OKX Wallet adds staking feature for Bitcoin and BRC-20 tokens.

OKX Wallet adds staking feature for Bitcoin and BRC-20 tokens.

OKX Unveils Staking System On Multichain Wallet

Cryptocurrency exchange OKX has recently announced the launch of a staking system on its multichain wallet. This new functionality allows users to lock up and stake their Bitcoin (BTC) and BRC-20 tokens, offering them a token reward system. The integration of OKX’s open-source BRC20-S protocol has made this token reward system possible.

The BRC20-S protocol is an extended version of the BRC-20 standard, which incorporates staking functionalities such as depositing, minting, and withdrawing. Through the OKX Web3 DeFi aggregator, users can earn BRC20-S tokens. This integration also enables decentralized finance (DeFi) developers and projects to create staking pools on OKX Wallet.

By participating in these staking pools, Bitcoin holders and BRC-20 token holders can receive BRC20-S tokens, thereby enhancing their engagement with DeFi projects. This new staking capability establishes OKX’s multichain digital asset storage as the first to support both Bitcoin and BRC-20 token staking. Jason Lau, OKX’s Chief Innovation Officer, expressed excitement about delivering more opportunities for OKX Wallet users to participate in the ecosystem.

OKX Wallet already offers various Web3 Earn products, and the addition of staking further expands the platform’s capabilities. In the future, OKX plans to introduce additional features, such as a marketplace for selling BRC20-S tokens.

OKX Wallet Announces Integration With Kava Blockchain

In another announcement, OKX Wallet disclosed its partnership with Kava, a blockchain built with Cosmos’ SDK (Software Development Kit) and compatible with the Ethereum Virtual Machine (EVM). This integration aims to enhance users’ options for digital asset transfer and transactions within the wallet.

OKX Wallet’s collaboration with Kava follows a recent partnership with PulseChain, another blockchain platform. These partnerships demonstrate OKX’s commitment to maximizing customer satisfaction by offering a wide range of blockchain options on its wallet.

Despite these positive moves and collaborations, the market performance of OKB, the utility token of the OKX ecosystem, has been relatively stable. According to CoinGecko data, the token’s value has only increased by 0.3% in the last 24 hours, with a slight dip of 0.7% over the past week.

As of now, OKB is trading at $43.14, with a daily trading volume exceeding $2.02 million. With a market cap of approximately $2.59 billion, OKB ranks as the 29th-largest cryptocurrency in the industry.

OKBUSD chart

OKBUSD trading at $43.2 | Source: OKBUSD chart from TradingView

In summary, OKX’s introduction of a staking system on its multichain wallet opens up new opportunities for Bitcoin and BRC-20 token holders to earn rewards. The integration of the BRC20-S protocol enables users to participate in staking pools and engage with DeFi projects. Additionally, OKX Wallet’s integration with the Kava blockchain and its previous partnership with PulseChain further expands the range of options available to users. While OKB’s market performance has remained relatively stable, OKX continues to innovate and provide value to its users within the blockchain industry.