Published May 30, 2024
By OCP Team

OCP's First MPC Integration is Live!

As part of our ongoing commitment to advancing the Open Custody Protocol, we are thrilled to announce the launch of the OCP Keychain, our first product powered by Multi-Party Computation (MPC) technology, now live on the Warden Protocol. This significant milestone marks the continuity of Phase 2 of our development and positions Open Custody Protocol as a pioneering force in the modular custodial blockchain infrastructure landscape.

Introducing the OCP Keychain: A New Era of Custodial Solutions

Our inaugural OCP Keychain, built by leveraging Fordefi's wallet infrastructure to provide next-generation MPC solutions, represents a leap forward in the modular custodial space. This launch firmly establishes Open Custody Protocol as the first infrastructure provider to natively support and deploy on Warden Protocol, placing us at the forefront of a rapidly growing ecosystem, expected to be the next big L1 modular blockchain. 

This launch sets the path for Open Custody Protocol to integrate a diverse array of key management and custodial solutions. Builders can look forward to a variety of options, ranging from MPC solutions to distributed MPC networks and trusted custodians, abstracting complexity and enhancing choice within the ecosystem.

Users can now test the Keychain on Warden Protocol’s Buenavista testnet, which is expected to onboard around 500K users.  

The Role of OPEN token

The Open Custody Protocol serves as a crucial relayer within the economic flows of various service providers within the protocol. OCP embeds a gas abstraction layer, with the OPEN token playing a central role. In this innovative model, transactions on the Warden Protocol are initially paid with the WARD token. OCP enables the conversion of WARD to OPEN tokens, thereby generating demand for both OPEN tokens and stablecoins to automatically compensate protocol technology providers. The OPEN tokens are then distributed among various stakeholders, with a portion being burned to introduce a deflationary economic model.

During the testnet phase, our keychains will employ synthetic burning based on key generation and signature requests, mirroring the current staking rewards system. This approach ensures a balanced and efficient token economy, fostering long-term sustainability while already creating a positive impact to token holders during the building phase. 

Looking Ahead: Future Integrations and Autonomous Operations

The next stage in our roadmap includes the integration of a fully distributed and trust-minimized MPC network, alongside a well known trusted custodian, offering a real variety for builders and users of the Open Custody Protocol. These enhancements will pave the way for the subsequent phase of our development, which aims to fully deploy the protocol for autonomous operations.

Stay tuned for more updates as we continue to innovate and drive the evolution of custodial blockchain infrastructure with Open Custody Protocol.