting power from BondingVotes; it is the authoritative contract for all on-chain protocol governance.

    **Status**: current

    **Pages**: `lpt/contracts`, `lpt/governance`
  </Accordion>

  <Accordion title="L1 Escrow" icon="book-open">
    **Definition**: The Ethereum mainnet contract that holds LPT in escrow during cross-chain bridging to Arbitrum, locking L1 tokens as L2 equivalents are minted on Arbitrum.

    **Context**: The L1 Escrow pairs with L2LPTGateway to form the canonical LPT bridge; tokens bridged to Arbitrum are locked in L1 Escrow until bridged back.

    **Status**: current

    **Pages**: `lpt/bridging`, `lpt/arbitrum`
  </Accordion>

  <Accordion title="L2LPTGateway" icon="book-open">
    **Definition**: The bridge contract deployed on Arbitrum that enables LPT token transfers between Ethereum L1 and Arbitrum L2.

    **Context**: L2LPTGateway is the on-chain entry point for bridging LPT to Arbitrum, where Livepeer's staking and governance contracts live; it pairs with an L1 Escrow contract on Ethereum mainnet.

    **Status**: current

    **Pages**: `lpt/bridging`, `lpt/arbitrum`
  </Accordion>

  <Accordion title="LivepeerGovernor" icon="book-open">
    **Definition**: The OpenZeppelin-based on-chain governor contract for Livepeer that enables stake-weighted voting on protocol proposals using checkpointed BondingVotes data.

    **Also known as**: Governor

    **Context**: LivepeerGovernor was introduced in LIP-89 and is the authoritative contract for all binding on-chain governance decisions affecting the Livepeer Protocol and treasury.

    **Status**: current

    **Pages**: `lpt/contracts`, `lpt/governance`
  </Accordion>

  <Accordion title="Minter" icon="book-open">
    **Definition**: The Livepeer smart contract responsible for minting new LPT tokens during reward calls and for holding ETH accumulated from winning probabilistic micropayment tickets.

    **Also known as**: Minter contract

    **Context**: The Minter is called by the BondingManager at the start of each round's first reward call to calculate and mint the round's inflationary LPT allocation.

    **Status**: current

    **Pages**: `lpt/contracts`, `lpt/inflation`
  </Accordion>

  <Accordion title="RoundsManager" icon="book-open">
    **Definition**: The Livepeer smart contract that tracks round progression, stores the current round number, and coordinates round-based protocol state transitions.

    **Context**: RoundsManager is called at the start of each round initialisation and interacts with BondingManager and Minter to trigger reward distribution and inflation calculation.

    **Status**: current

    **Pages**: `lpt/contracts`, `lpt/protocol`
  </Accordion>
</AccordionGroup>

<CustomDivider />

## Livepeer Roles and Entities

<AccordionGroup>
  <Accordion title="Delegator" icon="book-open">
    **Definition**: A token holder who bonds LPT to an Orchestrator in order to secure the network, earn a share of rewards and fees, and participate in on-chain governance.

    **Context**: Delegators do not need to run infrastructure; they earn yield proportional to their bonded stake minus the Orchestrator's commission rate, and their voting power equals their bonded stake.

    **Status**: current

    **Pages**: `lpt/delegation`, `lpt/staking`
  </Accordion>

  <Accordion title="Gateway" icon="book-open">
    **Definition**: A protocol node that submits jobs to the network, routes work to Orchestrators, manages payment flows, and serves as the interface between applications and the Livepeer Protocol.

    **Context**: In the LPT context, Gateways pay ETH fees to Orchestrators for work, which then flow through to Delegators; Gateways are the demand side of the two-sided marketplace.

    **Status**: current

    **Pages**: `lpt/protocol`, `lpt/architecture`
  </Accordion>

  <Accordion title="Livepeer Explorer" icon="book-open">
    **Definition**: The official Livepeer Protocol explorer for viewing on-chain state including Orchestrator information, staking data, Delegator positions, and governance proposals.

    **Context**: Livepeer Explorer is the primary UI for Delegators to bond, unbond, claim earnings, and vote on governance proposals without interacting directly with contracts.

    **Status**: current

    **Pages**: `lpt/staking`
  </Accordion>

  <Accordion title="Livepeer Foundation" icon="book-open">
    **Definition**: The non-profit Cayman Islands Foundation Company that stewards Livepeer's long-term vision, ecosystem growth, grant programmes, and core protocol development.

    **Context**: The Livepeer Foundation holds a mandate from the community to coordinate SPEs, manage the governance process alongside GovWorks, and represent the ecosystem externally.

