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

Summary:
• OKX has embarked on a campaign to revolutionise Web3 and challenges the status quo in the industry. OKX Wallet will support the new standard.

OKX, a frontrunner in the Web3 industry, has just unveiled its plan for a brand new, community-driven BRC-30 standard. The protocol is open source and it enables staking BRC-20 tokens and Bitcoin to obtain BRC-30 tokens.

A new paradigm in OKX’s push for Web3 revolution

Staking BRC-20 tokens and Bitcoin in the OKX Wallet with BRC-30 will eventually allow users to generate passive income from their digital assets. According to the protocol, OKX Wallet will add support for the BRC-30 standard, allowing users to stake BRC-20 tokens or Bitcoin on Web3 receive and receive a passive income without engaging in active trading. This adds to the selection of carefully picked DeFi earning options already offered on the site.

OKX has been a consistent supporter of Bitcoin for more than two years, having added support for the Lightning Network to its centralised exchange. OKX’s motivation for introducing BRC-30 and its staking functionality is to give users more ways to take part in the Bitcoin ecosystem and generate passive revenue.

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.”

With the release of the Ordinals Marketplace, OKX Wallet became the first multi-chain wallet to facilitate Bitcoin Ordinals viewing and transfer in addition to BRC-20 trading. OKX presently offers a full suite of tools, including the OKX Wallet, NFT Marketplace, DEX, and Web3 Earn, to address the demands of both novices and seasoned traders.

The latest product is another step forward for the company in its push to challenge the status quo. In a recent global campaign initiative titled “The System Needs a Rewrite,” the company is pushing for decentralised, Web3-based systems to replace traditional ones.