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Provide a concise narrative that clearly states each of (a)–(e) below.
Response
Livepeer is an open network for real-time AI video that provides permissionless GPU infrastructure for generating, transforming, interpreting, transcoding, and streaming live video workloads. Doug Petkanics and Eric (Xiao) Tang committed full time to building it on January 4, 2017, and Livepeer, Inc. was incorporated that year, to replace expensive, centralized video infrastructure controlled by a small number of companies with an open alternative in which a global network of independently operated GPU nodes processes video at scale and is owned and run by its participants. Messari reported $257,300 in demand-side fees on the network in Q1 2026, up 34.2% from the prior quarter, of which AI workloads accounted for $154,700, about 60%.
(Source: Livepeer, Q1 2026 Messari State of Livepeer, Livepeer Foundation, , )
Ongoing development and operations are supported by three entities with distinct roles. Livepeer Inc builds demand-side products, focused in 2026 on real-time AI video through the Daydream brand, while Livepeer Studio continues to serve existing customers, and it funds its work through venture equity capital of about $48 million across an $8 million Series A in 2019, a $20 million Series B in 2021, and a $20 million Series B extension announced in January 2022. The Livepeer Foundation sets strategic direction, coordinates core development across Livepeer Inc and independent Special Purpose Entities (SPEs), runs Advisory Boards, and coordinates security triage and bug bounties, reporting approximately $60,000 in bounties paid in 2026. The onchain treasury is funded by a governance-set treasuryRewardCutRate of up to 10% of per-round LPT issuance, subject to a 750,000 LPT balance ceiling, and it funds SPEs such as the Protocol R&D SPE and the Network Engineering SPE through stake-weighted tokenholder votes. The cut has been 0% since the ceiling was reached in June 2026, and LIP-123 to restart it at 10% was in onchain voting as of 2026-10-12. The Foundation's phased plan runs from a Foundation Phase in 2025 to a Scaling Phase in 2026 through 2027 and a Decentralization Phase from 2028 onward.
(Source: Introducing the Livepeer Foundation, Livepeer Inc Daydream Product Update, Protocol Security in 2026, LIP-92, LIP-123 Forum Thread, TechCrunch, Livepeer Series A, The Block, Livepeer Series B, The Block, Livepeer Series B Extension)
Livepeer is a set of onchain smart contracts deployed on Arbitrum One together with offchain network participants. The smart contracts govern token ownership, bonding and delegation of LPT, orchestrator election into the active set, per-round inflationary reward issuance, and governance. Offchain, gateways accept video and AI jobs from applications and route them to orchestrators, which are GPU operators that stake LPT, perform transcoding or AI inference work, and are paid in ETH through a probabilistic micropayment ticket system. Delegators bond LPT to orchestrators to increase the orchestrator's share of work and earn a portion of fees and inflationary rewards. The protocol migrated from Ethereum mainnet to Arbitrum One in February 2022 under LIP-73, and LPT remains bridgeable between Ethereum (0x58b6a8a3302369daec383334672404ee733ab239) and Arbitrum One (0x289ba1701c2f088cf0faf8b3705246331cb8a839).
LPT is the network's staking, delegation, and governance asset. Orchestrators stake LPT as a work commitment, delegators bond LPT to orchestrators and earn a share of ETH fees and newly minted LPT, and the amount of LPT staked to an orchestrator determines its share of work and rewards. Only bonded LPT carries governance rights. Submitting an onchain proposal requires 100 staked LPT, and orchestrators and delegators vote on protocol and treasury proposals with stake-weighted voting power. LPT is not the medium of exchange for work on the network, which is priced and paid in ETH.
(Source: Livepeer Token, Livepeer Governance Process, LIP-89)
Protocol control relies on two surfaces. Treasury spending and parameter proposals pass through binding stake-weighted votes requiring 100 staked LPT to propose, a voting delay of one round, a voting period of 10 rounds, a 33.33% quorum of total staked LPT, and a simple majority of votes cast. Protocol contract upgrades and parameter changes are executed through the Controller contract, which is controlled through the Governor contract by the L2 governance multisig that the security committee operates under the LIP-25 governance framework. LIP-25 lets that multisig deploy critical bug fixes and emergency pauses without a LIP vote, and a separate L1 governance multisig holds admin authority over the Ethereum-side migration contracts. The security committee used this authority for protocol patches in October 2024, August 2025, June 2026, and August 2026. The L2 governance multisig is a 3-of-5 Safe at 0x04f53a0bb244f015cc97731570bed26f0229da05 that owns the Governor contract at 0xd9ded6f9959176f0a04dcf88a0d2306178a736a6, which in turn owns the Controller, as read onchain on 2026-10-12. The security committee announced on February 6, 2025 that it had added two signers and raised the signing threshold to 3-of-5. The identities of the five signers, and whether any of them acts for Livepeer, Inc., are not publicly disclosed, and the composition of the L1 governance multisig is not publicly disclosed. The Livepeer Foundation's stated roadmap transitions full brand stewardship and strategic governance to the broader community in the Decentralization Phase beginning in 2028, and the Livepeer 2.0 tokeneconomics under discussion in 2026 aim to reward nodes performing real work, add validators, and introduce a burn-mint equilibrium mechanism.
