OKX Introduces Bitcoin and BRC-20 Staking Solution

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Cryptocurrency exchange OKX has introduced the BRC-30 standard. This enhanced version of the BRC-20 introduces a staking mechanism for Bitcoin-based tokens.

According to the description, the solution will open up the possibility for users to additionally interact with digital assets and receive passive income in BRC-30 tokens.

“Staking encourages users to hold on to their assets, potentially reducing selling pressure on the market and helping to create a more stable ecosystem,” OKX added.

With the introduction of BRC-30, owners of BRC-20 tokens and Bitcoin will be able to generate income not only from trading. The mechanism contributes to the expansion of the number of participants in the ecosystem and will strengthen the connection of asset holders with the core network, stressed in OKX.

The exchange’s project team is responsible for issuing BRC-30 tokens, creating a staking pool and attracting initial participants to it.

Users will be able to make deposits, withdraw funds at any time and receive rewards.

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Scheme of interaction in staking according to BRC-30. Data: OKX.

OKX in mid-May announced a phased introduction of support for Ordinals and BRC-20 tokens in exchange wallets. However, the company noted that they are aware of the instability of the hype around the assets.

Recall that Bitcoin Core developer Luke Dash Jr. proposed to “ban” the BRC-20 and Ordinals tokens due to their negative impact on the network.

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