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Livepeer — Lisar Treasury Proposal (Fiat Delegation) — Evidence-Based Status

This memo ties together:

  • The executed treasury proposal (on-chain) for Lisar’s “Fiat Delegation for Livepeer Network”
  • The observable delegation outcomes so far (on-chain + Lisar dashboard)

Goal: answer “was the treasury spend appropriate so far?” with evidence, not vibes.

Reproduce​

1) Generate the delegation cohort report (Lisar dashboard → on-chain)​

python3 tools/lisar_program_delegation_report.py --out-dir artifacts/livepeer-lisar-spe-delegation

Primary outputs:

  • artifacts/livepeer-lisar-spe-delegation/report.md
  • artifacts/livepeer-lisar-spe-delegation/report.json

2) Decode the on-chain proposal (Governor ProposalCreated → description + actions)​

python3 tools/lisar_treasury_proposal_report.py \
  --proposal-id 37756926437624644602157853528130337382237946922701155023801139566954226305300 \
  --out-dir artifacts/livepeer-lisar-treasury-proposal

Primary outputs:

  • artifacts/livepeer-lisar-treasury-proposal/report.md
  • artifacts/livepeer-lisar-treasury-proposal/report.json
  • artifacts/livepeer-lisar-treasury-proposal/proposal_description.md

Proposal Facts (On-Chain)​

Source: artifacts/livepeer-lisar-treasury-proposal/report.json

  • Proposal id: 37756926437624644602157853528130337382237946922701155023801139566954226305300
  • Title (from description): “Fiat Delegation for Livepeer Network”
  • Proposal created: 2025-09-05 (Arbitrum block 375998163)
  • Proposal executed: Executed (per Explorer API)

Requested amount + transfer action​

The proposal action is a single ERC20 transfer on Arbitrum:

  • Token: LPT 0x289ba1701C2F088cf0faf8B3705246331cB8A839
  • Transfer: 4450 LPT → 0x7b9f63f244066ff5cf9a24b6043a1c75bff8de45

Note: 0x7b9f63… is a contract wallet (Gnosis Safe-style multisig), not an EOA.

Treasury execution transfer (ERC20 Transfer log):

  • From (Treasury): 0xf82C1FF415F1fCf582554fDba790E27019c8E8C4
  • To (recipient): 0x7b9f63f244066ff5cf9a24b6043a1c75bff8de45
  • Tx: 0xa6467a0d8c176c88bac3689ca6232d0e8b26d759d690eb94d385f0453c7f65b6
  • Time: 2025-09-16T09:14:22Z

Promised Deliverables (From Proposal Text)​

Source: artifacts/livepeer-lisar-treasury-proposal/proposal_description.md

Duration: 4 months

Key deliverables / KPIs listed in the proposal:

  • “Fully functional app” enabling users to deposit local currency and delegate
  • Multi-currency support (e.g. NGN, KES, ZAR, USD)
  • Public real-time transparency dashboard (delegators, total fiat converted, delegations per orchestrator, total LPT delegated, rewards)
  • Referral system
  • Delegator workshops
  • Native mobile apps (iOS/Android)
  • Delegator onboarding KPI: 500–1,000 delegators onboarded and actively delegating through LISAR

Public Progress Updates (Forum)​

These don’t substitute for on-chain verification, but they help anchor what Lisar reports they’ve shipped and when:

  • 2025-09-10: “LISAR Proposal: FAQ” (embedded wallet via Privy, education curriculum, workshops): https://forum.livepeer.org/t/lisar-proposal-faq/3069
  • 2025-10-27: “LISAR Month 1 Report” (links to a Notion report): https://forum.livepeer.org/t/lisar-month-1-report/3132
  • 2025-12-10: “Lisar SPE Release Notes” (Nov status update: closed beta, dashboard live, public launch): https://forum.livepeer.org/t/lisar-spe-release-notes/3159
  • 2026-01-12: “Lisar SPE Release Notes” (Dec status update: multi-asset yield tiers, GTM campaign, workshop upcoming): https://forum.livepeer.org/t/lisar-spe-release-notes/3159/3

Observed Outcomes So Far (On-Chain + Lisar Dashboard)​

Source: artifacts/livepeer-lisar-spe-delegation/report.json (generated 2026-01-17)

Delegator count + stake (what’s verifiable on-chain)​

  • Delegators (ever bonded): 14
  • Delegators (active now): 13
  • Current total bonded (cohort sum): 33.260234 LPT
  • Total bonded via Bond events (additional): 35.244726 LPT
  • First observed bond for this cohort: 2025-11-14

Funnel signals (from Lisar dashboard tx list, decoded on-chain)​

  • Deposit transfers: 3 unique senders → 17 recipients, total 45.1807 LPT (decoded from ERC20 transfer calldata)
  • “Deposit-only” addresses (funded but never bonded): 3

Data quality / mismatch​

Lisar dashboard summary reports:

  • totalDelegators = 13
  • totalLptDelegated = 30.444726 LPT

But on-chain current bonded for the same dashboard cohort is 33.260234 LPT:

  • Delta: +2.815508 LPT vs dashboard

This likely has an explanation (exclusion rules / definition mismatch), but it’s currently ambiguous from public data.

ROI View (Strictly Against the Proposal KPI)​

If we evaluate only against the explicit KPI “500–1,000 delegators onboarded and actively delegating”:

  • On-chain + dashboard both point to ~13 active delegators, as of 2026-01-17
  • That is ~1.3%–2.6% of the proposal’s target range

Rough “cost per active delegator” (treating the grant as fully spent for the period):

  • 4450 LPT / 13 ≈ 342 LPT per active delegator

This does not mean “the work is worthless” (product work can compound later), but it does mean the measurable adoption KPI has not been hit yet.

Questions That Matter for a Fair Assessment​

These are the key items I’d want Lisar to answer publicly to make evaluation rigorous:

  1. What is the current true delegator count, and how is it counted?

    • “Users onboarded” vs “unique on-chain delegator addresses” vs “KYC’d unique humans”

  2. Explain the dashboard vs on-chain mismatch (30.444726 vs 33.260234 LPT).

  3. What percent of users are fiat-onboarded vs LPT-credited?

    • The dashboard’s totalNgNConverted appears 0 in the public summary API snapshot (might be a bug or a different accounting field).

  4. Sybil resistance / uniqueness

    • If fiat rails require KYC, that’s a meaningful uniqueness anchor; if not, what prevents “many-wallet” farming?

  5. GTM plan + timeline for hitting the KPI

    • Acquisition channels, expected conversion funnel, and when we should expect 100/500/1000 active delegators on-chain.