    **Status**: current

    **Pages**: `lpt/governance`, `lpt/ecosystem`
  </Accordion>

  <Accordion title="Orchestrator" icon="book-open">
    **Definition**: A supply-side operator that contributes GPU resources, receives jobs from Gateways, performs transcoding or AI inference, earns ETH fees, and distributes inflationary LPT rewards to their Delegators.

    **Context**: Orchestrators are the active participants in Livepeer's protocol; their total bonded stake (own + delegated) determines their place in the Active Set and their proportional reward share.

    **Status**: current

    **Pages**: `lpt/staking`, `lpt/protocol`
  </Accordion>

  <Accordion title="SPE (Special Purpose Entity)" icon="book-open">
    **Definition**: A treasury-funded organizational unit with a defined scope, budget, and accountability period, used to execute specific ecosystem development tasks.

    **Context**: SPEs are the primary mechanism through which the Livepeer treasury funds ongoing work; each SPE submits a proposal, receives staged funding, and reports progress back to the community via the governance forum.

    **Status**: current

    **Pages**: `lpt/governance`, `lpt/treasury`
  </Accordion>
</AccordionGroup>

<CustomDivider />

## Tokenomics and Staking Terms

<AccordionGroup>
  <Accordion title="Bonding" icon="book-open">
    **Definition**: The act of locking (staking) LPT tokens to an Orchestrator in Livepeer's delegated proof-of-stake system.

    **Context**: Bonding is the primary mechanism by which Delegators participate in the protocol – bonded LPT secures the network, confers governance weight, and entitles the holder to a proportional share of inflationary rewards and ETH fees.

    **Status**: current

    **Pages**: `lpt/staking`, `lpt/delegation`
  </Accordion>

  <Accordion title="Bonded Stake" icon="book-open">
    **Definition**: The total amount of LPT currently locked across the network through active bonding relationships between Delegators and Orchestrators.

    **Also known as**: Stake

    **Context**: Bonded stake is the aggregate input to Livepeer's economic weight calculations; a higher bonded stake means a higher bonding rate and lower inflation.

    **Status**: current

    **Pages**: `lpt/staking`, `lpt/protocol`
  </Accordion>

  <Accordion title="Bonding Rate (beta)" icon="book-open">
    **Definition**: The ratio of total bonded LPT to total token supply; Livepeer targets a 50% participation rate.

    **Context**: The current bonding rate (beta) is the live metric compared against the Target Bonding Rate to determine whether inflation should increase or decrease each round.

    **Status**: current

    **Pages**: `lpt/economics`, `lpt/inflation`
  </Accordion>

  <Accordion title="Bonding Rate Target <Badge color='yellow'>draft</Badge>" icon="book-open">
    **Definition**: The 50% threshold used by the inflation model as the reference point to determine whether per-round issuance should increase or decrease.

    **Context**: Equivalent to Target Bonding Rate; some documentation uses this form when referring to the model parameter rather than the current observed rate.

    **Status**: draft

    **Pages**: `lpt/economics`, `lpt/inflation`
  </Accordion>

  <Accordion title="Capital-backed Sybil Resistance" icon="book-open">
    **Definition**: A security mechanism where staking capital is required to participate, making Sybil attacks economically costly because each fake identity must fund real stake.

    **External**: [Proof of stake – ethereum.org](https://ethereum.org/developers/docs/consensus-mechanisms/pos/)

    **Status**: current

    **Pages**: `lpt/security`, `lpt/protocol`
  </Accordion>

  <Accordion title="Capital Efficiency" icon="book-open">
    **Definition**: The degree to which staked capital generates productive returns through protocol inflation rewards, ETH fees, or work allocation.

    **External**: [Cryptoeconomics – Wikipedia](https://en.wikipedia.org/wiki/Cryptoeconomics)

    **Status**: current

    **Pages**: `lpt/economics`, `lpt/staking`
  </Accordion>

  <Accordion title="Concentration Risk" icon="book-open">
    **Definition**: The risk arising when a disproportionate share of total bonded stake is held by a small number of Orchestrators, reducing network decentralization and resilience.

    **External**: [Proof of stake – Wikipedia](https://en.wikipedia.org/wiki/Proof_of_stake)

    **Status**: current

    **Pages**: `lpt/staking`, `lpt/security`
  </Accordion>

  <Accordion title="Delegation" icon="book-open">
    **Definition**: The act of LPT holders staking their tokens toward Orchestrators they trust, sharing proportionally in rewards without running any infrastructure themselves.

    **Context**: Delegation is the primary way for passive LPT holders to participate in network security and earn yield; Delegators can redelegate or unbond at any time subject to the thawing period.