(Source: Livepeer Governance Process, LIP-25, TicketBroker Disclosure, L1 to L2 Migrator Disclosure, Introducing the Livepeer Foundation, Treasury Reward Cut Pre-Proposal, Security Committee Signer Update, Arbiscan, L2 Governance Multisig, Arbiscan, Governor)
For each existing entity: Labs/DevCo (e.g., Founder, CEO, CTO, COO), Foundation (e.g., President, Executive Director, CFO, COO), and DAO / onchain governance leadership (if applicable) list the: (a) full names, (b) official titles, (c) and prior experience of key team members. For any non-existent entity, explicitly mention it does not exist. External links may be included but they will not factor into the score.
Response
Full Name | Entity | Official Title | Prior Experience |
|---|---|---|---|
Doug Petkanics (SEC Form D) | Labs/DevCo | Co-founder and Chief Executive Officer of Livepeer, Inc., and listed as Executive Officer and Director in its SEC Form D (The Block, Livepeer Series B, SEC Form D) | Prior roles at Groupon, AT&T, and Accenture before co-founding Livepeer, where he committed full time on January 4, 2017, and co-author of the LIP-89 treasury and LIP-92 treasury reward cut proposals (The Org, Livepeer at Six Years Old, LIP-89, LIP-92) |
Eric (Xiao) Tang (SEC Form D) | Labs/DevCo | Co-founder of Livepeer, and listed as Director of Livepeer, Inc. in its SEC Form D (Livepeer at Six Years Old, SEC Form D) | Co-founded Livepeer with Doug Petkanics and committed full time to it on January 4, 2017, and Livepeer, Inc. does not publish his experience before Livepeer (Livepeer at Six Years Old) |
Wendy Schadeck (SEC Form D) | Labs/DevCo | Director of Livepeer, Inc. (SEC Form D) | Livepeer, Inc. does not publish this director's prior experience, and the SEC Form D lists her only as a director (SEC Form D) |
Rich O'Grady (Launching the Livepeer Foundation) | Foundation | Executive Director at the Foundation's April 2025 launch, and Ecosystem Director in Foundation proposals from 2026 (Launching the Livepeer Foundation, Network Engineering SPE II) | Growth Director at Livepeer before the Foundation, with prior roles at Protocol Labs, Airfinity, and Le Wagon, and a member of Foundation Operations for the Network Engineering SPE (The Org, Network Engineering SPE II) |
Rick Staa (Launching the Livepeer Foundation) | Foundation | Technical Director and co-founder of the Livepeer Foundation (Launching the Livepeer Foundation, The Org) | Chairs the Network Engineering SPE committee as a Foundation-paid contributor, co-authored LIP-118, and published the Foundation's 2026 protocol security report (Network Engineering SPE II, LIP-118, Protocol Security in 2026) |
Ben Perez (Introducing the Livepeer Foundation) | Foundation | Operations Director, listed as Operations Lead in the April 2025 launch post (Introducing the Livepeer Foundation, Launching the Livepeer Foundation) | Author of LIP-101 and LIP-123 restarting the treasury reward cut and a member of Foundation Operations for the Network Engineering SPE, and the Foundation does not publish his experience outside Livepeer (LIP-101, LIP-123, Network Engineering SPE II) |
Joseph Birch (Introducing the Livepeer Foundation) | Foundation | Communications Lead (Introducing the Livepeer Foundation) | The Foundation does not publish his prior experience in its launch materials (Introducing the Livepeer Foundation) |
The Livepeer DAO has no named leadership. Governance is exercised directly by staked LPT holders through the LivepeerGovernor contract and the stake-weighted polling system, and the Foundation's Advisory Boards hold no capital-allocation authority (LIP-89, Launching the Livepeer Foundation) | DAO/Onchain Governance | The DAO has no officers, so no official titles exist (LIP-89) | The DAO has no officers, so no prior experience can be listed (LIP-89) |
Provide a structured description of the DAO's governance, powers, and economic rights. If a DAO does not exist, state so. Address the lettered items below. Even if there is no DAO, there must be an answer to (d).
Response
The Livepeer DAO exists as an onchain governance system without a legal wrapper. Staked LPT holders govern a community treasury held in the Treasury contract, a TimelockController with a minimum delay of zero that executes proposals passed by the LivepeerGovernor contract, both deployed on Arbitrum One under LIP-89 and LIP-91 in October 2023. They vote on protocol parameter LIPs through the stake-weighted polling system established under LIP-16 and LIP-19.
(Source: LIP-89, LIP-89 Technical Specification, Arbiscan, Livepeer Treasury, Arbiscan, LivepeerGovernor)
The DAO owns no intellectual property. The protocol smart contracts (livepeer/protocol) and node software (livepeer/go-livepeer) are published under the MIT License with copyright attributed to Livepeer, and the LIP documents are released under CC0. The Livepeer brand and the livepeer.org domain are stewarded by the Livepeer Foundation, which has committed to transition full brand stewardship to the broader community in its Decentralization Phase beginning in 2028.
