Cycle Capital Secondary Market Observation: Livepeer (LPT) with full circulation and new narrative, moving towards the decentralized AI video leader

1. Fundamental development

Since we paid attention to Livepeer again in 2023, it has gradually moved from a decentralized video streaming network to the leader of the decentralized AI video track, and its token LPT The price has risen from around US$7 when the research report was released to more than US$21. For previous reports, please refer to "LD Capital: [*Premium] Livepeer (LPT) market has started again. Can it break through the previous high? 》：https://ld-capital.medium.com/ld-capital-premium-livepeer-lpt-%E8%A1%8C%E6%83%85%E5%86%8D%E6%AC%A1%E5 %90%AF%E5%8A%A8-%E8%83%BD%E5%90%A6%E7%AA%81%E7%A0%B4%E5%89%8D%E9%AB%98-6d968158bd2a.

After OpenAI released Sora on February 16, 2024, Livepeer announced that the community will work hard to introduce these features to the Livepeer network in the next few months as part of the artificial intelligence video plan. Since then, AI has officially begun New narratives for video.

On May 21, Livepeer issued an announcement about the launch of the AI ​​subnet, marking the gradual implementation of its decentralized AI video plan. The AI ​​subnet is a forked branch of the Livepeer video infrastructure network that provides a sandbox for the secure development and testing of new decentralized AI media processing markets and tools. The architecture of the AI ​​subnet is designed to organize different AI inference tasks into discrete job types, and send, receive, and return job requests for different types of tasks through specific pipelines. The subnet also allows Livepeer Orchestrator node operators to earn ETH and LPT revenue by deploying GPU resources for AI processing tasks. The launch of the AI ​​subnet is expected to make Livepeer the world’s first decentralized video processing network with AI computing capabilities. Livepeer's open network of thousands of GPUs will be used to provide low-cost, high-performance processing and solve the structural problems of centralized AI computing.

The roadmap for Livepeer AI direction is divided into three development phases:

Phase 1: AI subnet design and stability (completed )

The first phase of the subnet proof-of-concept design and initial onboarding of existing Livepeer Orchestrator node operators ended on May 1, with more than 20 high-performance AI Orchestrator nodes already active.

Phase 2: AI Subnet Optimization (In Progress)

This phase focuses on improving the quality of service provided to AI Orchestrator and AI Gateway node operators. The goal is to enhance network provisioning by expanding the range of compatible GPUs (low VRAM GPUs and server GPUs), reducing container load times, and handling edge cases. Work in this phase also includes working with select design partners through a new AI video launch program to refine the onboarding experience for app developers.

The third phase: Livepeer mainnet and AI network expansion (third quarter of 2024)

The mainnet is expected to be launched in the third quarter of 2024 to provide high-quality AI developers experience, and equipped with tools and software development kits. Network extensions will allow efficient execution of custom models and workflows, securely run custom container code, enable flexible inference requests to reduce developer costs, and establish a way to verify coordinator authenticity and ensure content provenance.

In addition, Livepeer has also introduced staking functionality and will launch a staking and related data dashboard in June to further promote LPT staking adoption.

2. Token situation update

The current market value of LPT is 720 million, the tokens are in full circulation, the main trading place is Binance, and the trading volume in the past two weeks /mc is between 10% and 20%

formed a new support after falling from the March high. The first intensive trading area is at 14.5, followed by 17–19 ; The technical form is in line with the key points of Fibonacci. It is currently standing above 21 (0.618)

#4-hour volume and price relationship, the rise is accompanied by the increase in green column volume, The red column has a heavy volume and a small fall, indicating that the buyer's power is relatively strong.

On-chain data has shown new flows of large-amount currency withdrawals in the past 30 days. According to Scopescan data, there were 1.08 million large-amount currency withdrawals on May 14th, and the net outflow of CEX was about 500,000 coins. Referring to Nansen data, the top 20 positions have added three large addresses in the past 30 days, totaling about 950,000 pieces. Except for the three-party custody address, the remaining addresses on the non-exchange chain have less outflow.

来源：Scopescan

Source: Nansen

3. Summary

1 , on a monthly basis, LPT has been collecting funds at the bottom for more than a year. It has been 3 months since its independent rise, and the price has increased by 3-4 times. Long-term chips still need to be distributed continuously.

2. On the recent daily level, there are obvious positions on the chain address on the chips, the price pattern is in line with the key position of Fibonacci, and the buyer is stronger than the seller in the volume-price relationship.

3. The project opens a new narrative for AI, the tokens are fully circulated and change hands, the market value is moderate compared to other AI targets, and the fundamentals have foreseeable benefits waiting to be released.

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