    **Status**: current

    **Pages**: `lpt/delegation`, `lpt/staking`
  </Accordion>

  <Accordion title="Dilution" icon="book-open">
    **Definition**: The reduction in proportional ownership experienced by non-staking token holders when new LPT is minted each round through inflation.

    **Context**: Delegators and Orchestrators avoid dilution by bonding; unbonded LPT holders see their ownership percentage decrease as inflationary rewards are distributed only to active participants.

    **Status**: current

    **Pages**: `lpt/inflation`, `lpt/economics`
  </Accordion>

  <Accordion title="Dilution Protection <Badge color='yellow'>draft</Badge>" icon="book-open">
    **Definition**: The benefit that active stakers receive by bonding – because inflationary rewards accrue only to bonded participants, stakers maintain their proportional ownership while non-stakers are diluted.

    **Context**: Dilution protection is the primary economic argument for delegating LPT; an unbonded holder loses ownership percentage each round as new tokens are distributed to active participants.

    **Status**: draft

    **Pages**: `lpt/economics`, `lpt/inflation`
  </Accordion>

  <Accordion title="Economic Weight" icon="book-open">
    **Definition**: An Orchestrator's total active bonded stake, which determines their proportional share of inflationary rewards and their probability of being selected for job routing.

    **Context**: Economic weight is central to Livepeer's security model – Orchestrators with more delegated stake have higher economic weight and receive more work and rewards.

    **Status**: current

    **Pages**: `lpt/economics`, `lpt/protocol`
  </Accordion>

  <Accordion title="Issuance" icon="book-open">
    **Definition**: The minting of new LPT tokens each round as the mechanism for distributing inflationary rewards to protocol participants.

    **Context**: Total LPT issuance per round equals inflation rate multiplied by current total supply; it flows first to Orchestrators who called reward, then to their Delegators proportionally.

    **Status**: current

    **Pages**: `lpt/inflation`, `lpt/economics`
  </Accordion>

  <Accordion title="Liquidity Risk" icon="book-open">
    **Definition**: The risk that bonded LPT tokens cannot be quickly converted to liquid assets due to the mandatory unbonding period before withdrawal.

    **External**: [Liquidity risk – Wikipedia](https://en.wikipedia.org/wiki/Liquidity_risk)

    **Status**: current

    **Pages**: `lpt/staking`, `lpt/economics`
  </Accordion>

  <Accordion title="Non-custodial" icon="book-open">
    **Definition**: A staking model in which users retain control of their private keys and token ownership while their LPT is bonded, so they are never required to transfer custody to a third party.

    **External**: [Proof of stake – ethereum.org](https://ethereum.org/developers/docs/consensus-mechanisms/pos/)

    **Status**: current

    **Pages**: `lpt/staking`, `lpt/security`
  </Accordion>

  <Accordion title="Rebond" icon="book-open">
    **Definition**: The action of moving bonded LPT stake from one Orchestrator to a different Orchestrator without going through the unbonding thawing period.

    **Context**: Rebonding (also called redelegation in some contexts) lets Delegators switch Orchestrators immediately, keeping their LPT in the active bonded state and avoiding the 7-round thawing period.

    **Status**: current

    **Pages**: `lpt/staking`, `lpt/delegation`
  </Accordion>

  <Accordion title="Stake" icon="book-open">
    **Definition**: LPT bonded to an Orchestrator through the protocol, representing a commitment that secures the network and determines the holder's proportional share of rewards and governance power.

    **Also known as**: Bonded stake

    **Context**: Stake is the core unit of participation in Livepeer – all economic weight, voting power, and reward distribution derive from how much LPT is staked to active Orchestrators.

    **Status**: current

    **Pages**: `lpt/staking`, `lpt/protocol`
  </Accordion>

  <Accordion title="Staking" icon="book-open">
    **Definition**: The act of locking tokens in a proof-of-stake protocol to participate in network security, governance, and earn inflationary rewards and fee income.

    **External**: [Proof of stake – ethereum.org](https://ethereum.org/developers/docs/consensus-mechanisms/pos/)

    **Status**: current

    **Pages**: `lpt/staking`
  </Accordion>

  <Accordion title="Supply" icon="book-open">
    **Definition**: The total number of LPT tokens in existence at any given time, starting from a genesis supply of 10 million and growing continuously through inflationary issuance.

    **Context**: Total supply growth is governed by the per-round inflation rate; because inflation is distributed only to active stakers, non-stakers experience dilution as supply increases.