(Source: Protocol License, go-livepeer License, LIP-92, Livepeer Foundation, Introducing the Livepeer Foundation)
Treasury proposals are submitted to the LivepeerGovernor by any address with at least 100 staked LPT, carry a voting delay of one round and a voting period of 10 rounds, require 33.33% of total staked LPT to participate, pass on a simple majority of For votes over Against votes, and execute permissionlessly onchain through the Treasury contract with no enforced timelock delay. Protocol parameter changes such as treasuryRewardCutRate, targetBondingRate, and inflationChange are decided by stake-weighted polls using the same 100 LPT, 33.33% quorum, and 50% quota thresholds, and they are then implemented through the Controller contract, which is controlled through the Governor contract by the L2 governance multisig that the security committee operates under LIP-25. Under LIP-25 that multisig holds the authority to pause and unpause the protocol and to deploy code upgrades without delay for critical bug fixes and emergency actions, and it exercised that authority in October 2024, August 2025, June 2026, and August 2026. A separate L1 governance multisig holds admin authority over the Ethereum-side migration contracts. The L2 governance multisig is a 3-of-5 Safe at 0x04f53a0bb244f015cc97731570bed26f0229da05 that owns the Governor contract at 0xd9ded6f9959176f0a04dcf88a0d2306178a736a6, which in turn owns the Controller, as read onchain on 2026-10-12. The security committee announced on February 6, 2025 that it had added two signers and raised the signing threshold to 3-of-5. The identities of the five signers, and whether any of them acts for Livepeer, Inc., are not publicly disclosed, and the composition of the L1 governance multisig is not publicly disclosed. Tokenholders cannot directly execute protocol code upgrades through the Governor.
(Source: LIP-89, LIP-89 Technical Specification, PollCreator Contract, LIP-25, L1 to L2 Migrator Disclosure, TicketBroker Disclosure, Treasury Reward Cut Pre-Proposal, Security Committee Signer Update, Arbiscan, L2 Governance Multisig, Arbiscan, Governor)
Bonded LPT confers all governance and economic participation rights. Only bonded LPT can vote on proposals, and voting power equals bonded stake snapshotted at the start of the voting period. Orchestrators vote with the full weight of their delegated stake, and any delegator can override its orchestrator's vote on the portion of stake it owns. Bonded LPT earns a pro rata share of per-round inflationary LPT issuance and of ETH fees earned by the orchestrator, net of the orchestrator's reward cut and fee share. Unbonding is subject to the protocol unbonding period, and unbonded LPT earns no rewards and carries no vote. Tokenholders can decide treasury allocations and protocol parameters through votes, and they cannot direct the operations of Livepeer, Inc. or the Livepeer Foundation.
(Source: LIP-89, Livepeer Governance Process, Livepeer Token)
Tokenholders hold two economic rights. Bonded holders receive the per-round inflationary issuance that is not routed to the treasury, distributed pro rata to stake, together with a share of ETH fees paid by gateways to their orchestrator. Bonded holders also govern the onchain treasury, which is populated by a governance-set treasuryRewardCutRate of each round's mintable LPT until the treasury balance exceeds the 750,000 LPT treasuryBalanceCeiling, at which point the rate resets to 0% until governance restarts it. The ceiling was reached and the rate reset to 0% in 2025, and LIP-101 restarted it at 10% from late January 2026. The ceiling was reached again in June 2026 and the rate reset to 0%. LIP-123, created on September 11, 2026 to restart the rate at 10% and listed with status Proposed in the LIPs repository, entered its onchain vote on October 9, 2026 and was still open as of 2026-10-12, so the treasuryRewardCutRate read onchain was 0% on that date. The treasury held approximately 589,000 LPT on August 18, 2026 and 411,611 LPT as of 2026-10-12. Treasury funds release only through passed Governor proposals, and no protocol mechanism distributes ETH fees or treasury assets to unbonded holders.
(Source: LIP-92, LIP-101, LIP-123, LIP-123 Forum Thread, Treasury Reward Cut Pre-Proposal, Arbiscan, BondingManager, Arbiscan, Livepeer Treasury)
The Livepeer DAO has no legal wrapper and no dissolution procedure. No party holds authority to dissolve or wind up the governance system, and treasury assets can move only through passed Governor proposals or through protocol code upgrades executed by the L2 governance multisig under LIP-25.
For the Primary Foundation do the following independently. If an entity does not exist, state that explicitly. Items (a)–(f) apply only if that entity exists; state explicitly that the entity doesn't exist. Definitions: The primary Foundation and DevCo can be explained as those entities which are directly involved in the issuance of the native token at launch.
Response
The Livepeer Foundation exists. It was announced on the Livepeer forum on April 16, 2025, when forming its legal entity was listed as one of its 2025 objectives, and it was introduced publicly on June 5, 2025, seven years after the token's genesis, and it was not involved in the issuance of LPT at launch. Its mandate is to steward the long-term vision, ecosystem growth, and core development of the network.
(Source: Launching the Livepeer Foundation, Introducing the Livepeer Foundation, Livepeer Foundation)
The Livepeer Foundation is a non-profit Cayman Islands Foundation Company. Its certificate of incorporation is dated July 1, 2025.
(Source: Launching the Livepeer Foundation, Introducing the Livepeer Foundation)
The Foundation stewards the Livepeer brand and operates the livepeer.org website under Livepeer Foundation copyright. Its roadmap commits to transferring full brand stewardship to the broader community in the Decentralization Phase beginning in 2028. The protocol and node software repositories under the livepeer GitHub organization are MIT licensed with copyright attributed to Livepeer. The Foundation does not publish any trademark registrations or subsidiary entities.
(Source: Livepeer Foundation, Introducing the Livepeer Foundation, Protocol License)
The Foundation holds no unilateral power over the treasury or token administration. It accesses treasury funds only through SPE proposals that pass stake-weighted tokenholder votes at the standard 100 LPT, 33.33% quorum, and simple-majority thresholds, and its staff submit parameter LIPs such as LIP-101 and LIP-123 through the same process. The Foundation convenes Advisory Boards that recommend strategy and do not make capital-allocation decisions. In an April 17, 2025 reply in the launch thread, the Foundation named two funding options it was exploring, a transition of the Livepeer Inc Grants Node to the Foundation or a new Foundation orchestrator node funded by a majority transfer of Inc's stake, and said it would release an exact statement in the coming months. No later public statement confirms either option as of 2026-10-14, so whether the Foundation operates a node, and the stake-weighted voting power that node would carry, is not publicly disclosed. Rick Staa published the Foundation's 2026 protocol security report covering triage and bounty payments, and the Foundation is hiring a security engineer.
