OKX Wallet Proposes Creating BRC-30 Tokens To Strengthen Bitcoin Ecosystem
- BRC-30, an expanded version of the BRC-20 concept, was released by OKX Wallet.
- This proposal adds a staking mechanism to the Bitcoin network that is specially designed for BRC-20 tokens or Bitcoin.
- Users may now stake their own BRC-20 tokens or Bitcoin in exchange for BRC-30 tokens, thanks to the release of the new tokens.
OKX Wallet announced the BRC-30 proposal, an improved version of the BRC-20 protocol that adds equity operation operations, including deposit, minting, and withdrawal. According to the plan, the staking capability would allow BRC-20 token holders to receive passive revenue.
Users may now stake their own BRC-20 tokens or Bitcoin in exchange for BRC-30 tokens, thanks to the launch of the new token. They extend the functionality of BRC-20 tokens by including a description of the staking protocol. BRC-20 token holders may use their digital assets to make passive income without selling them, actively engage in the Bitcoin network, and increase the potential value of their tokens in this manner.
According to the proposal, the launch of new tokens and their staking functionalities gives BRC-20 token holders new ways to interact with their digital assets and generate passive revenue. Additionally, staking encourages users to keep their assets, possibly lowering market selling pressure and leading to a more stable token ecosystem.
By introducing BRC-30 and BRC-20 tokens, Bitcoin holders and token holders may create income without depending entirely on purchasing and selling tokens on exchanges. This staking mechanism adds a new layer to the BRC-20 token ecosystem, encouraging increased engagement and strengthening the bond between token holders and the underlying blockchain network.
If you want to gain BRC-30 tokens, create a staking pool and acquire seed users to issue their own tokens. To gain additional tokens, users need to stake BTC or BRC-20 tokens.
Provides an open-source profit computation interface after doing a complete analysis of the BRC-20 and BRC-30 recommendations. The staking earnings for any user are calculated consistently using both the backend and open-source tools, demonstrating consistency across all computations.
As Cointu reported, OKX was one of the first big entities to accept the Bitcoin Ordinals movement, followed by other exchanges such as Binance, Gate.io, and Crypto.com, which all announced support for Ordinals/BRC-20.
OKX Wallet is also the first multichain wallet to support the Lightning network, which promises quicker transaction speeds and cheaper transaction costs.
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