OKX, exchange, has today announced stated that tokens on Bitcoin network and native Bitcoin will henceforth have access to a staking-like function in its wallet. This makes OKX Wallet the first multi-chain wallet to support staking for Bitcoin and BRC-20 tokens. By adopting OKX’s open-source BRC20-S protocol, users can now acquire BRC20-S tokens by participating in the OKX Web3 DeFi aggregator, allowing for the aforementioned added functionality.
OKX is a longtime Bitcoin advocate, having added support for the Lightning Network to its centralised exchange more than two years ago for the purpose of facilitating instantaneous, low-cost Bitcoin (BTC) deposits and withdrawals.OKX’s BRC20-S standard is an improvement upon the existing BRC20 standard for creating tokens based on Bitcoin.
Bitcoin and BRC-20 token holders who use this strategy to secure their holdings will be rewarded with BRC20-S tokens. This feature expands upon the selection of Web3 Earn items already available on OKX Wallet. In addition, more functionality, such as a trading platform for BRC20-S tokens, will soon be available on OKX Web3 DeFi.
DeFi developers and projects can set up staking pools on OKX Wallet thanks to the BRC20-S protocol. In doing so, they can facilitate user involvement and community development by issuing BRC20-S tokens to Bitcoin or BRC-20 token holders.
OKX further said that DeFi projects and developers can utilise the BRC20-S protocol “to create staking pools” and “distribute BRC20-S tokens” to Bitcoin and BRC-20 token holders. This is the second most significant upgrade that the OKX Wallet has undergone in 2023. In April, OKX Wallet became the first Web3 wallet to implement state-of-the-art multi-party computation (MPC) technology. The company stated then that the Wallet’s security will has substantially improved with MPC, since it will be much harder for bad actors to gain access to a user’s private key.
This post was last modified on Jul 19, 2023, 13:45 BST 13:45