(Source: Launching the Livepeer Foundation, Introducing the Livepeer Foundation, LIP-101, LIP-123, Protocol Security in 2026)
The Foundation holds no equity in, board seat on, or contractual control over Livepeer, Inc. Livepeer, Inc. is governed by its own board of directors, which includes Doug Petkanics, Eric (Xiao) Tang, and Wendy Schadeck. The Foundation coordinates core development priorities with Livepeer Inc and independent SPEs through its Advisory Boards and roadmap process, and Livepeer Inc participates in that coordination voluntarily.
(Source: SEC Form D, Introducing the Livepeer Foundation, Launching the Livepeer Foundation)
The Foundation as an entity holds no pause, upgrade, or governance-executor role in the protocol contracts. Pause and upgrade authority rests with the L2 governance multisig, which controls the Controller contract through the Governor contract and which the security committee operates under LIP-25, and a separate L1 governance multisig holds admin authority over the Ethereum-side migration contracts. The L2 governance multisig is a 3-of-5 Safe at 0x04f53a0bb244f015cc97731570bed26f0229da05 that owns the Governor contract owning the Controller, as read onchain on 2026-10-12, and the security committee announced on February 6, 2025 that it had added two signers and raised the signing threshold to 3-of-5. The identities of the five signers and the composition of the L1 governance multisig are not publicly disclosed, so the filing cannot state whether Foundation staff are signers.
(Source: LIP-25, L1 to L2 Migrator Disclosure, TicketBroker Disclosure, Security Committee Signer Update, Arbiscan, L2 Governance Multisig)
Two mechanisms direct resources to the Foundation or its contributors. First, the Foundation administers LPT from the onchain treasury when SPE proposals it submits pass tokenholder votes. The Network Engineering SPE ran a $95,000 pilot from May 15 to August 30, 2026, and its second phase requests $230,000 for September 1 to December 31, 2026, with Foundation Operations administering payments and contributors already paid by the Foundation or Livepeer Inc receiving no further SPE compensation. Second, if the Foundation operates an orchestrator node under either funding option it named in April 2025, that node earns inflationary LPT rewards and ETH fees in proportion to its own and delegated stake, and no public statement confirms that such a node is operating as of 2026-10-14. No protocol mechanism directs ETH fees or treasury assets to the Foundation outside of passed governance proposals.
(Source: Launching the Livepeer Foundation, Network Engineering SPE II)
For the Primary DevCo do the following independently. If an entity does not exist, state that explicitly. Items (a)–(f) apply only if that entity exists; state explicitly that the entity doesn't exist. Definitions: The primary Foundation and DevCo can be explained as those entities which are directly involved in the issuance of the native token at launch.
Response
Livepeer, Inc. exists and is the primary DevCo. It designed the protocol, deployed the genesis contracts on Ethereum mainnet on April 30, 2018, conducted the 2018 pre-sale, and received the founders, team, and endowment allocations at genesis. Its current focus is demand generation for real-time AI video through the Daydream brand, while Livepeer Studio continues to serve existing customers.
(Source: SEC Form D, End of the Initial Livepeer Token Distribution, Livepeer Inc Daydream Product Update)
Livepeer, Inc. is a Delaware corporation incorporated in 2017 and headquartered at 223 Bedford Ave PMB 530, Brooklyn, New York 11211.
(Source: SEC Form D, Livepeer Studio Terms of Service)
The protocol and go-livepeer repositories are published under the MIT License with copyright attributed to Livepeer, and Livepeer, Inc. owns and operates the Livepeer Studio commercial API platform and the Daydream real-time generative AI video application. Livepeer, Inc. acquired DDVTech, the company behind MistServer, on October 20, 2021, and spun it back out in March 2023, when OptiMist Video, owned by the MistServer engineers, became its majority shareholder. Livepeer, Inc. does not publish any trademark registrations or current subsidiary entities.
(Source: Protocol License, Livepeer Studio Terms of Service, Livepeer Inc Daydream Product Update, MistServer News 2021, MistServer Independent Once More)
Livepeer, Inc. holds the same governance rights as any other staked LPT holder, exercised through the LPT it stakes and the stake delegated to its nodes, and it accesses the treasury only through proposals that pass stake-weighted votes. Doug Petkanics and Victor Elias of Livepeer, Inc. authored the treasury LIPs LIP-89 and LIP-92, and under LIP-25 the Livepeer Inc multisig was the original and sole actor in the governance contract that owns the Controller. The L2 governance multisig that now holds that role is a 3-of-5 Safe at 0x04f53a0bb244f015cc97731570bed26f0229da05, as read onchain on 2026-10-12, and the security committee announced on February 6, 2025 that it had added two signers and raised the signing threshold to 3-of-5. The identities of the five signers are not publicly disclosed, so the filing cannot state whether any of them acts for Livepeer, Inc., and Livepeer, Inc. has not published a statement on whether it retains any pause, upgrade, or signer authority.
