OKX introduces staking-like function for BTC and BRC-20 tokens

By Bralon Hill

July 20, 2023 at 6:45 am

Edited by Yana Khlebnikova

News

OKX introduces staking-like function for BTC and BRC-20 tokens

OKX has announced a new feature that allows users to lock their bitcoin or BRC-20 tokens in return for BRC20-S tokens.

This feature offers an additional service for users hoping to enhance their experience within the ecosystem.

Do more with #Bitcoin

Stake BRC-20 tokens and earn yield right from the #OKXWallet

Available on desktop, coming soon to the OKX app.
— OKX (@okx) July 19, 2023

By locking up their bitcoin or BRC-20 tokens, users receive BRC20-S tokens as rewards. The BRC20-S standard extends the prevalent bitcoin token standard, representing OKX’s approach in the digital currency sphere.

Moreover, DeFi developers and projects have the opportunity to harness the BRC20-S protocol. They can establish staking pools and distribute BRC20-S tokens to the holders of bitcoin and BRC-20 tokens.

OKX has also announced plans to unveil a marketplace dedicated to BRC20-S tokens. This platform could provide users with another interaction layer with these digital assets.