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OKX proposes "BRC-30"! Adding staking functionality to BRC-20 tokens to reduce selling pressure and provide mining rewards.

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OKX proposes "BRC-30"! Adding staking functionality to BRC-20 tokens to reduce selling pressure and provide mining rewards.

The cryptocurrency exchange OKX announced yesterday that it will launch a token proposal related to BRC. Today, it has introduced the "BRC-30" token proposal as an extension of BRC-20, adding staking functionality to BRC-20 tokens, further enhancing the diversity of the Bitcoin ecosystem.

Related reading: Biteye | An Overview of Ordinals, BRC-20 Technology, Ecosystem, and Data

OKX Proposes BRC-30 Token

According to OKX's proposal, BRC-30 is an extension of the BRC-20 protocol. In comparison to BRC-20, which only allows token deployment, transfer, and minting, BRC-30 introduces operations such as deposits, withdrawals, and staking.

OKX states that with the technology of BRC-30, users can stake their BRC-20 tokens or bitcoins and receive corresponding BRC-30 tokens.

With the staking feature, token holders can earn profits without selling their tokens, eliminating the need to rely on buying low and selling high in the market. This not only reduces selling pressure in the market but also strengthens the connection between token holders and the Bitcoin network ecosystem.

Instructions for Using BRC-30 Tokens

Here is OKX's explanation on how to use BRC-30 tokens:

The project initiator first needs to create a staking pool to issue BRC-30 tokens and attract users. When creating the staking pool, the project initiator needs to define the pool's attributes, including staked tokens, reward tokens, mining rate, total mining rewards, and permissions for token holders to participate in multi-mining. User deposit operations will be identified and recorded during the process.

Users can then stake bitcoins or other BRC-20 tokens to accumulate BRC-30 tokens. They can also perform staking actions such as deposits, minting, claiming, and withdrawing, and can receive mining rewards by claiming reward tokens through minting at any time.

In addition, OKX's servers will provide a comprehensive interpretation of the BRC-20 and BRC-30 protocols, offering an open-source interface for profit calculation. Staking rewards for any user will be consistently calculated in the backend and open-source tools, ensuring uniformity in calculations.

For the full content and writing style of this proposal, please refer to here.