OKX Launches BRC20-S: A New Staking Mechanism For Passive Income

Key Points:

• OKX’s BRC20-S provides a new staking mechanism for BRC20 token or Bitcoin holders to generate income.
• The staking mechanism of BRC20-S promotes the development of the BRC20 ecosystem and incentivizes users to hold their assets.
• BRC20-S creates many benefits for project teams, such as reducing the liquidity of BRC20 tokens and creating rights available to project token holders.

BRC20-S, a new open standard proposed by OKX, has been officially opened for deployment. This new staking mechanism provides a new way for BRC20 token or Bitcoin holders to generate income besides buying and selling tokens on exchanges.

With BRC20-S, users can earn income by staking BRC20 tokens, which greatly promotes the development of the BRC20 ecosystem. Project teams can also distribute their tokens to Bitcoin or BRC20 token holders as a way to build a community and let users stake their tokens to earn yield without having to sell tokens.

The staking mechanism of BRC20-S provides additional income opportunities for BRC20 token holders so that their assets can obtain passive income. Staking further incentivizes users to hold their assets, potentially reducing selling pressure in the market and contributing to a more stable token ecosystem.

In the BRC20-S token and staking ecosystem, the interaction process between the project team, users, and servers is crucial to the user’s participation experience. The project team can create seed users by issuing BRC20-S tokens and creating a staking pool. Users can stake Bitcoin or BRC20 tokens to earn other newly issued BRC20-S tokens. The interaction process involves integrating BRC20-S in the project and defining the parameters of the pledge pool, including specifying pledge tokens, revenue tokens, mining rate, total mining rewards, and authorizing token holders to participate in multi-mining.

Once the setup is complete, the user’s assets will be confirmed and recorded according to the BRC20 standard. Users can engage in various pledge operations such as deposits, casting (claiming), and withdrawals and have the flexibility to claim their mining rewards by minting tokens.

BRC20-S provides many benefits to project teams, such as creating demand for users to hold coins, reducing the liquidity of BRC20 tokens, and creating rights available to project token holders, such as purchasing rights and interests in DAPP, upgrading the project membership level through BRC20-S tokens, and completing the BRC20-S transfer and getting Ordinals NFT rewards.

The new sub-tokens introduced by BRC20-S can also bring many application scenarios, such as staking main tokens and getting sub-tokens as rewards, staking Ordinals NFTs for sub-token issuance, modifying the existing token economic model to introduce more scenarios, scaling/decreasing token supply by burning and using excess tokens, and master token revaluation.

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