OKX Wallet adds staking-like system for bitcoin and BRC-20 tokens

Quick Take

  • OKX unveiled a token reward system for bitcoin and BRC-20 tokens.
  • The exchange described it as a form of staking.

Cryptocurrency exchange OKX announced its wallet will provide a staking-like function for tokens on Bitcoin and native bitcoin.

Anyone who locks up their bitcoin or BRC-20 tokens using this process will receive BRC20-S tokens as rewards. The BRC20-S standard is OKX's extension to the current standard for building tokens on Bitcoin.

"We have heard from OKX Wallet users that they want more opportunities to participate in the ecosystem," the company's Chief Innovation Officer Jason Lau said in a statement.

DeFi developers and projects will be able to use the BRC20-S protocol "to create staking pools" and then "distribute BRC20-S tokens" to holders of bitcoin and BRC-20 tokens, OKX added.

The company also announced it will soon unveil a marketplace for selling BRC20-S tokens.

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