    **Status**: current

    **Pages**: `lpt/economics`, `lpt/tokenomics`
  </Accordion>

  <Accordion title="Target Bonding Rate" icon="book-open">
    **Definition**: The 50% participation threshold for the ratio of bonded LPT to total supply; the inflation mechanism adjusts the per-round issuance rate to push toward this target.

    **Context**: The Target Bonding Rate is the equilibrium point of Livepeer's inflation model – if bonding rate is below 50%, inflation rises to incentivise more staking; if above, inflation falls.

    **Status**: current

    **Pages**: `lpt/economics`, `lpt/inflation`
  </Accordion>

  <Accordion title="Token Distribution <Badge color='yellow'>draft</Badge>" icon="book-open">
    **Definition**: The allocation and dispersal of LPT tokens across founders, team, investors, and the public through mechanisms including the Merkle Mine, vesting schedules, and inflationary issuance.

    **Context**: Livepeer's initial token distribution used a combination of team/investor allocations with vesting and the open Merkle Mine; ongoing distribution occurs through per-round inflation to active stakers.

    **Status**: draft

    **Pages**: `lpt/tokenomics`, `lpt/history`
  </Accordion>

  <Accordion title="Tokenomics" icon="book-open">
    **Definition**: The economic design of the LPT token system encompassing total supply, genesis distribution, inflation schedule, staking incentives, governance rights, and deflationary mechanisms.

    **External**: [Cryptoeconomics – Wikipedia](https://en.wikipedia.org/wiki/Cryptoeconomics)

    **Status**: current

    **Pages**: `lpt/tokenomics`
  </Accordion>

  <Accordion title="Unbonding" icon="book-open">
    **Definition**: The process by which a Delegator or Orchestrator initiates withdrawal of bonded LPT from the protocol, triggering the mandatory thawing period before tokens become liquid.

    **Also known as**: Unbonding period

    **Context**: Unbonding does not immediately return LPT to the wallet; tokens remain locked for the thawing period, during which they can still be rebonded but earn no new rewards.

    **Status**: current

    **Pages**: `lpt/staking`, `lpt/delegation`
  </Accordion>

  <Accordion title="Vesting" icon="book-open">
    **Definition**: A schedule controlling when token allocations – such as founder or team grants – become available over time, often with an initial cliff period followed by pro-rata release.

    **External**: [Vesting – Wikipedia](https://en.wikipedia.org/wiki/Vesting)

    **Status**: current

    **Pages**: `lpt/tokenomics`, `lpt/history`
  </Accordion>
</AccordionGroup>

<CustomDivider />

## Economic and Reward Terms

<AccordionGroup>
  <Accordion title="Commission Rate" icon="book-open">
    **Definition**: The combined percentage of inflationary rewards and ETH fees that an Orchestrator retains before distributing the remainder to Delegators.

    **Context**: Commission rate is expressed as two separate parameters – Reward Cut and Fee Cut – which Orchestrators can update between rounds.

    **Status**: current

    **Pages**: `lpt/staking`, `lpt/economics`
  </Accordion>

  <Accordion title="ETH Fees" icon="book-open">
    **Definition**: Ether paid by Gateways to Orchestrators as compensation for completed transcoding or AI inference work, with a configurable portion shared to Delegators.

    **Context**: ETH fees are the demand-side revenue stream in Livepeer's dual-token model; Orchestrators earn fees from work and LPT from inflation, passing both to Delegators at their configured commission rates.

    **Status**: current

    **Pages**: `lpt/economics`, `lpt/payments`
  </Accordion>

  <Accordion title="Fee Cut" icon="book-open">
    **Definition**: The complementary way to describe the ETH fee split: the percentage retained by the Orchestrator rather than the portion shared to Delegators.

    **Also known as**: Complement of fee share

    **Context**: Delegator-facing current Livepeer Explorer surfaces use **Fee Share** rather than **Fee Cut**. This glossary keeps Fee Cut as the complementary retained-share concept so older discussions and protocol-level reasoning still make sense.

    **Status**: current

    **Pages**: `lpt/staking`, `lpt/economics`
  </Accordion>

  <Accordion title="Fee Pool" icon="book-open">
    **Definition**: The accumulated ETH fees earned by an Orchestrator from completed work in a given round, split between the Orchestrator and their Delegators according to the configured fee split.

    **Context**: The fee pool is distinct from the inflationary reward pool; it originates from Gateway payments for real work performed, making it the demand-driven complement to inflation-driven rewards.

    **Status**: current

    **Pages**: `lpt/staking`, `lpt/economics`
  </Accordion>

  <Accordion title="Fee Share" icon="book-open">
    **Definition**: The portion of ETH fees earned by an Orchestrator that is distributed to Delegators proportionally to their bonded stake.

