Open Custody Protocol Price

(OPEN)
USD($)
Open Custody Protocol (OPEN) Live Price Chart

Open Custody Protocol Live Price Data

The live price of Open Custody Protocol is $0.01239, with a total trading volume of $ 110,555 in the last 24 hours. The price of Open Custody Protocol changed by 0% in the past day, and its USD value has decreased by -8.41% over the last week. With a circulating supply of 776,843,801 OPEN, the market cap of Open Custody Protocol is currently 9.68M USD, marking a --% increase today. Open Custody Protocol currently ranks #-- in market cap.
How do you feel about Open Custody Protocol today?
Note: This data is for reference only.
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Open Custody Protocol(OPEN) Profile

altRank--
rate--
Expand
Explorer
Contract
Ethereum 0x4123a1...463
Audited By
https://certificate.quantstamp.com/full/qredo-token
Code & Community
Investors
Coinbase VenturesSpartan GroupRarestone CapitalMaven 11 CapitalSignum CapitalZokyoGSR1kxEvernew CapitalLD Capital
$0.01169
$0.01553
$9.77000
-3.80%
0.00%
-8.41%
$9.68M 
$59,209 
776,843,801
2B

About OPEN

How can I buy Open Custody Protocol (OPEN)?

Buying OPEN on KuCoin is fast and simple. Create an account, verify your identity, deposit funds, and start your trading. It's that simple! See How to Buy Open Custody Protocol (OPEN) for more information.

What Is Open Custody Protocol (OPEN) Crypto?

Open Custody Protocol (OPEN) enhances digital asset security. It originated from the rebranding of Qredo (QRDO). OPEN leverages a modular, permissionless custody protocol that integrates various key management technologies like MPC (multi-party computation), dMultisig, and HSMs (hardware security modules). This allows web3 businesses to easily connect with different custodial and non-custodial solutions.

OPEN serves as both a utility and governance token within its ecosystem, providing economic incentives and participating in liquidity pools. Its unique relayer mechanism links applications to the custody protocol, simplifying key management for developers and improving security and interoperability.

How Does Open Custody Protocol Work?

Open Custody Protocol (OPEN) provides a modular and permissionless custody solution for digital assets. It connects various key management technologies, such as Multi-Party Computation (MPC), dMultisig, and Hardware Security Modules (HSMs), to web3 applications. This integration simplifies the management and security of private keys.

OPEN uses a unique relayer mechanism to link applications with the custody protocol. This setup functions like a mesh network, allowing users to access a range of key management solutions. The protocol supports "Keychain Aggregation," so it harmonizes different key management methods, making it easier for developers to build secure applications without dealing with complex integrations.

The $OPEN token plays a crucial role in this ecosystem. It is used for economic transactions within the protocol, providing incentives for users and developers. OPEN token holders can participate in staking to earn rewards and contribute to the protocol's liquidity pools.

History of Open Custody Protocol and OPEN Coin

Open Custody Protocol (OPEN) originated from the Qredo Network, rebranding from QRDO to OPEN in April 2024. The protocol was founded to address key management and custody solutions for digital assets. The goal is to integrate multiple key management technologies like Multi-Party Computation (MPC), dMultisig, and Hardware Security Modules (HSMs) into one cohesive system.

The initial development began in 2020, focusing on creating a decentralized infrastructure for securing and managing private keys. OPEN employs a modular and permissionless custody protocol, facilitating secure connections between applications and various key management solutions.

OPEN's roadmap highlights several milestones:

  • Q2 2024: Integration with Fordefi, rebranding, and the launch of $OPEN staking.
  • Q3 2024: New keychain integrations, deployment of a self-custodial app, and the establishment of liquidity pools.
  • Q4 2024: Release of the OCP SDK and further development of trustless relayer mechanisms.

What Is OPEN Token Used for?

The Open Custody Protocol (OPEN) token serves multiple purposes within its ecosystem:

  1. Governance: The OPEN token allows holders to participate in the protocol's governance. You can vote on proposals and influence the future direction of the protocol. This ensures that the community has a say in important decisions.
  2. Staking: You can stake your OPEN tokens to earn rewards. This staking process helps secure the network and reduces the circulating supply of the token, potentially increasing its value over time.
  3. Transaction Fees: The OPEN token is used to pay transaction fees within the Open Custody Protocol. This includes fees for services like key management and secure transactions.
  4. Liquidity Pools: By participating in liquidity pools, token holders can earn a share of the fees generated within the ecosystem. This democratizes economic participation, allowing more users to benefit from the protocol's activities without needing to run complex operations.
  5. Trade OPEN Token on KuCoin: Trade Open Custody Protocol against other cryptos listed on the KuCoin Spot Market after you DYOR. Buy, sell, or HODL $OPEN based on your investment goals and risk tolerance.

What Is Open Custody Protocol Tokenomics?

The Open Custody Protocol (OPEN) has a total supply of 2 billion tokens. This includes both the circulating supply and any tokens that are yet to be released into circulation.

Open Custody Protocol (OPEN) Price Movements ($)
PeriodChangeChange (%)
Today$-0.00008-0.64%
7 Days$-0.00114-8.42%
30 Days$-0.0136-52.31%
3 Months$-0.0136-52.31%
24H Investment Barometer
24H
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The Investment Barometer represents the current sentiment of the majority of KuCoin users. It is based on multiple indicators, and can be used as an aspect to take into consideration when planning investments.
Risk warning:Please note that the Investment Barometer is provided for informational purposes only and is not an investment advice. Investing carries risk. Please make investment decisions cautiously and based on your own judgement.
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Open Custody Protocol Conversion Rate
  • 1 OPEN to USD$0.01239628
  • 1 OPEN to EUR€0.01157979
  • 1 OPEN to AUD$0.01867772
  • 1 OPEN to KRW₩17.25
  • 1 OPEN to JPY¥1.97
  • 1 OPEN to GBP£0.0097766
  • 1 OPEN to INR₨1.03
  • 1 OPEN to IDRRp203.36
  • 1 OPEN to CAD$0.01694125
  • 1 OPEN to RUB₽1.09

FAQ

How much is 1 Open Custody Protocol (OPEN) worth?
KuCoin provides real-time USD price updates for Open Custody Protocol (OPEN). Open Custody Protocol price is affected by supply and demand, as well as market sentiment. Use the KuCoin Calculator to obtain real-time OPEN to USD exchange rates.
Is Open Custody Protocol (OPEN) a Good Investment?

