OKX Wallet Introduces Stacking for STX Token to Earn BTC Yield
OKX Wallet now allows users to stack Stacks (STX) tokens and earn BTC directly from their wallets through Proof of Transfer (PoX) consensus process on the Stacks blockchain. This innovative
OKX Wallet now allows users to stack Stacks (STX) tokens and earn BTC directly from their wallets through Proof of Transfer (PoX) consensus process on the Stacks blockchain. This innovative
OKX Wallet Introduces Stacking for STX Token to Earn BTC Yield
OKX, the second-largest crypto exchange by trading volume and a leading Web3 technology company, has announced updates for June 10, 2023. As of June 9, 2023, OKX Wallet users can now stack the Stacks (STX) token to earn yield in BTC directly from their OKX Wallets. This innovative mechanism rewards STX token holders for participating in the Stacks blockchain’s consensus process called Proof of Transfer (PoX). By stacking STX tokens, users will receive BTC paid by miners as a stacking reward.
Stacking is an exciting development within the cryptocurrency world that offers investors another way to generate income from their holdings. It involves holding onto a particular cryptocurrency for an extended period while earning rewards in return. In this instance, OKX Wallet users can stack the STX token to earn BTC directly from their wallets. This is a significant development as it allows investors greater control over their assets while expanding access to DEXs, NFT marketplaces, DeFi, GameFi and thousands of dApps.
The STX token is used within the Stacks blockchain’s consensus process called Proof of Transfer (PoX). PoX is designed to be more energy-efficient than traditional proof-of-work blockchains like Bitcoin and Ethereum. Instead of using computational power to validate transactions and create new blocks on the chain, PoX uses Bitcoin’s hashing power to secure its network.
Stacks extends Bitcoin’s functionality by expanding support to smart contracts, decentralized applications and Ordinals NFTs. It is an L2 on the Bitcoin network that aims to improve scalability and efficiency. By extending support for smart contracts and decentralized applications on top of Bitcoin’s existing infrastructure, Stacks provides developers with additional tools for building decentralized applications.
OKX is committed to transparency and security when it comes to its self-custody solutions. The Web3-compatible OKX Wallet allows users greater control of their assets while expanding access to DEXs, NFT marketplaces, DeFi, GameFi and thousands of dApps. OKX partners with a number of the world’s top brands and athletes, including English Premier League champions Manchester City F.C., McLaren Formula 1, The Tribeca Festival, golfer Ian Poulter, Olympian Scotty James, and F1 driver Daniel Ricciardo.
It is important to note that digital assets involve a high degree of risk and can fluctuate greatly. They can even become worthless. OKX is not regulated by the FCA; thus, protections such as the Financial Ombudsman Service or Financial Services Compensation Scheme will not be available. Investors should consider whether they understand how crypto works and whether trading or holding digital assets is suitable for them in light of their financial condition. Past performance does not indicate future results. Investors should consult their legal/tax/investment professional for questions about their specific circumstances.
