Cryptocurrency exchange OKX has announced a proposal to launch the BRC-30 token standard, a new protocol that facilitates the staking of BRC-20 tokens and Bitcoin (BTC). This protocol, which is open source and accessible to all developers, allows users to earn BRC-30 tokens by staking BRC-20 tokens or BTC.
“Aiming to expand its services, OKX Wallet will soon incorporate support for the BRC-30 standard, offering users the opportunity to generate passive income through staking, without the need for active trading. This initiative complements the DeFi earning products already available on the platform,” the company said in a statement.
Also according to the company, the introduction of the BRC-30 standard and its staking functionalities are in line with OKX’s commitment to providing users with diverse opportunities to participate in the Bitcoin ecosystem, while generating passive income.
BRC-30 on Bitcoin
Jason Lau, Director of Innovation at OKX, expressed enthusiasm for the proposed and pioneering BRC-30 standard.
“Once OKX Wallet incorporates BRC-30 support, users will be able to access Bitcoin staking and earning opportunities across multiple chains. We are proud to collaborate with developers and community projects to contribute to the growth of the broader ecosystem.”
The BRC-20 standard, created in March 2023 by an anonymous blockchain analyst named Domo, emerges as a new experimental token standard on the Bitcoin blockchain.
Inspired by Ethereum’s widely adopted ERC-20 standard, BRC-20 tokens provide a platform for creating and transferring fungible tokens using the Ordinals protocol.
This new development brings exciting possibilities to the Bitcoin blockchain, which has traditionally been associated with its role as a store of value and medium of exchange and is now beginning to be integrated with the DeFi ecosystem and tokens.
At the same time, Bitcoin’s non-fungible tokens (NFTs) have been gaining a lot of attention and traction lately. Notably, Bitcoin’s NFT trading volume has recently surpassed that of established blockchains such as Solana, Mythos and Polygon.