    **Also known as**: Delegator-facing fee split

    **Context**: Current Explorer product surfaces use **Fee Share**. Fee share = 100% minus the Orchestrator-retained Fee Cut; Delegators with larger stake receive a proportionally larger share of the distributed fee pool.

    **Status**: current

    **Pages**: `lpt/staking`, `lpt/economics`
  </Accordion>

  <Accordion title="Genesis Supply" icon="book-open">
    **Definition**: The initial 10 million LPT tokens created at protocol launch and distributed via the Merkle Mine mechanism.

    **Context**: The genesis supply was the starting point for LPT tokenomics; total supply has grown from 10M through inflation since the mainnet launch in 2018.

    **Status**: current

    **Pages**: `lpt/tokenomics`, `lpt/history`
  </Accordion>

  <Accordion title="Inflation Adjustment (alpha)" icon="book-open">
    **Definition**: The fixed per-round rate (0.00005%) by which the inflation rate increases or decreases based on whether the current Bonding Rate is below or above the Target Bonding Rate.

    **Also known as**: alpha

    **Context**: The inflation adjustment parameter ensures the system self-corrects: when fewer than 50% of LPT is bonded, inflation rises to attract stakers; when more is bonded, inflation falls.

    **Status**: current

    **Pages**: `lpt/inflation`, `lpt/economics`
  </Accordion>

  <Accordion title="Inflation Model <Badge color='yellow'>draft</Badge>" icon="book-open">
    **Definition**: Livepeer's algorithmic mechanism that adjusts the per-round LPT issuance rate dynamically based on the gap between the current Bonding Rate and the 50% Target Bonding Rate.

    **Context**: The inflation model was designed so the protocol is self-regulating – no manual parameter changes are needed; the Inflation Adjustment (alpha) automatically nudges issuance each round.

    **Status**: draft

    **Pages**: `lpt/inflation`, `lpt/economics`
  </Accordion>

  <Accordion title="Inflation Rate" icon="book-open">
    **Definition**: The per-round percentage of the total LPT supply that is newly minted and distributed to active Orchestrators and Delegators.

    **Context**: The inflation rate adjusts dynamically each round via the Inflation Adjustment mechanism; it is not a fixed annual rate but rather a per-round rate compounded over approximately 5,760 rounds per year.

    **Status**: current

    **Pages**: `lpt/inflation`, `lpt/economics`
  </Accordion>

  <Accordion title="Inflationary Rewards" icon="book-open">
    **Definition**: Newly minted LPT tokens distributed each round proportionally to active Orchestrators and their Delegators based on bonded stake.

    **Context**: Inflationary rewards are the supply-side incentive for participation; Orchestrators must call the reward function each round to mint and distribute them, otherwise that round's allocation is forfeited.

    **Status**: current

    **Pages**: `lpt/inflation`, `lpt/staking`
  </Accordion>

  <Accordion title="Pending Rewards <Badge color='yellow'>draft</Badge>" icon="book-open">
    **Definition**: Inflationary LPT and ETH fees that have been earned through staking but not yet claimed by calling the claim earnings function.

    **Context**: Pending rewards accumulate each round an Orchestrator calls reward; Delegators do not need to claim every round but must claim before certain actions (such as moving stake) to avoid losing accrued amounts.

    **Status**: draft

    **Pages**: `lpt/staking`, `lpt/delegation`
  </Accordion>

  <Accordion title="Price Per Pixel" icon="book-open">
    **Definition**: The fundamental pricing unit for Livepeer transcoding work, expressed as the cost in wei for processing one pixel of video.

    **Context**: Price per pixel allows standardised comparison between Orchestrators regardless of resolution or bitrate; Gateways filter Orchestrators by MaxPrice, and Orchestrators advertise their pricePerUnit.

    **Status**: current

    **Pages**: `lpt/economics`, `lpt/pricing`
  </Accordion>

  <Accordion title="Reward Cut" icon="book-open">
    **Definition**: The percentage of inflationary LPT rewards that an Orchestrator retains before distributing the remainder proportionally to their Delegators.

    **Context**: Reward Cut is set by the Orchestrator and can range from 0% to 100%; a 10% Reward Cut means Delegators collectively receive 90% of the round's inflationary reward pool proportional to their stake.

    **Status**: current

    **Pages**: `lpt/staking`, `lpt/economics`
  </Accordion>

  <Accordion title="USD (United States Dollar)" icon="book-open">
    **Definition**: The official currency of the United States; used as the reference denomination for Livepeer Gateway fees, grant amounts, treasury allocations, and market data.