(Source: LIP-25, LIP-89, LIP-92, Protocol Bug Fix 08/22/2025, Security Committee Signer Update, Arbiscan, L2 Governance Multisig)
Livepeer, Inc. holds no formal governance role in the Livepeer Foundation. In an April 17, 2025 reply in the Foundation launch thread, the Foundation named a transition of the Livepeer Inc Grants Node, or a majority transfer of Inc stake to a new Foundation node, as two funding options it was exploring, and no later public statement confirms either as of 2026-10-14. Livepeer Inc staff participate in Foundation Advisory Boards and SPE committees alongside independent contributors.
(Source: Launching the Livepeer Foundation, Network Engineering SPE II)
Under LIP-25 the Livepeer Inc multisig was established as the first and only actor of the governance contract that owns the Controller, with authority to pause and unpause the protocol and perform code upgrades without delay. That authority is now exercised by the L2 governance multisig, which the security committee operates, and a separate L1 governance multisig holds admin authority over the Ethereum-side migration contracts. Doug Petkanics published the October 2024 and August 2025 bug fix disclosures. The L2 governance multisig is a 3-of-5 Safe at 0x04f53a0bb244f015cc97731570bed26f0229da05 as read onchain on 2026-10-12, and the security committee announced on February 6, 2025 that it had added two signers and raised the signing threshold to 3-of-5. The identities of the five signers, and whether any of them acts for Livepeer, Inc., are not publicly disclosed, and the composition of the L1 governance multisig is not publicly disclosed. Livepeer, Inc. has not published a statement on whether it retains any pause, upgrade, or signer authority.
(Source: LIP-25, Protocol Bug Fix 08/22/2025, L1 to L2 Migrator Disclosure, TicketBroker Disclosure, Security Committee Signer Update, Arbiscan, L2 Governance Multisig)
Livepeer, Inc. earns ETH fees and inflationary LPT rewards on the stake it bonds to its own orchestrator nodes, and its gateway products pay ETH fees into the network on behalf of their customers. No protocol mechanism directs treasury assets, fees, or token distributions to Livepeer, Inc. or its equityholders outside of passed governance proposals, and Livepeer, Inc. staff who serve on SPE committees receive no SPE compensation because Inc already pays them. Livepeer, Inc. does not publish its current LPT holdings.
(Source: Network Engineering SPE II, Protocol Security in 2026)
Disclose launch and initial supply details in a single initial allocation schedule covering the token's launch.
Response
The genesis state deployed on Ethereum mainnet on April 30, 2018 specified 10,000,000 LPT. Of this amount, 21,300 LPT (0.213% of genesis supply) was issued immediately to early advisors and contributors and was unlocked at launch. The remaining 9,978,700 LPT (99.787% of genesis supply) was locked at launch and released over time, consisting of 6,343,700 LPT generated progressively through the MerkleMine, which completed by early October 2018, 1,900,000 LPT vesting to pre-sale purchasers over 18 months, 1,235,000 LPT vesting to founders and early team over 36 months, and 500,000 LPT held as a long-term project endowment.
(Source: End of the Initial Livepeer Token Distribution, Launching the Livepeer Network, Investing.com, Livepeer Wraps Up Merkle Mining)
No fixed price was set at genesis. LPT was not sold at launch, there was no crowdsale or ICO, and the MerkleMine distributed tokens to eligible Ethereum accounts without payment. Livepeer, Inc. does not publish the price at which pre-sale purchasers acquired LPT.
(Source: End of the Initial Livepeer Token Distribution, Launching the Livepeer Network)
LPT.
(Source: Livepeer Token, CoinGecko API, Livepeer)
LPT has no maximum supply and inflates each round. Total supply was 58,053,155.78 LPT as of 2026-10-12, read from the Minter contract on Arbitrum One, up 27.89% from 45,394,136.15 LPT a year earlier. Each round (approximately one day), the Minter contract mints new LPT equal to the current per-round inflation rate multiplied by total supply. The inflation rate adjusts by inflationChange (0.00005% per round) in the direction that pushes the participation rate toward the 50% targetBondingRate, rising when less than 50% of supply is bonded and falling when more than 50% is bonded. As of round 4369 on 2026-10-12, the per-round inflation rate was 0.05035%, about 22.98% annualized if held constant, and 30,008,860.32 LPT was bonded, a participation rate of 51.69%, so the rate is declining. Of each round's mintable LPT, the governance-set treasuryRewardCutRate is routed to the onchain treasury and the remainder is distributed to orchestrators and delegators pro rata to bonded stake. The rate was 0% as of 2026-10-12 because the treasury passed its 750,000 LPT ceiling in June 2026, and LIP-123 to restart it at 10% was in onchain voting on that date. LIP-107, which proposed reducing targetBondingRate to 46% and raising inflationChange to 700, was rejected by tokenholder vote in March 2026, leaving the parameters unchanged. There is no burn mechanism. Slashing is disabled.
(Source: Arbiscan, Minter, Arbiscan, BondingManager, Minter Contract, LIP-92, LIP-107, LIP-123 Forum Thread, Put the Brakes on LPT Emissions)
All genesis vesting schedules are complete, and all current supply growth comes from protocol inflation.
(Source: End of the Initial Livepeer Token Distribution, Network Economics Update 9/21/18)
Address each of the following sub-items based on the project's airdrop status. If a sub-item does not apply to the project's situation, state that explicitly.
Response
Planned but not yet executed airdrop
Not applicable. Livepeer has no planned airdrop, and its only airdrop-style distribution, the MerkleMine, was executed in 2018.
