Dear OPs,
Over the past few months, we have seen significant advancements at Open Custody Protocol. Since the deployment of our initial key management products, we’ve experienced remarkable week-on-week traction and growth.
We are proud to announce that we have surpassed 100,000 wallets across our two live Keychains, OCP KMS, and OCP MPC (with Fordefi MPC technology). We anticipate these metrics to increase substantially once mainnet assets are supported, especially the transaction numbers.
In our ongoing commitment to reducing supply, we propose a double burn mechanism for the synthetic period. This will increase the burn rate from 5x to 10x for both, new keys generated (wallets) and each signature operation (transactions).
This increase will significantly boost our monthly burns, helping us reduce the total supply more effectively until the mainnet product is live, where we can balance both demand and deflation.
We are experiencing incredible growth at this stage and eagerly anticipate community support for this proposal. We hope to expedite the voting process via Snapshot.
As we continue to evolve OPEN as an origin token, bringing airdrops and new tokens and projects to holders, we encourage everyone to participate actively by staking for at least one month to be eligible to vote.
Proposal:
Increase the synthetic burn to:
• 10 tokens per key generated (new wallet) per month.
• 10 tokens per transaction and operation performed by the keychains per month.
Dates:
• Community discussion: From Sunday, 7th of July to Tuesday, 9th of July, 11 am UTC
• Snapshot and voting: From Tuesday, 9th of July, 12 pm UTC to Wednesday, 10th of July, 12 pm UTC
We look forward to everyone’s comments to move this proposal forward promptly.