The following advantages make investing in OPEN an attractive option for those looking to participate in a secure, adaptable, and community-driven protocol.

  1. Modular Custody: OPEN integrates multiple key management technologies like MPC, dMultisig, and HSMs. This modularity enhances security and adaptability for web3 businesses, making it easier to connect with various custodial and non-custodial solutions.
  2. Staking Rewards: You can earn rewards by staking OPEN tokens. Staking helps secure the network and reduces the circulating supply, potentially increasing the token's value. The trustless staking platform allows flexible staking options through smart contracts.
  3. Governance Participation: As an OPEN token holder, you can vote on proposals and influence the protocol's future. This ensures that the protocol evolves in a community-driven manner.
  4. Economic Incentives: The protocol supports seamless economic transactions between users, builders, and custodial solutions. This includes paying transaction fees within the protocol, which helps maintain its operations and rewards user participation.
What Is Open Custody Protocol Price Prediction?

While it is impossible to provide an accurate OPEN crypto price prediction, several factors influence the Open Custody Protocol token price:

  1. Market Demand and Supply of OPEN Tokens: The basic economic principle of supply and demand plays a significant role. If demand for OPEN tokens increases, the $OPEN price goes up. Conversely, if supply exceeds demand, the OPEN to USD price drops.
  2. Adoption and Integration: The more the protocol is adopted by businesses and integrated into different systems, the higher the demand for the token, which can drive up the Open Custody Protocol price. Successful partnerships and integrations, like those with Fordefi and Lit Protocol, positively impact the OPEN crypto price.
  3. Staking and Rewards: OPEN offers staking rewards, which can reduce the circulating supply of the token and create upward price pressure. Staking incentives attract more investors, leading to higher demand.
  4. Market Sentiment: General market sentiment towards cryptocurrencies and blockchain technologies can affect the OPEN token price. Positive news, technological advancements, or bullish market trends can drive prices up, while negative news or bearish trends can drive prices down.
  5. Technology and Security Updates: Improvements in the protocol’s technology and security measures can attract more users and investors, positively affecting the Open Custody Protocol token price. Continuous development and deployment of new features are crucial.
How to Stake OPEN on Open Protocol

To stake OPEN on the Open Custody Protocol, follow these steps:

  1. Prepare Your Wallet: Ensure you have a Web3 wallet that supports connections to third-party dApps. Compatible wallets include MetaMask, Trust Wallet, Ledger Live, and Safe Wallet. You will also need ETH in your wallet to cover gas fees for staking, claiming, and unstaking actions.
  2. Visit the Staking Platform: Go to the Open Custody Protocol staking dashboard.
  3. Connect Your Wallet: On the staking dashboard, connect your Web3 wallet by following the on-screen instructions.
  4. Select Lock Period: Use the slider to select your preferred lock-up period. Different periods offer different Annual Percentage Yields (APY) based on the length of the lock-up.
  5. Enter Staking Amount: Enter the number of OPEN tokens you wish to stake.
  6. Approve Tokens: Approve the staking contract to access your OPEN tokens. This step requires two approvals: the first to allow access to your tokens and the second to confirm the staking action.
  7. Confirm Staking: After approval, finalize the staking process. Your tokens will be locked for the selected period, and you will start earning rewards.
  8. Monitor and Claim Rewards: You can monitor your staking positions and claim rewards through the staking dashboard. Rewards do not auto-compound, so you can claim them anytime and stake them again if you wish.
What is the all-time high price of Open Custody Protocol (OPEN)?
The all-time high price of Open Custody Protocol (OPEN) is $9.77000. The current price of OPEN is down 1.00% from its all-time high.
What is the all-time low price of Open Custody Protocol (OPEN)?
The all-time low price of Open Custody Protocol (OPEN) is $0.01239. The current price of OPEN is up 0.00% from its all-time low.
How much Open Custody Protocol (OPEN) is there in circulation?
As of 6 25, 2024, there is currently 776,843,801 OPEN in circulation. OPEN has a maximum supply of 2B.
What is the market cap of Open Custody Protocol (OPEN)?
The current market cap of OPEN is $9.68M. It is calculated by multiplying the current supply of OPEN by its real-time market price of $9.68M.
How do I store Open Custody Protocol (OPEN)?
You can securely store your Open Custody Protocol in the custodial wallet on the KuCoin exchange without having to worry about managing your private keys. Other ways to store your OPEN include using a self-custody wallet (on a web browser, mobile device, or desktop/laptop computer), a hardware wallet, a third-party crypto custody service, or a paper wallet.
How do I convert JasmyCoin (JASMY) to cash?
You can instantly exchange your JasmyCoin (JASMY) for cash using KuCoin's Fast Trade feature. This feature enables you to convert JASMY to your local fiat currency in just a few clicks. However, make sure to complete Identity Verification first to enjoy all the features you may need.
Fear & Greed Index
Note: Data is for reference only.
Greed61
OPEN
Estimated
-- USD
OPEN/USDT1
$0.012390.00%