OKX Proposes Industry-First BRC-30 Token Standard to Enable Bitcoin and BRC-20 Token Staking
- With BRC-30, OKX Wallet users will soon be able to stake BRC-20 tokens and Bitcoin to earn passive income on their digital assets
SAN FRANCISCO, JUNE 1, 2023 -- OKX, a leading Web3 company, today introduced its proposal for a new, open-source BRC-30 protocol that enables staking of BRC-20 tokens and Bitcoin in order to earn BRC-30 tokens. The protocol is open-source and available for all developers to build upon.
OKX Wallet will add support for the BRC-30 standard according to the protocol, enabling users to earn passive income by staking BRC-20 tokens or Bitcoin on Web3 Earn without actively trading. This complements the existing range of curated DeFi earning products already available through the platform.
The introduction of BRC-30 and its staking functionalities is driven by OKX's goal to provide users with additional opportunities to participate in the Bitcoin ecosystem and earn passive income.
OKX Chief Innovation Officer Jason Lau said: "We're thrilled to have proposed and pioneered the BRC-30 standard to enable Bitcoin and BRC-20 token staking. With the OKX Wallet soon to incorporate BRC-30 support, users will be able to access bitcoin staking and earn opportunities across multiple-chains. With the Bitcoin ecosystem seeing an explosion of new development, we're proud to work with developers and projects across the community to contribute to the growth of the wider ecosystem."
OKX is a longstanding supporter of Bitcoin, having integrated the Lightning Network to its centralized exchange over two years ago. OKX Wallet is also the first multi-chain wallet to support BRC-20 trading with the launch of its Ordinals Marketplace, as well as the viewing and transfer of Bitcoin Ordinals.
Disclaimer This announcement is provided for informational purposes only. It is not intended to provide any investment, tax, or legal advice, nor should it be considered an offer to purchase, sell, or hold digital assets. Digital assets, including stablecoins, involve a high degree of risk, can fluctuate greatly, and can even become worthless. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances.