    **Tags**: `economic:currency`

    **External**: [Wikipedia](https://en.wikipedia.org/wiki/United_States_dollar)

    **Status**: current

    **Pages**: `lpt/economics`, `lpt/governance`
  </Accordion>

  <Accordion title="Yield" icon="book-open">
    **Definition**: The annualized return on staked LPT expressed as a percentage, combining inflationary LPT rewards and any ETH fee share earned through the bonded Orchestrator.

    **Context**: Yield for Delegators varies by Orchestrator commission rates, the current inflation rate, and the total bonded supply; the Livepeer documentation provides yield calculators for Delegators.

    **Status**: current

    **Pages**: `lpt/staking`, `lpt/economics`
  </Accordion>
</AccordionGroup>

<CustomDivider />

## Treasury Terms

<AccordionGroup>
  <Accordion title="Community Treasury" icon="book-open">
    **Definition**: The on-chain fund governed by LPT stakeholders via LivepeerGovernor, funded by a governable percentage of per-round inflation.

    **Context**: The Community Treasury receives a configurable Treasury Reward Cut Rate of inflation each round and is spent via governance-approved proposals for ecosystem development.

    **Status**: current

    **Pages**: `lpt/treasury`, `lpt/governance`
  </Accordion>

  <Accordion title="Fee Switch" icon="book-open">
    **Definition**: A governance-controlled mechanism that enables or adjusts the redirection of protocol fees to the community treasury or other designated destinations.

    **Context**: The fee switch is a proposed parameter change subject to on-chain governance; enabling it would direct a portion of ETH fees to the treasury rather than solely to Orchestrators and Delegators.

    **Status**: current

    **Pages**: `lpt/economics`, `lpt/governance`
  </Accordion>

  <Accordion title="Proposer Bond" icon="book-open">
    **Definition**: The minimum bonded LPT balance (100 LPT) required to submit a formal on-chain governance proposal.

    **Context**: The proposer bond deters spam proposals by requiring skin-in-the-game from proposal authors; it does not lock additional tokens – the proposer simply needs at least 100 LPT bonded.

    **Status**: current

    **Pages**: `lpt/governance`, `lpt/proposals`
  </Accordion>

  <Accordion title="Quadratic Funding" icon="book-open">
    **Definition**: A public goods funding mechanism where matching funds amplify small individual contributions so that projects with broad community support receive disproportionately larger allocations.

    **External**: [Quadratic voting – Wikipedia](https://en.wikipedia.org/wiki/Quadratic_voting)

    **Status**: current

    **Pages**: `lpt/treasury`, `lpt/proposals`
  </Accordion>

  <Accordion title="Retroactive Funding" icon="book-open">
    **Definition**: A funding model that rewards past contributions or completed projects based on demonstrated impact, reducing speculative risk for the treasury.

    **External**: [Optimism retroactive public goods funding](https://blog.ethereum.org/en/2026/02/27/project-odin)

    **Status**: current

    **Pages**: `lpt/treasury`, `lpt/proposals`
  </Accordion>

  <Accordion title="Treasury" icon="book-open">
    **Definition**: The on-chain pool of LPT and ETH held in protocol smart contracts for funding public goods, SPEs, grants, and ecosystem development through community governance.

    **Context**: The Livepeer treasury is funded by the Treasury Reward Cut Rate and governed by LPT stakeholders through LivepeerGovernor; it is the successor to centralised foundation grants.

    **Status**: current

    **Pages**: `lpt/treasury`, `lpt/governance`
  </Accordion>

  <Accordion title="Treasury Allocation" icon="book-open">
    **Definition**: A governance-approved distribution of treasury funds to a specific proposal, SPE, or grant recipient.

    **Context**: Treasury allocations are enacted via on-chain proposals that pass through the LivepeerGovernor voting process and execute after the Timelock delay; they typically fund SPEs in milestone tranches.

    **Status**: current

    **Pages**: `lpt/treasury`, `lpt/governance`
  </Accordion>

  <Accordion title="Treasury Governance <Badge color='yellow'>draft</Badge>" icon="book-open">
    **Definition**: The on-chain process by which LPT stakeholders propose, vote on, and execute allocation of community treasury funds for ecosystem development.

    **Context**: Treasury governance uses the LivepeerGovernor contract; proposals require a Proposer Bond, pass through a voting period, meet Quorum, and execute after a Timelock delay.