(Source: End of the Initial Livepeer Token Distribution)
Executed airdrop
The MerkleMine was Livepeer's TGE distribution and is the only airdrop-style distribution the project has conducted. The covered segment was every Ethereum account holding at least 0.1 ETH at block 5,264,265 (March 16, 2018), 2,598,071 accounts, and the allocation method was a flat allocation of about 2.4417 LPT per eligible account for a total of 6,343,700 LPT. During the three-month slow start from genesis, only the eligible account could claim its allocation. From block 6,034,099 (July 26, 2018), any address could submit a proof on behalf of an eligible account, with the caller's share of the allocation increasing linearly over the scheduled 2,500,000-block claim period and the recipient receiving the remainder, and the full 6,343,700 LPT was generated by early October 2018. The livepeer/merkle-mine GitHub repository does not contain the eligible account list. Its README states that the client scripts fetch the list from an IPFS gateway under the hash QmQbvkaw5j8TFeeR7c5Cs2naDciUVq9cLWnV3iNEzE784r to build the Merkle tree whose root is stored in the MerkleMine contract and to generate per-address proofs, and that hash did not resolve on the public IPFS gateways tested on 2026-10-14. Per-address recipient, caller, and amount data for every generated allocation are exposed by the Generate event logs of the MerkleMine contract at 0x8e306b005773bee6ba6a6e8972bc79d766cc15c8 on Ethereum mainnet, readable through any Ethereum RPC endpoint, and these logs are the per-address source for the distribution.
Projects must disclose all material terms of market-making arrangements that affect token liquidity. If the project has no agreements or deals with market makers, state that explicitly; doing so earns full credit. For each market maker, include in a table:
If the project has no agreements or deals with market makers, state that explicitly; doing so earns full credit. If no native tokens were loaned or allocated to market makers, state that explicitly; cash/fiat retainers or fees are not required for this item.
Response
Projects must disclose all material terms of centralized or decentralized exchange listings that affect token liquidity. For each listing, include in a table:
If the project has no agreements or deals with CEX or DEX, state that explicitly; doing so earns full credit; cash/fiat fee amounts are not required for this item.
Response
Disclose all prior token sales by the Project — including fundraising rounds, any material OTC sales to investors, and any discounted market-maker sales. For each sale, provide:
If no prior sales occurred, state that explicitly (e.g., "No prior fundraising, OTC, or discounted MM sales have occurred.").
Response
No OTC token sales or discounted market-maker sales by Livepeer, Inc. or the Livepeer Foundation are publicly disclosed.
(Source: End of the Initial Livepeer Token Distribution, SEC Form D)
If any, list prior exploits or incidents that directly affected the token, token supply, tokenholder balances, token contract, minting controls, burn mechanics, or custody of token supply. This question is not asking about general protocol, application, or smart contract exploits unless the incident directly affected the native token itself. If no prior incidents, state this explicitly (e.g., "No exploits affecting tokenholders or protocol funds as of YYYY-MM-DD").
Response
One exploit has affected the native token as of 2026-10-12. On 2023-11-01 a flaw in the BondingManager contract on Arbitrum One resulted in excess LPT rewards and ETH fees being paid out. No other exploit of the protocol contracts affected LPT holders or protocol funds as of 2026-10-12. Five protocol vulnerabilities that were reported and patched without being exploited, and incidents in orchestrator and gateway operator software that did not involve protocol contract defects, are described in Section 12.B.
(Source: Post-Mortem 11/1/23, Protocol Security in 2026)
A previously bonded address could fully unbond and then rebond to an orchestrator in a qualifying state through rebondFromUnbonded(), leaving its cumulative reward and fee factors uninitialized so that it earned excess rewards and fees.
(Source: Post-Mortem 11/1/23)
Describe material risk factors across the three categories below. Each category includes prompts to address at a minimum.
(a) Regulatory, Legal & Tax Risks — Describe how evolving laws and regulations could affect the project by answering, at a minimum, questions like:
Impact of Regulatory Change on TGE and Listings: (If applicable) How could evolving or conflicting laws and regulations affect your ability to complete the TGE, deliver tokens to purchasers, and list or maintain the token on trading venues in key jurisdictions?
Entity-Level Regulatory Impact: (If applicable) How could regulatory or legal changes impact your core entities (Foundation, DevCo, DAO, affiliated service providers), including enforcement actions, licensing requirements, or forced changes to structure or operations?
Tokenholder Tax Treatment: (If applicable) What uncertainties exist around how tokenholders may be taxed, and make clear that tokenholders are responsible for understanding their own tax obligations?
Jurisdictional & User Access Restrictions: (If applicable) If the project restricts access for certain jurisdictions or user types (e.g., U.S. persons, sanctioned countries, retail vs. professional), what are those restrictions and what risks do they create for users and for the project?
(b) Protocol, Technology & Security Risks — Describe risks to network and contract reliability, correctness, and safety by answering, at a minimum, questions like:
Bugs and Design Flaws: (If applicable) What bugs, design flaws, or implementation errors could exist in your core protocol code, smart contracts, and any bridges, rollups, or oracles that you depend on, and how could these lead to loss of funds or disruption of the protocol?
Security Measures & Their Limitations: (If applicable) What security measures have you taken (audits, formal verification, bug bounties), and what types of failures might these measures still fail to detect or prevent?
(c) Token Economics, Unlocks & Incentive Risks — Describe how the token's economic design and supply schedule could affect holders by answering, at a minimum, questions like:
Critical Economic Assumptions: (If applicable) Which economic assumptions (e.g., staking yields, fee revenue, liquidity incentives, MEV capture, demand for blockspace) are critical for protocol security, utility, and governance, and what happens if those assumptions fail?
