OKX announced the introduction of BRC-30, an extended version of the BRC-20 token standard aiming to introduce a staking mechanism within the Bitcoin network specifically tailored for BRC-20 tokens or Bitcoin.
BRC-30 incorporates BRC-20 design principles while introducing functionalities for staking operations such as depositing, minting, and withdrawing. Users can stake their BRC-20 tokens or Bitcoin and receive BRC-30 tokens in return, as well as earn passive income.
According to OKX, the introduction of BRC-30 and its staking functionalities provide BRC-20 token holders with additional opportunities to engage with their digital assets and earn passive income. Staking incentivizes users to hold onto their assets, potentially reducing selling pressure on the market and contributing to a more stable token ecosystem.
The interaction flow of BRC-30 is:
- Project Party: Carries out the deploy operation, defining the attributes of the staking pool, including the staking token, earned token, mining rate, total mining rewards, and permission for coin holders to engage in multi-mining. Following this operation, the user's deposit operation will be recognized and recorded.
- User: Executes staking activities such as depositing, minting (claiming), and withdrawing. Users have the freedom to claim their mining rewards at any time by minting earned tokens.
- Server: Performs a comprehensive interpretation of the BRC-20 and BRC-30 proposals, providing an open-source interface for profit calculation. The staking profits for any user are consistently computed using both the backend and open-source tools, ensuring uniformity across all calculations.
TokenInsight is dedicated to covering the most important and cutting-edge trends in the world of crypto. If you have information to share with us, please feel free to contact our email news@tokeninsight.com. Your trust will be well respected.
OKX
Bitcoin
BRC 20
Staking
