Published May 28, 2024
By OCP Team

OPEN Staking: OCP’s First Live Product

We are thrilled to unveil our first Open Custody Protocol product, OPEN Staking. This marks the initial step for our users and token holders to start engaging with the component parts of the Open Custody Protocol: our liquidity provision, custody operations, and gas abstraction mechanisms. OPEN Staking serves as the user-friendly interface for permissionless and trustless smart contracts staking, allowing users to lock their tokens in a decentralized, self-custodial manner and earn yield by contributing to the protocol’s activities.

Key Features of OPEN Staking:

  • Flexible Lock-Up Periods: Users can select from multiple lock-up periods, each offering different APY rates. Each period is governed by an independent smart contract that handles the lock duration, rewards, and claiming processes.

  • Decentralized Yield Generation: By locking tokens, users can generate yield, supporting the protocol and benefiting from their participation.

Phase One Launch:

OPEN Staking is being launched as an independent product in this first phase, ahead of the full protocol release later this year. It plays a critical role in reducing the circulating float of tokens which helps the overall ecosystem in preparation for the protocol utility phase and at the same time, helps with users getting involved with the protocol activities. The Open Custody Protocol (OCP) comprises various interconnected products, enabling participants and holders to provide and obtain value effortlessly—from liquidity provision to leveraging diverse custodial and key management solutions.

Future Enhancements:

In the near future, OPEN Staking will expand its functionalities, becoming the primary gateway to liquidity pools that will facilitate the broader protocol operations across multiple chains.

Getting Started:

Users can start staking their tokens today through OPEN Staking. We have prepared a comprehensive guide, video tutorial, and FAQs available on our documentation site to assist users in navigating the staking process.

Upcoming Releases:

This week, alongside OPEN Staking, we are excited to announce another major product release. This will allow users to begin exploring the functionalities the protocol offers for both end users and builders.

Dive into OPEN Staking today and be part of the modular custody future! For more information, visit our documentation site and start your staking journey now.

Feel free to provide feedback or suggest any additional information you’d like to include in the announcement.