This Token Transparency Filing is provided for general informational purposes only and does not verify or warrant the accuracy of individual answers.
(Source: MerkleMine Repository, Etherscan, MerkleMine Events, The Economics of Generating LPT After the Slow Start, End of the Initial Livepeer Token Distribution, Investing.com, Livepeer Wraps Up Merkle Mining)
No airdrop planned or conducted
Not applicable. Livepeer conducted the MerkleMine distribution in 2018.
The incident caused 20 addresses to earn approximately 123 LPT in excess rewards and approximately 1.5 ETH in excess fees, and no user deposits were at risk because sufficient LPT and ETH remained available for all withdrawals.
(Source: Post-Mortem 11/1/23)
A fix adding initialization logic to rebondFromUnbonded() and rebondFromUnbondedWithHint() was deployed, and the reporter received a $40,000 bounty through Immunefi.
(Source: Post-Mortem 11/1/23)
The incident is resolved as of 2026-10-12.
(Source: Post-Mortem 11/1/23)
The post-mortem is Livepeer forum thread 2175.
(Source: Post-Mortem 11/1/23)
Governance Control over Monetary Policy & Rewards: (If applicable) To what extent can governance change monetary policy, fee parameters, or reward allocations (e.g., inflation rate, treasury flows, incentive programs), and how could such changes adversely affect tokenholders?
Response
Impact of Regulatory Change on TGE and Listings:
The TGE and all genesis vesting completed between 2018 and 2021, so regulatory change cannot affect token delivery to original purchasers. Regulatory change can affect LPT's continued listing on the more than 70 exchange pairs on which it trades, and delisting by major venues such as Binance, Coinbase Exchange, OKX, Kraken, or Upbit would reduce liquidity for holders.
(Source: CoinGecko API, Livepeer, End of the Initial Livepeer Token Distribution)
Entity-Level Regulatory Impact:
Livepeer, Inc. is a Delaware corporation based in New York that sold LPT in a 2018 pre-sale and raised equity under Regulation D, and it is exposed to United States securities, commodities, and money transmission regulation applicable to token issuers and to operators of the Livepeer Studio and Daydream gateway products. The Livepeer Foundation is a Cayman Islands Foundation Company and is exposed to Cayman regulatory requirements, including the Virtual Asset (Service Providers) Act, and to any change in the treatment of foundation companies that administer treasury-funded programs. The Livepeer DAO has no legal wrapper, so tokenholders who vote on treasury allocations bear uncertainty as to how courts and regulators characterize an unincorporated governance collective.
(Source: SEC Form D, Launching the Livepeer Foundation)
Tokenholder Tax Treatment:
Tokenholders receive LPT inflationary rewards each round and ETH fees, and the tax characterization of staking rewards, fee income, and token dispositions differs across jurisdictions and continues to change. Livepeer, Inc. and the Livepeer Foundation publish no tax guidance for holding, staking, or delegating LPT. Tokenholders are responsible for understanding and meeting their own tax obligations.
(Source: Launching the Livepeer Foundation, Livepeer Studio Terms of Service)
Jurisdictional & User Access Restrictions:
The protocol smart contracts impose no jurisdictional or user-type restrictions on holding, staking, or delegating LPT, and Livepeer, Inc. and the Livepeer Foundation publish no access restrictions for LPT holders. Orchestrators and gateways operating in any jurisdiction are responsible for their own compliance, and exchanges listing LPT apply their own jurisdictional restrictions.
(Source: Launching the Livepeer Foundation, Arbiscan, BondingManager)
Bugs and Design Flaws:
Livepeer's protocol contracts on Arbitrum One hold all bonded LPT, the ETH deposits and reserves of gateways, and the onchain treasury, and the November 2023 exploit in Section 11, together with five vulnerabilities that were reported and patched without being exploited, show that implementation defects in BondingManager, Minter, TicketBroker, and the L1 to L2 Migrator can create reward over-issuance, ETH fee leakage, forced delegation changes, or fund-drain conditions. None of the five caused a loss of funds. In July 2019, reported by samczsun, the doubleClaimSegmentSlash function in the BondingManager on Ethereum mainnet lacked validation that would have let an attacker improperly slash 3% of a transcoder's bonded stake and collect a finder's fee, and the Livepeer security team paused the protocol, deployed a one-line require() fix, and restarted the protocol within about nine hours. On 2024-10-25, a flaw in the Minter on Arbitrum One could have let a bad actor drain ETH from the contract through successive steps across multiple rounds, and the security committee patched the Minter and paid a critical-level bounty through Immunefi. On 2025-08-22, a flaw in the TicketBroker on Arbitrum One could have let a bad actor claim more ETH fees than intended by redeeming winning tickets from a recent round after the orchestrator was no longer active, and the security committee patched the TicketBroker so that only active orchestrators can redeem winning tickets and paid a critical-level bounty through Immunefi. In June 2026, the L1Migrator spanning Ethereum and Arbitrum One authenticated the L1 owner of a migration request without verifying that the L2 destination belonged to the same party, so any L1 address could have forced a delegate change on an L2 delegator it did not own. Sidestream led the analysis and patch with the security committee, the L1 governance multisig paused the original L1Migrator, which remains paused, the patched logic was deployed at 0x2a69191B43c9DB47C927bD7287F9C93838d07759, the L2 governance multisig repointed the L2Migrator to it, and a bounty was paid. In August 2026, redeemWinningTicket in the TicketBroker on Arbitrum One marked a ticket used without validating that the sender's deposit plus reserve covered its face value, so an attacker could have caused an orchestrator's winning ticket to be burned for a dust payment. The issue was rated low severity, and Sidestream's patch was merged as protocol PR #657 on August 10, 2026, deployed as a new TicketBroker implementation at 0x3B68fbF89D121278b216A55a4252cAc820D552B7 registered through the Controller by the L2 governance multisig, and disclosed on August 13, 2026, with a bounty paid to the reporter. All five are resolved as of 2026-10-12. The protocol depends on Arbitrum One for execution and on the Arbitrum bridge for moving LPT between Ethereum and Arbitrum, so a failure of the rollup or bridge would disrupt staking, rewards, and governance. Protocol upgrades and emergency pauses are executed by the L2 governance multisig, a 3-of-5 Safe at 0x04f53a0bb244f015cc97731570bed26f0229da05 as read onchain on 2026-10-12, a threshold the security committee set on February 6, 2025, whose signer identities are not publicly disclosed, so the compromise of three signer keys could alter any protocol contract. In 2026, operator software incidents caused direct losses that the protocol contracts did not prevent. In late August 2026 two orchestrators exposed the go-livepeer admin port to the internet and had stake operations triggered by third parties, a go-livepeer client bug allowed others to trigger stake operations on a node and a small amount of funds was taken from one orchestrator during the Foundation's investigation, keys on a Livepeer Inc node were compromised and used to pay an attacker through winning tickets, and the Livepeer agent orchestrator fleet was taken offline for a security sweep. A critical gateway ticket validation flaw reported in June 2026 was patched privately before disclosure.
