(behind the ever-so annoying Medium paywall)
The Livepeer merkle-mine was talked about and praised at length, lately in a post
Here's a more sceptical take on its actual effectiveness as a token distribution mechanism.
Some of the points highlighted by the author in case you don't manage to read the whole thing:
- 48% of LPT is held by the top 50 addresses
- of that, 31.35% is owned by the team and early investors
- of the remaining float, it's likely that insiders have the lion share as the merkle-mine, for lack of marketing, for the technical chops required and for lack of immediate liquidity, attracted mostly insiders not needing to sell to cover costs (as opposed to an audience that actually wanted to provide transcoding work)
- token distribution is likely to centralize even further thanks to inflation accruing to top 50 wallets (who will the the ones staking most actively)
- comparing its distribution to other assets can be misleading as, not being traded on custodial exchanges, LPT is naturally more decentralized.
(It's worth reading Livepeer Doug's response
at the bottom of the post to get both perspectives).
The post closes with a list of best practices for token distribution, which is quickly moving from art to science.