Exciting Growth and Future Prospects for OCP Protocol

Since launching our first OCP products, our primary focus has been on fostering growth and enhancing our deflationary mechanisms.

OPEN Staking Milestone

The success of OPEN Staking has been remarkable. Numerous holders have locked their tokens in staking contracts, significantly reducing the floating supply during our initial development phase. Currently, over 100,000,000 OPEN tokens are staked. To further support deflation, the OCP Foundation will burn 10,000,000 OPEN tokens, representing 10% of the staked tokens. Moving forward, we will implement monthly burns based on the previous month's growth, applying a 2x ratio (20%).

OCP Key Management Solutions Gain Traction

We are thrilled to report significant progress with our OCP Key Management solutions. Since deployment on the Warden Protocol, we have generated over 54,000 wallets on testnet and conducted over 118,952 operations. In line with our deflationary commitment, we will execute a burn equivalent to five times the number of operations conducted (594,760) and 5x the wallets generated (270,620), contributing to a further reduction of 865,380 OPEN tokens in the total supply.

The combined burn sum of 10,865,380 OPEN tokens marks a significant increase compared to previous activity burns. Here is the burning tx hash on the Ethereum blockchain.

Revitalizing Community Governance

Over the past month, we have seen the first two OIPs community governance proposals on the Snapshot platform. OIP-1 was approved with an overwhelming 95% support, distributing 1 million OPEN tokens as rewards among participants and allowing voting only for longer-term stakers. Expect more governance proposals throughout the summer as excitement continues to build.

Looking Ahead

To date, a substantial number of tokens have been burned, showcasing our commitment to maintaining a deflationary economy. As we look to the future, OCP infrastructure is gaining impressive momentum. This progress sets the stage for the next iteration of the “origin” token narrative established in January. In Q3, we are excited to announce two new drops: WARD and a new, larger protocol drop, in paper surpassing the OG drop from March.

We encourage everyone to stay engaged and participate in our protocol initiatives to maximize outcomes. The road ahead is promising, and we are excited to continue this journey with our community!