(Source: Protocol Security in 2026, Transcoder Slashing Vulnerability Retrospective, Protocol Bug Fix 10/25/2024, Protocol Bug Fix 08/22/2025, L1 to L2 Migrator Disclosure, TicketBroker Disclosure, Patch PR, Security Committee Signer Update, Arbiscan, L2 Governance Multisig)
Security Measures & Their Limitations:
Livepeer's security measures include a Code4rena audit of the treasury upgrade run from August 31 to September 6, 2023, an Immunefi bug bounty program with a $40,000 maximum protocol payout, Sidestream as first responder under the treasury-funded Protocol R&D SPE, LIP-118 delegated reward calling that lets orchestrators keep stake-holding keys offline, and the Foundation's hiring of a dedicated security engineer. The Foundation reported that Immunefi report volume more than doubled in 2026, that bounty costs reached approximately $60,000 by September 2026, and that go-livepeer node software is temporarily out of bounty scope while scope is revised. These measures do not prevent losses from operator key management failures, from undisclosed vulnerabilities in dependencies, or from multisig compromise, and the bounty budget is funded from Foundation and treasury resources that depend on tokenholder votes.
(Source: Protocol Security in 2026, LIP-118, Immunefi, Code4rena Treasury Audit)
Critical Economic Assumptions:
LPT total supply reached 58,053,155.78 LPT as of 2026-10-12, up 27.89% over the prior twelve months, with inflation distributed only to bonded holders, so unbonded holders are diluted by the full inflation rate. Each round the per-round inflation rate moves by inflationChange toward the 50% targetBondingRate, rising when less than 50% of supply is bonded and falling when more is bonded. LIP-107, which proposed reducing targetBondingRate to 46% and raising inflationChange to 700, was rejected by tokenholder vote in March 2026. ETH fees paid by gateways are the only external revenue to orchestrators and delegators. Messari reported $257,300 in demand-side fees in Q1 2026, about $2,900 per day, with AI workloads accounting for $154,700, about 60%, and winning tickets redeemed through the TicketBroker carried a gross face value of 10.63 ETH across 4,791 tickets in the 30 days to 2026-10-12, about 0.35 ETH per day. Orchestrator and delegator returns therefore come mainly from LPT inflation rewards rather than fee income, and a decline in LPT price reduces the real value of those rewards and the capacity of orchestrators to keep GPUs online. Treasury funding for security, core development, and go-to-market work depends on the treasury reward cut, which resets to 0% whenever the treasury exceeds its 750,000 LPT ceiling and requires a tokenholder vote to restart. The cut has been 0% since June 2026, and LIP-123 to restart it at 10% was in onchain voting as of 2026-10-12.
(Source: Arbiscan, Minter, Arbiscan, TicketBroker, Q1 2026 Messari State of Livepeer, LIP-107, Put the Brakes on LPT Emissions, LIP-123 Forum Thread, LIP-92)
Governance Control over Monetary Policy & Rewards:
Governance holds full control over monetary policy. Stake-weighted votes at 33.33% quorum and simple majority can change targetBondingRate, inflationChange, treasuryRewardCutRate, treasuryBalanceCeiling, round length, and the unbonding period, and the L2 governance multisig, a 3-of-5 Safe since the security committee raised its threshold on February 6, 2025, whose signer identities are not publicly disclosed, can upgrade any protocol contract through the Controller. Livepeer 2.0 proposals under discussion in 2026 include a protocol fee, a burn-mint equilibrium mechanism, validators, and rewards for nodes performing real work, each of which would change reward flows to existing orchestrators and delegators. Voting power is concentrated in orchestrators who vote with delegated stake unless delegators override them, so a small number of large orchestrators can determine outcomes on monetary policy.
(Source: LIP-89, LIP-25, Treasury Reward Cut Pre-Proposal, Security Committee Signer Update, Arbiscan, L2 Governance Multisig, Arbiscan, BondingManager)
