OKX proposes BRC-30 token standard for bitcoin and BRC-20 token staking

San Francisco, United States, June 1, 2023, Chainwire

OKX, a web3 company, has today proposed a new, open-source BRC-30 protocol that enables the staking of BRC-20 tokens and Bitcoin to earn BRC-30 tokens. The protocol is open-source and available for all developers to build upon.

In their protocol, the OKX Wallet will support the BRC-30 standard, 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 decentralized finance (DeFi) earning products 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 proposes BRC-30 token standard for bitcoin and BRC-20 token staking - 1

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 incorporating BRC-30 support, users can 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 bitcoin supporter, having integrated the Lightning Network into its centralized exchange two years ago. OKX Wallet is also the first multi-chain wallet to support BRC-20 trading with the launch of its Ordinals Marketplace and the viewing and transfer of Bitcoin Ordinals.

About OKX

A 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 the OKX Wallet, non-fungible token (NFT) marketplace, decentralized exchange (DEX), and Web3 Earn.

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

OKX, a leader in building technology products, believes in challenging the status quo. The company recently launched a global brand campaign, The System Needs a Rewrite, which advocates for a new paradigm led by web3 self-managed technology to replace existing centralized systems.

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