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OKX Proposes Industry-First BRC-30 Token Standard to Enable Bitcoin and BRC-20 Token Staking

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SAN FRANCISCO, UNITED STATES OF AMERICA, June 1, 2023, Chainwire

  • With BRC-30, OKX Wallet users will soon be able to stake BRC-20 tokens and Bitcoin to earn passive income from their digital assets

OKAYleading Web3 company, today introduced suggestion for a new open source BRC-30 protocol that allows staking BRC-20 tokens and Bitcoin to earn BRC-30 tokens. The protocol is open-source and available for all developers to build on.

OKX Wallet will add support for the BRC-30 standard according to the protocol, allowing users to earn passive income by staking BRC-20 tokens or Bitcoin in Web3 Get without actively trading. This complements the existing suite of DeFi earning products that are already available through the platform.

The introduction of BRC-30 and its staking function is driven by OKX’s goal to provide users with additional opportunities to participate in the Bitcoin ecosystem and earn passive income.

Said OKX’s Chief Innovation Officer, Jason Lau: “We are very pleased to have proposed and pioneered the BRC-30 standard to enable staking of Bitcoin and BRC-20 tokens. With OKX Wallet soon incorporating BRC-30 support, users will be able to access Bitcoin staking and get opportunities on various chains. With the Bitcoin ecosystem experiencing an explosion of new developments, we are proud to work with developers and projects across the community to contribute to the growth of the wider ecosystem.”

OKX is a longtime supporter of Bitcoin, having integrated the Lightning Network into its centralized exchange more than two years ago. OKX Wallet is also the first multi-chain wallet to support BRC-20 trading with the launch of the Ordinals Marketplace, as well as viewing and transferring Ordinals Bitcoins.

About OKX

A leading global technology company driving the future of Web3, OKX provides a comprehensive suite of products to meet the needs of beginners and experts alike, including OKX Wallet, NFT Marketplace, DEX, and Web3 Earn.

OKX partners with some of the world’s top brands and athletes, including: Premier League champions Manchester City FC, McLaren Formula 1, The Tribeca Festival, golfer Ian Poulter, Olympian Scotty James and F1 driver Daniel Ricciardo.

As a leader in building innovative technology products, OKX is confident of challenging the status quo. The company recently launched a global branding campaign titled, System Requires Rewritewho advocate for a new paradigm led by Web3 self-management technology to replace existing centralized systems.

To learn more about OKX, download our app or visit: okx.com

Disclaimer

THIS NOTICE IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY. THIS IS NOT INTENDED TO PROVIDE INVESTMENT, TAX, OR LEGAL ADVICE, NOR IS IT CONSIDERED AN OFFER TO BUY, SELL, OR KEEP DIGITAL ASSETS. DIGITAL ASSETS, INCLUDING STABLECOINS, INVOLVE A HIGH LEVEL OF RISK, MAY FLUCTUATE VERY WELL, AND COULD EVEN BE VALUABLE. OKX IS NOT REGULATED BY THE FCA, THEN, PROTECTIONS SUCH AS A FINANCIAL OMBUDSMAN SERVICE OR A FINANCIAL SERVICES COMPENSATION PLAN WILL NOT BE AVAILABLE. YOU SHOULD CONSIDER WHETHER YOU UNDERSTAND HOW CRYPTO WORKS AND WHETHER TRADING OR OWNING DIGITAL ASSETS IS SUITABLE FOR YOU UNDER YOUR FINANCIAL CONDITIONS. THE VALUE OF YOUR DIGITAL ASSETS, INCLUDING STABLECOINS, MAY INCREASE OR DECREASE AND PROFITS MAY BE SUBJECT TO CAPITAL GAINS TAX. PAST PERFORMANCE DOES NOT INDICATE FUTURE RESULTS. OKX IS NOT ASSOCIATED WITH A PARTICULAR DEFI PROTOCOL, MAKES NO WARRANTIES, REPRESENTATIONS OR PROMISES WITH RESPECT TO THE DEFI PROTOCOL OFFERING, AND IS NOT RESPONSIBLE OR LIABLE FOR ANY DIRECT OR INDIRECT LOSS OR OTHER DAMAGES ARISING OUT OF THE USE OF ANY DEFI PROTOCOL. OKX WALLET IS AN AGGREGATOR; ALL ESTIMATED RATE OF RETURNS ARE DISPLAYED BY THE DEFI PROTOCOL, AND ARE NOT GUARANTEED OR INDICATIVE OF FUTURE RETURNS. PLEASE DO YOUR OWN DIRECTIONS BEFORE INVESTING IN ANY DEFI PROTOCOL. PLEASE CONSULT YOUR LEGAL/TAX/INVESTMENT PROFESSIONAL FOR QUESTIONS ABOUT YOUR SPECIAL CIRCUMSTANCES.

Contact

OKAY
media@okx.com

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