    **Status**: draft

    **Pages**: `lpt/treasury`, `lpt/governance`
  </Accordion>

  <Accordion title="Treasury Reward Cut Rate" icon="book-open">
    **Definition**: The governable percentage of per-round inflationary LPT that is diverted to the community treasury instead of being distributed directly to Orchestrators and Delegators.

    **Context**: The Treasury Reward Cut Rate is set via governance (currently 10%); it is deducted from the round's total inflation before the remainder flows to active participants through reward calls.

    **Status**: current

    **Pages**: `lpt/treasury`, `lpt/economics`
  </Accordion>

  <Accordion title="veLPT (Vote-Escrowed LPT) <Badge color='yellow'>draft</Badge>" icon="book-open">
    **Definition**: A proposed mechanism that would allow LPT holders to lock tokens for an extended period in exchange for enhanced governance voting power, aligning long-term incentives.

    **Context**: veLPT is a governance proposal (not yet implemented) inspired by Curve Finance's veToken model; it would give long-term committed holders outsized influence relative to short-term holders.

    **Status**: draft

    **Pages**: `lpt/governance`, `lpt/proposals`
  </Accordion>
</AccordionGroup>

<CustomDivider />

## Governance Terms

<AccordionGroup>
  <Accordion title="Atomic Execution" icon="book-open">
    **Definition**: A guarantee that a set of on-chain operations either all succeed or none execute, preventing partial state changes.

    **External**: [Atomic commit – Wikipedia](https://en.wikipedia.org/wiki/Atomic_commit)

    **Status**: current

    **Pages**: `lpt/governance`, `lpt/contracts`
  </Accordion>

  <Accordion title="Governance" icon="book-open">
    **Definition**: The on-chain system of rules and processes by which LPT stakeholders make decisions about protocol changes, treasury spending, and parameter updates through token-weighted voting.

    **External**: [Livepeer governance wiki](https://github.com/livepeer/wiki/wiki/Governance)

    **Status**: current

    **Pages**: `lpt/governance`, `lpt/protocol`
  </Accordion>

  <Accordion title="Governance Forum" icon="book-open">
    **Definition**: The Forum's governance category at forum.livepeer.org where LIPs, pre-proposals, and protocol governance discussions take place before on-chain voting.

    **Context**: The Governance Forum is the primary off-chain deliberation space; proposals typically spend time in Forum discussion before being formalized as on-chain LIPs.

    **Status**: current

    **Pages**: `lpt/governance`
  </Accordion>

  <Accordion title="Stake-Weighted" icon="book-open">
    **Definition**: A mechanism where each participant's voting power, reward allocation, or selection probability is proportional to their staked token balance rather than equal per-participant.

    **Tags**: `livepeer:governance`

    **Context**: Used in Livepeer governance votes, Orchestrator selection, and reward distribution – Delegators with more staked LPT have proportionally greater influence.

    **Status**: current

    **Pages**: `lpt/governance`, `lpt/staking`
  </Accordion>

  <Accordion title="Stake-Weighted Voting" icon="book-open">
    **Definition**: A governance voting system in which each participant's vote counts in proportion to their total bonded LPT stake rather than one-address-one-vote.

    **External**: [Livepeer governance wiki](https://github.com/livepeer/wiki/wiki/Governance)

    **Status**: current

    **Pages**: `lpt/governance`
  </Accordion>

  <Accordion title="Timelock" icon="book-open">
    **Definition**: A smart contract mechanism that enforces a mandatory delay between when a governance proposal passes and when it can be executed on-chain.

    **Context**: The Timelock in LivepeerGovernor gives the community time to review approved changes before they take effect, providing a safety window to react to malicious or erroneous proposals.

    **Status**: current

    **Pages**: `lpt/governance`, `lpt/contracts`
  </Accordion>

  <Accordion title="Vote Detachment" icon="book-open">
    **Definition**: The ability for a Delegator to override their Orchestrator's governance vote with their own individual stake-weighted vote on a specific proposal.

    **Context**: Vote detachment ensures Delegators retain final governance authority even when their stake is bonded to an Orchestrator; the Orchestrator's vote applies only to stake whose Delegators have not individually voted.

    **Status**: current

    **Pages**: `lpt/governance`
  </Accordion>
</AccordionGroup>

<CustomDivider />

## Web3 and Infrastructure Terms

<AccordionGroup>
  <Accordion title="Arbitrum One" icon="book-open">
    **Definition**: A Layer 2 Optimistic Rollup that settles to Ethereum, processing transactions off-chain while inheriting Ethereum-grade security guarantees.

