Today, prominent cryptocurrency exchange, OKX, has announced the introduction of BRC-30. As revealed in a blog post today, the cryptocurrency exchange described BRC-30 as the extended version of the BRC-20 proposal. More so, in the announcement, OKX revealed that the new token standard will adopt the BRC-20 design while introducing new features. Some of these features focus mainly on staking operations and they are depositing, minting, and withdrawing.
Additionally, the announcement established that the newly proposed token standard will introduce a staking mechanism within the Bitcoin network. Basically, according to OKX, the new features were particularly crafted for BRC-20 tokens and Bitcoin. Meanwhile, the announcement provided more insights into the benefits of the newly launched token standard. OKX disclosed that with BRC-30, holders now have a pathway to stake their BRC-20 tokens or Bitcoin to receive BRC-30 tokens in return.
Furthermore, OKX revealed that the newly launched token standard provides users with a means of earning passively. The cryptocurrency exchange revealed that earning passively is possible through the new standard owing to its staking protocol. By that, BRC-20 holders can stake their assets, and earn rewards without having to sell them. OKX stated that holders of the token stand a chance to enhance the value of their tokens by participating actively on the Bitcoin network.
Meanwhile, the cryptocurrency exchange disclosed the motivation behind the introduction of the BRC-30 standard. As illustrated, the staking features will encourage holders to keep their assets. By that, it’ll help reduce the selling pressure on the market while enabling a less-volatile ecosystem. OKX further added that it envisioned a future where holders of BRC-20 tokens and Bitcoin will earn rewards on their assets without having to sell them on cryptocurrency exchanges.
Recent advancement of BRC-20 tokens and the contribution of OKX to their development
It’s worth mentioning that the BRC-20 is an exploratory fungible token standard designed for the Bitcoin blockchain. The standard came into life in March 2023 through the effort of pseudonymous on-chain analyst; Domo. The creation of this standard gained inspiration from ERC-20. Furthermore, the standard in question aids developers to design and send fungible tokens through the Ordinals protocol. Since its creation, the BRC-20 has been the major talk of the crypto space.
Now, OKX is one of the latest firms to build on the BRC-20 growing standard. In its latest effort, the crypto exchange intends to establish a new dimension to the BRC-20 ecosystem. Part of this pursuit includes fostering greater participation. This participation intends to establish a stronger connection between token holders and the underlying blockchain network.