Published May 27, 2024
By OCP Team

Phase 2: The Supernova Spark - Igniting a New Era

This week marks a significant milestone as we conclude the initial phase of the Next Frontier  for Open Custody Protocol. It is now time to break with the past and move forward with a big bang of news, product development, and marketing. This collective supernova of momentum will ignite a new era. Open Custody Protocol is here to revolutionize modular custody and become the “Stripe” of custodial and key management solutions, onboarding builders, users, and institutions to the next era of digital asset security.

We are thrilled by the overwhelming support from exchanges that have listed OPEN tokens, setting a solid foundation for future listings and the growth of our token ecosystem. This support from some of the largest platforms in the industry signals a promising future for the protocol and its community.

With exchange users now having access to their OPEN tokens, we are ready to embark on the next phase of our journey. The first step will be activating OPEN Staking (live now!), a smart contract permissionless staking dashboard, allowing users to generate yield and reduce the circulating float by locking their tokens through the staking dashboard. You may check this guide on how to stake your OPEN tokens through the dashboard. OPEN Staking is a crucial initial step toward realizing our broader protocol vision, which will continue to unfold throughout the year.

Our next major initiative (this week) is the launch of the first Keychain MPC product by Open Custody Protocol. By leveraging Fordefi’s wallet infrastructure, we aim to provide next-generation MPC solutions. This deployment will be tested as a Keychain on Warden Protocol’s Buenavista testnet, which is expected to involve nearly 500,000 users based on previous testnet data. This high-volume test environment will be instrumental in refining this critical component of our protocol. During this testing phase, we are still committed to burning OPEN tokens based on activity. We will share the details over the coming weeks through the community forum to move the reactivation of burning forward.

OPEN Staking and keychains are just the beginning. We are committed to developing the additional components necessary to complete the Open Custody Protocol, ensuring all activities occur natively and token holders actively contribute to the protocol's operations.

As valued token holders and community members, your active participation is vital in shaping the future of the protocol. Together, we can achieve the growth and success we envision.

Now is the time to start marketing campaigns through multiple channels to increase visibility and awareness of Open Custody Protocol, as the brand is new and requires a strong initial multichannel push.

We are excited to continue bringing new developments and collaborating with our community to make Open Custody Protocol the backbone of modular custody.

Thank you for your ongoing support.

Stay tuned for more updates!