[PROPOSAL] OIP3 - OCP Token Experiment Proposal

[OCP]

Dear Open Custody Protocol Community,

We’re writing to update you on recent developments and propose an experiment with the OCP token. Here’s a summary of our current situation and the proposal:

Recent Developments

1. The OCP Keychain has been tested with over 600,000 wallets on one of our deployed keychain protocols.
2. We’ve completed EVM, Solana and mainnet asset implementations.
3. Testing has validated our performance and scalability, attracting interest from DeFi protocols.
4. We’ve been burning OPEN tokens throughout the summer, but the impact hasn’t met our expectations.
5. To rebuild our community, we’ve been running activities, quests, and roles.
6. We recently airdropped the OCP token (over 10% of total supply) to active community members.

The Proposal

A community member suggested an alternative to our current token burning approach. We’d like to discuss this idea with you:

Instead of burning OPEN tokens directly, we propose:

1. Using the OPEN tokens targeted for burning, to purchase OCP from the open market (e.g. Uniswap).
2. Burning the purchased OCP tokens.

Potential benefits:

• Avoid direct value destruction of OPEN tokens. Burning OPEN doesn’t seem to have a long term correlation with value creation.
• Create value and alignment for OCP holders, who are the vanguard and most active community members.
• Test a new utility for the token during our OCP testnet phase.

Discussion Points

We invite your thoughts on this proposal:

1. What are your views on this approach?
2. How might it affect OPEN and OCP token holders?
3. What potential risks or benefits do you foresee?
4. Do you have alternative suggestions?

This is an experiment during our testnet phase. We value your input in shaping the future of our protocol.

Please share your thoughts openly. We look forward to a constructive discussion.

The Open Custody Protocol Team

[QredoAl]

I love it. Let’s vote

[quanghuong88]

I have some questions that I would like to answer for the community to understand.

1. What role will the OCP token play in your ecosystem?

2. If there is an OCP token, what role will the OPEN token play?

3. Why don’t you integrate applications or needs for the OPEN token but you build an additional OCP token.

[fathercryptmas]

FC says LFG. Love it. OPEN has been pillaged too long by tiny dumpers. Its time to exorcise the demons. This house is CLEAAAAR

[Michael]

if OCP becomes the main token of the project. I like it, let’s vote!!!

[luis]

It’s not about making OCP the main token. It’s about experimenting for the burn case, while burn does not happen from circulation. Creating more value for community instead of destroying which has been the past events.

[luis]

OPEN role remains untouched.

OCP token comes as a reward to community members that have been active and contributing to the protocol.

With this proposal we can experiment to create more value to holders and community members while changing things that didn’t work.

[JohnSocks]

Socks says LFG…

You guys keep going despite everything

I salute you all!!!

[googrea]

From rock bottom to glory, we see Our Crypto Path, our victory! Trust the process the system gets refined to drive long-term success. Say LFG to OCP!

[Nekko]

Maybe just stop producing tokens? That way there can only be one way up, i believe thst would boost it, there is a lot of votality and honestly that is a good for the token because we also get people who are holding and get a spot, they just need to find that spot with this new high bottoms the token is making.

[rodawek493]

While this proposal has some interesting ideas, I have a few important questions that need to be addressed:

1. What exactly is $OCP for? If we don’t have a clear understanding of its role, why should we use any $OPEN tokens for this?
   The team has clearly seen that just burning tokens from non-circulating supply doesn’t really add value. Real utility is what we need. Why not wait until we see some genuine utility before making any moves?

2. Right now, only 10% of the $OCP token supply has been allocated to participants of the OCP points program. It feels premature to use $OPEN tokens to boost $OCP when we still don’t know what will happen with the other 90%. This could end up benefiting only a select few early $OCP holders while leaving the wider $OPEN community in the dark.

3. The OCP/OPEN liquidity pool is pretty small at the moment. Sure, it’s easy to pump it with $OPEN, but what’s stopping the team from dumping more tokens into it later? If that happens, community members could be left holding the bag since our vesting contracts on Sablier would prevent us from selling if any $OCP is sold by those with vested tokens.

4. This proposal feels like a shift in focus from $OPEN to $OCP, which is already creating confusion for everyone involved. Before making such a move, it would be great if the team could clarify the purpose of $OCP and how it fits into our overall vision.

Given all these concerns and the lack of clarity, I can’t support this proposal as it stands. I really think the team should:

1. Clearly define what $OCP is all about.
2. Share a solid plan for the remaining 90% of $OCP tokens.
3. Address potential market manipulation and fairness issues.
4. Explain how this aligns with our long-term goals.

Until these points are sorted out, I’ll be voting against this proposal. The community deserves a clear and thoughtful approach before we make any significant changes to our strategy.

[Val]

Agree let’s do it. Sounds like a good option to me.

[Mackuld12175]

I think rodawek493 has some good points. There needs to be more discussion and information.

[Val]

1. We recently airdropped the OCP token (over 10% of total supply) to active community members.

When was this airdropped and why didn’t I get even one coin? I have over 500,000 coins and have over 150k staked. Have never received anything. Or do I need to claim somewhere?

[Val]

I’m so glad you said this, I must be more exhausted then I I realized I didn’t even catch them saying ocp and open token thought they were talking about same coin. What is ocp coin I have never even heard of it. What does it have to do with open token ?

[Laz]

Those are all good points !!

We need more infos.

[monnti]

all i can see is that you are changing now again from open to ocp after all that burning just to add another circultaion with this ocp
and the only one who is goin to benifting from are the 10%
and all of them are just happy foucsiung on ocp and ignoring open
qredo then open now ocp whos knows whats next

1. Clearly define what $OCP is all about.
2. Share a solid plan for the remaining 90% of $OCP tokens.
3. Address potential market manipulation and fairness issues.
4. Explain how this aligns with our long-term goals

[Sharlo]

I am a long-term OCP coin holder i Was checking out this proposal. It seems Maybe I’m the only one that seem to be confused here from what I read from the proposal. What OCP new coins are you guys referring to? isn’t OCP and open protocol the same thing?

[QredoAl]

Let’s experiment, just burning from non circulation of Open has zero effect

Let’s mixs thing up for a bit see what happens

[citiZenDunc]

Well thought out set of questions and concerns. It feels like OCP was created and awarded to a few participants who were aware of the guild quests, and who are now going to receive a healthy OPEN allocation as a result. I’m not saying this is a bad thing, but I know there are very loyal OPEN holders who participate in voting and staking and were not aware of the guild (not talking about me) who it feels should have been part of the OCP drop. 10% is a massive allocation, but that depends on the motives and plans for OCP more generally. Spinning up a token just to dilute non guild playing OPEN holders is a lot of effort, so some clarity on the future interplay between OPEN and OCP would be much appreciated to help those of us that continue to stake to make an informed choice.