OPEN Staking - Introduction
Open Custody Protocol is initiating its first deployments on major testnets with omnichain capabilities. This approach allows us to evaluate our modular custody infrastructure, ensuring secure service delivery to both users and developers.
As we prepare for mainnet launches, we have introduced staking mechanisms that reward users for helping reduce the floating supply by locking their tokens.
OPEN Staking, our trustless staking platform is designed to let users stake and lock their tokens according to their individual preferences through smart contracts, and a dapp frontend dashboard to participate in a simple way.
Update New OPEN & OCP Staking November 2024
All previous staking contracts have been unlocked and rewards paused. To continue participating in staking, you must first unstake all of the OPEN tokens from the legacy Staking Portal.
DO NOT CLAIM BEFORE You must select “UNSTAKE.” This will withdraw both your staked tokens and any pending rewards.
New Stake Portal
New stake portal https://stake.opencustody.org
As a reminder, you will need ETH as gas to be able to stake, claim and unstake, as these are all onchain actions
Step-by-step OPEN & OCP Staking guide
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Connect your wallet.
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Choose the token you want to stake (OPEN or OCP)
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Introduce the amount of tokens that you want to stake.
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Click stake.
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Approve tokens on your wallet.
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Approve staking on your wallet.
Tutorial (Legacy)
Staking your OPEN tokens is simple using our staking dashboard. To stake your OPEN tokens, you need to have them in a Web3 wallet that supports connections to third-party dApps. Compatible wallets include MetaMask, Trust Wallet, Ledger Live, Safe Wallet, or any wallet with WalletConnect functionality. Please note that staking will not work from old platform QRDO vaults.
As a reminder, you will need ETH as gas to be able to stake, claim and unstake, as these are all onchain actions
Step-by-step OPEN Staking guide
- Visit https://staking.opencustody.org
- Connect your wallet.
- Select the lock period with the slider.
- Introduce the amount of OPEN tokens that you want to stake for the period.
- Click stake.
- Approve tokens on your wallet.
- Approve staking on your wallet.
Please watch the following video for a detailed visual tutorial:
The staking dashboard offers detailed information about your positions and global metrics such as the total OPEN tokens staked and the percentage relative to the circulating supply.
This guide outlines the various functions available:
FAQ
Why does it require 2 approvals from the wallet when staking? Staking requires two approvals from your wallet. The first approval is to allow the staking contract access to your OPEN tokens, and the second approval initiates the actual staking action.
Can I unstake before the release date? No, you cannot unstake before the release date of the bonding period. All staking is managed through smart contracts, and reversing a stake is not possible. Please ensure you select the correct lock period before staking.
Do rewards auto-compound? No, rewards do not auto-compound. You can claim them at any time and stake them again if you wish.
Can I claim my rewards at any time? Yes, you can claim your rewards as soon as they become available. The amount will be visible in the Upcoming OPEN rewards section summary at the top and in the detailed table for each lock period. Please note that claiming incurs gas costs, so it is recommended to claim rewards after an accumulation period.
Can I participate in governance with my staking wallets? Yes. Users can also participate using the wallets they have staked with OPEN at OPEN Staking. Tokens staked through various staking contracts will contribute to their voting power.
Metamask shows a warning risk, stating that staking is a deceptive request. Is this a risk? As staking contracts are new, some wallets may flag these staking contracts as a risk. Please do always verify that you are staking at https://staking.opencustody.org