> ## Documentation Index
> Fetch the complete documentation index at: https://livepeerfoundation-d4522ba3.mintlify.site/llms.txt
> Use this file to discover all available pages before exploring further.
# What a delegator is
> Bonding LPT is stake attribution, not custody transfer. What delegation means, what you earn, and what you actually risk.
A **delegator** is an LPT holder who **bonds** their tokens to an orchestrator. This puts your
capital to work securing the network and earning a share of that orchestrator's rewards — without
running any hardware yourself.
The single most important idea:
**Delegation is stake attribution, not custody transfer.** When you bond, your LPT sits in the
protocol's `BondingManager` contract on Arbitrum One. The orchestrator **cannot move or spend
your tokens.** Your wallet is always the only party that can unbond, withdraw, or redelegate.
What changes when you bond is *attribution*: your balance now counts toward one specific
orchestrator's total stake, which is what determines its rank and reward share.
## Why "doing nothing" costs you
Livepeer mints new LPT every round and distributes it to **bonded** stake. If you hold LPT but leave
it unbonded, you receive none of that issuance while bonded holders do. Your share of total supply
shrinks over time. Staying unbonded is not a neutral position — it is a slow dilution.
## What you earn
A bonded delegator can earn two things, both filtered through the orchestrator you pick:
* **LPT inflation rewards** — a share of each round's newly minted LPT, after the orchestrator keeps its `rewardCut`.
* **ETH fees** — a share of the ETH the orchestrator earns for compute work, according to its `feeShare`.
Neither is guaranteed by bonding alone. They depend on the orchestrator staying **active** and
reliably calling `reward()` each round. See [Economics](/network/explanation/economics) for the formulas and
a worked example.
## One wallet, one orchestrator
| Commitment | What it means |
| --------------------------- | ------------------------------------------------------------------------------------------------------------------ |
| One orchestrator per wallet | A bonded position points to a single orchestrator at a time. To split, use separate wallets. |
| Arbitrum One only | Delegation happens on Arbitrum One, not Ethereum mainnet. |
| Exit delay | Full withdrawal requires unbonding and waiting out the [unbonding period](/network/reference/protocol-parameters). |
| Ongoing attention | Commission terms and reliability can change; check periodically. |
## Switching vs exiting
There are two different ways to change your position — pick by **what your problem is**:
* **Redelegate** — move your stake to a different orchestrator *without* the unbonding wait. Use this when the issue is the **operator** (missed rewards, worse terms, dropped out of the active set).
* **Unbond and withdraw** — stop participating and wait out the unbonding period before tokens return to your wallet. Use this when you want **liquid tokens** back.
## What you're actually risking
Slashing is **not currently active** on Livepeer mainnet, and your tokens are in the protocol
contract — not the operator's wallet. So the real risks are operational, not custodial:
* choosing an orchestrator that **misses reward calls** (the pool simply forgoes that round's inflation — there is no catch-up)
* an operator that later changes commission terms unfavorably
* needing liquidity before the unbonding period has passed
* contributing to stake concentration by always picking already-dominant operators
This is why **reward-call reliability matters more than a slightly better headline commission.**
## Next
How rewardCut, feeShare, and inflation turn into real returns.
The checklist for picking a good operator.
The end-to-end wallet walkthrough.
The live unbonding period and other governance values.