Earn on your BRC-20 tokens
OKX Web3 Wallet now supports BRC-20 staking. That means you can now stake BRC-20 tokens and earn yield right from the OKX Wallet! When you stake BRC-20 tokens:
Your BRC-20 tokens don't need to be locked up or transferred to a third-party platform. They can just sit in your wallet.
The BRC-20 assets you have staked can be transferred normally without a cumbersome redemption process to unlock your tokens. However, we don't recommend withdrawing your tokens, since this will reduce your yield from staking.
If you transfer funds, we'll preferentially take them from the most recent pool you invested in. We'll then update your staking rewards based on the order in which you staked tokens. Accumulated gains will not be deducted.
A single token can only be staked into one pool. A user must redeem it from the initial pool to then stake in other pools.
Good to know
BRC20-S is an innovative token standard built upon BRC-20. All BRC20-S pools are decentralized and open to the community. Users should do their own research and identify risks themselves before choosing one pool or another.
The APY data is an estimate of the annual return you could earn on your investment. It's calculated based on the token price, which is determined by users trading in the OKX Ordinals market. We filter out unreliable prices, but there are still cases where the APY is unrealistically high due to fake trading. APY data is for reference only and may not always be accurate.
Staking BRC-20 tokens to earn rewards
Step 1: Create an OKX Wallet and BTC address
Create an OKX Wallet at okx.com/web3 and either set up a new BTC address or import an existing one. Once you're done, you can head to www.okx.com/web3/defi/brc20-s
Keep in mind that BRC-20 staking is currently only available on the OKX website.
Step 2: Select one of the staking pools available
Browse through the list of BRC-20 staking pools or search for a specific project via the search tab. You can select any of the staking pools and visit its details page for more information.
Step 3: Stake BRC-20 tokens
Enter the amount you want to invest and click 'Invest'. If you want to purchase tokens, you can select 'Get token'.
Confirm the transaction in your wallet. The transaction will be registered on the blockchain soon. You can also adjust the network fee to make the transaction faster.
Once your investment is confirmed on the blockchain, it will start earning rewards from the next block. You can view and claim your rewards on the investment details page or the asset dashboard page.
Step 4: Receive rewards
Click the 'Claim' button on the DeFi dashboard page and confirm the transfer. Then all you have to do is wait for confirmation on the blockchain.
Step 5: Redeem your principal
If a staking period has ended or if you want to stake your BRC-20 tokens in other pools, you can redeem your tokens via the details page. Enter the amount you want to redeem, connect your wallet, and click 'Redeem'. Once you confirm, the transaction will soon be registered on the blockchain.
Now that you've learned how to stake and redeem BRC-20 tokens, we'll show you how to view the rewards you receive in your wallet.
View rewards you've received in your wallet
Step 1: Open the OKX Wallet > View Asset Dashboard > Select 'Crypto'
You can check the tokens you've received on this page:
If the token isn't displayed normally, follow these steps:
Click Token Management > Search Token Name > Find the BRC20-S tag and check the token ID to add it.
Note: You can view the staking pool's ID on its details page. The first ten digits are the token ID.
Trade BRC-20 tokens on the Ordinals Market
You can sell your mined BRC20-S tokens on the secondary market through Web3 wallet. To do this, go to:
Web3 Wallet > Asset Dashboard > Currency > Currency details. Click 'List' and follow the steps.
Disclaimer:
THIS ARTICLE IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY. IT IS NOT INTENDED TO PROVIDE ANY INVESTMENT, TAX, OR LEGAL ADVICE, NOR SHOULD IT BE CONSIDERED AN OFFER TO PURCHASE OR SELL OR HOLD DIGITAL ASSETS. DIGITAL ASSET HOLDINGS, INCLUDING STABLECOINS, INVOLVE A HIGH DEGREE OF RISK, CAN FLUCTUATE GREATLY, AND CAN EVEN BECOME WORTHLESS. YOU SHOULD CAREFULLY CONSIDER WHETHER TRADING OR HOLDING DIGITAL ASSETS IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. PLEASE CONSULT YOUR LEGAL/TAX/INVESTMENT PROFESSIONAL FOR QUESTIONS ABOUT YOUR SPECIFIC CIRCUMSTANCES.
