> ## Documentation Index
> Fetch the complete documentation index at: https://docs.livepeer.org/llms.txt
> Use this file to discover all available pages before exploring further.

# Evaluating Livepeer: Messari Q1 2026 Report

> A comprehensive evaluation of Livepeer's performance, growth, and ecosystem development based on the latest Q1 2026 report from Messari, covering key metrics, trends, and insights for founders and investors.

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<CenteredContainer width="70%" minWidth="400px">
  <Card href="https://messari.io/report/state-of-livepeer-q1-2026" title="Messari - State of Livepeer Q1 2026" icon="chart-line" arrow horizontal> Read the full report </Card>
</CenteredContainer>

## Messari Q1 2026 Report: State of Livepeer

<PdfEmbed title="Messari - State of Livepeer Q1 2026" src="/v2/about/guides/messari2026.pdf" height="900px" />

## Summary and Key Takeaways

<AccordionGroup>
  <Accordion title="Record Network Usage" icon="chart-line">
    Livepeer's video processing volume surged 71.9% quarter-over-quarter (QoQ) to 134.4 million minutes – a new all-time quarterly high – reflecting deeper production usage and growing adoption across existing applications.
  </Accordion>

  <Accordion title="Revenue & Fees Growth" icon="coins">
    Demand-side fees rose 34.2% QoQ to \$257,300. However, average revenue per 1,000 minutes declined 22%, as throughput expanded faster than fee capture – pointing to a shift toward lower-fee, higher-volume workloads.
  </Accordion>

  <Accordion title="AI Workloads Dominate Revenue" icon="brain-circuit">
    AI-driven fees reached \$154,700 in Q1, up 15.5% QoQ, and accounted for roughly 60% of total protocol revenue. This cements AI inference as Livepeer's largest and fastest-growing monetisation category.
  </Accordion>

  <Accordion title="Product & Infrastructure Progress" icon="cube">
    Livepeer advanced its real-time AI video infrastructure toward production readiness, including updates to its core `go-livepeer` software, bring-your-own-container (BYOC) node support, improved network observability via a new Grafana dashboard, and progress on its Network-as-a-Product (NaaP) initiative.
  </Accordion>

  <Accordion title="Ecosystem Partnerships" icon="handshake">
    New integrations were established with XMTP (encrypted messaging for livestreams), Ar.io (media provenance for AI-generated video), Spritz (decentralised messaging app), minidev.fun (AI agent video workflows), and embody.zone (real-time avatar experiences).
  </Accordion>

  <Accordion title="Governance Actions" icon="scale-balanced">
    On January 22, governance passed LIP-101, reactivating treasury rewards and restoring a 10% treasury cut. A Protocol R\&D Special Purpose Entity (SPE) was also formally launched to oversee maintenance, upgrades, and network operations.
  </Accordion>

  <Accordion title="Overall Outlook" icon="flag-checkered">
    Q1 2026 was Livepeer's strongest quarter on record by usage metrics. While USD-denominated staking rewards were hurt by token price weakness, the network's operational fundamentals – usage, fees, and ecosystem development – all showed clear momentum.
  </Accordion>
</AccordionGroup>