OKX Wallet Launches Staking-Like System For Bitcoin And BRC-20 Tokens
- OKX introduces new staking-like feature for tokens on Bitcoin and native bitcoin, resulting in users receiving BRC20-S tokens as rewards.
- DeFi developers and projects can use the BRC20-S protocol to create staking pools and distribute BRC20-S tokens to holders of bitcoin and BRC-20 tokens.
- OKX to launch marketplace for selling BRC20-S tokens, increasing liquidity and accessibility of the cryptocurrency market.
OKX has recently announced a new feature for its wallet that enables a staking-like function for tokens on Bitcoin and native bitcoin.
This feature involves locking up bitcoin or BRC-20 tokens, which will then result in the user receiving BRC20-S tokens as rewards. These BRC20-S tokens are created through OKX‘s extension to the current standard for building tokens on Bitcoin, known as the BRC20-S standard, which can be accessed through this link.
As stated by the company’s Chief Innovation Officer Jason Lau, the introduction of the staking-like function was a response to the desire of OKX Wallet users to have more opportunities to participate in the ecosystem. This allows for greater engagement and involvement in the cryptocurrency community.
OKX has also announced that DeFi developers and projects can use the BRC20-S protocol to create staking pools and subsequently distribute BRC20-S tokens to holders of bitcoin and BRC-20 tokens. This is a significant step in the realm of blockchain technology as it provides a new avenue for developers to create and distribute tokens.
OKX has revealed that it will soon launch a marketplace for selling BRC20-S tokens. This marketplace will be an accessible platform for users to engage in the trading of these tokens, further increasing the liquidity and accessibility of the cryptocurrency market.