    **External**: [Arbitrum documentation](https://docs.arbitrum.io/welcome/arbitrum-gentle-introduction)

    **Status**: current

    **Pages**: `lpt/protocol`, `lpt/bridging`
  </Accordion>

  <Accordion title="Bridge" icon="book-open">
    **Definition**: Infrastructure connecting two blockchain ecosystems that enables token and information transfer between them.

    **External**: [Bridges – ethereum.org](https://ethereum.org/developers/docs/bridges/)

    **Status**: current

    **Pages**: `lpt/bridging`, `lpt/arbitrum`
  </Accordion>

  <Accordion title="Bridging" icon="book-open">
    **Definition**: The process of moving LPT tokens between Ethereum L1 and Arbitrum L2 using the canonical bridge contracts.

    **Context**: LPT must be bridged to Arbitrum to participate in Livepeer staking; bridging is handled via the L2LPTGateway contract and the canonical Arbitrum bridge.

    **Status**: current

    **Pages**: `lpt/bridging`, `lpt/arbitrum`
  </Accordion>

  <Accordion title="Merkle Mine" icon="book-open">
    **Definition**: Livepeer's decentralised token distribution algorithm used at genesis, where eligible Ethereum addresses could claim LPT by submitting Merkle proofs.

    **Context**: The Merkle Mine was used to distribute genesis supply broadly across the Ethereum community without a traditional ICO, forming the initial base of LPT holders.

    **Status**: current

    **Pages**: `lpt/tokenomics`, `lpt/history`
  </Accordion>

  <Accordion title="Proof-of-Stake" icon="book-open">
    **Definition**: A blockchain consensus mechanism where validators stake cryptocurrency as collateral to propose and validate blocks, replacing the energy-intensive Proof-of-Work model.

    **External**: [Proof of stake – ethereum.org](https://ethereum.org/developers/docs/consensus-mechanisms/pos/)

    **Status**: current

    **Pages**: `lpt/protocol`
  </Accordion>

  <Accordion title="USDT (Tether)" icon="book-open">
    **Definition**: A US-dollar-pegged ERC-20 stablecoin issued by Tether Limited; available on some centralised exchanges as a trading pair for LPT.

    **Tags**: `web3:token`

    **External**: [Tether](https://tether.to/)

    **Also known as**: Tether

    **Status**: current

    **Pages**: `lpt/economics`, `lpt/token-portal`
  </Accordion>

  <Accordion title="Wei" icon="book-open">
    **Definition**: The smallest denomination of Ether, where 1 ETH equals 10^18 Wei; used in Livepeer for precise on-chain price calculations such as price per pixel.

    **External**: [Wei – ethereum.org glossary](https://ethereum.org/glossary/)

    **Status**: current

    **Pages**: `lpt/pricing`, `lpt/payments`
  </Accordion>
</AccordionGroup>

<CustomDivider />

## AI and Video Terms

<AccordionGroup>
  <Accordion title="AI Inference" icon="book-open">
    **Definition**: Running a trained machine learning model on new input data to produce predictions or generated outputs, as opposed to the training phase.

    **External**: [Inference – Wikipedia](https://en.wikipedia.org/wiki/Inference_engine)

    **Status**: current

    **Pages**: `lpt/protocol`, `lpt/economics`
  </Accordion>

  <Accordion title="AI Inference (Network Work Type)" icon="book-open">
    **Definition**: Running trained AI models as the newer category of on-network compute work alongside transcoding, with Orchestrators earning ETH fees for completed inference jobs.

    **Context**: AI inference expanded Livepeer beyond video transcoding; Orchestrators that register AI capabilities are routed inference jobs from AI Gateways and earn ETH fees paid by requesters.

    **Status**: current

    **Pages**: `lpt/protocol`, `lpt/economics`
  </Accordion>

  <Accordion title="Transcoding" icon="book-open">
    **Definition**: The direct digital-to-digital conversion of video from one encoding format to another, producing multiple adaptive renditions for cross-device delivery.

    **External**: [Transcoding – Wikipedia](https://en.wikipedia.org/wiki/Transcoding)

    **Status**: current

    **Pages**: `lpt/protocol`, `lpt/economics`
  </Accordion>
</AccordionGroup>

<CustomDivider />

<CardGroup cols={3}>
  <Card title="LPT Overview" icon="house" href="/v2/delegators">
    Token mechanics, staking, and governance for LPT holders
  </Card>

  <Card title="Full Glossary" icon="book" href="/v2/resources/glossary">
    All terms across every Livepeer tab
  </Card>

  <Card title="Staking Guide" icon="coins" href="/v2/delegators/portal">
    Step-by-step guide to bonding and delegating LPT
  </Card>
</CardGroup>