diff --git a/LIPs/LIP-123.md b/LIPs/LIP-123.md
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+---
+lip: 123
+title: Restart Treasury Reward Cut
+author: Ben Perez (@b3nnnp)
+type: Parameter
+status: Draft
+created: 2026-09-11
+discussions-to: https://forum.livepeer.org/t/pre-proposal-restart-the-treasury-reward-cut-at-10-again/3273
+---
+
+## Abstract
+
+This proposes to re-commence treasury rewards to ensure available funds for strategic ecosystem projects. It updates the following parameter to the specified value:
+
+- `treasuryRewardCutRate`: `1e26` (equivalent to 10%)
+
+## Motivation
+
+The treasury is key to supporting strategic investments to improve UX for stakeholders, effectively manage protocol security, and fund other capital and resource needs for this exciting phase of the project. As of now, the onchain treasury is currently not accumulating LPT due to hitting the "treasury ceiling" and resetting the treasury reward cut to 0%.
+
+We have a number of strategic proposals around managing capital, supporting network security, and funding continued development and optimisation of the network either live or in backlog ready to be proposed. We need certainty that the treasury will be repopulating before making important decisions around these proposals.
+
+## Specification
+
+Implementation of this LIP will update the target parameter with the new value:
+
+| Parameter               | Value |
+| ----------------------- | ----- |
+| `treasuryRewardCutRate` | `1e26` |
+
+Technical details related to the parameter are further outlined in the original LIP [here](LIP-92.md).
+
+## Parameters
+
+The parameter `treasuryRewardCutRate` uses 27-digit fixed-point precision, with `1e26` representing 10%.
+
+## Specification Rationale
+
+The treasury is key to supporting strategic ecosystem investments and public goods. As such, the desired `treasuryRewardCutRate` should reflect the value that best supports us in achieving those ecosystem goals.
+
+Through open discussion we established there was a desire to move rapidly, and given there was little to no discussion about changing the parameter, we propose to restart round-based treasury rewards at 10%. This is the same rate as during the life of the onchain treasury.
+
+## Copyright
+
+Copyright and related rights waived via [CC0](https://creativecommons.org/publicdomain/zero/1.0/).
diff --git a/README.md b/README.md
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+++ b/README.md
@@ -41,3 +41,4 @@ The first PR should contain the first draft of an LIP. An editor will manually r
 | [101](LIPs/LIP-101.md) | Restart Treasury Reward Cut                                            | Final     |
 | [107](LIPs/LIP-107.md) | Recalibrate LPT Emissions Parameters                                   | Rejected  |
 | [118](LIPs/LIP-118.md) | Delegated Reward Calling                                               | Final     |
+| [123](LIPs/LIP-123.md) | Restart Treasury Reward Cut                                            | Draft     |