This article is0x_web3An introduction to the experimental protocol for BRC-20 token pledge, translated and organized by Odaily.

In Ordinals, we've come a long way. From running a full node to clicking a few buttons to inscribe, everything that makes Bitcoin Inscription so easy is thanks to the contributions of our developers.

With the development of BRC-20 tokens, the introduction of staking functionality is also a matter of course. So how will BRC-20 be staked? I've thought of ways to implement it with minimal changes to existing infrastructure while maintaining backwards compatibility.

In the "deploy" method of BRC-20, we introduced an additional parameter called "yield".

"yield" means the value of the token increases per block. It's a nested JSON object where "6000" means the first 6000 blocks and their rewards, "8000" means the first 8000 blocks and their rewards, and so on. Example: If you deposit 1000 $bYLD tokens in a staking vault and keep them staked for 100 blocks, you will receive a total of 1070 tokens, 70 of which are given as rewards. "max" indicates the initial minting supply. Obviously, after staking starts, it will keep increasing.

So how to stake BRC-20 tokens?

There are no smart contracts in the BRC-20 ecosystem, but we need a staking mechanism to enable it. We introduced a staking address where users can transfer tokens to and get them back (along with rewards) by making a transfer call.

To stake tokens, you can use the regular transfer function. Inscribe and send inscriptions to stake addresses (coming soon). To unstake tokens, it is necessary to inscribe "cancel transfer" on the same address and send it to the pledge address.

Here 'txn' represents the inscribed ID of the "transfer" that has been sent to the pledge address. If not yet unstaked, your (tokens + rewards) will be sent back to the wallet.

Compatible with existing BRC-20 tools:

The "Mint", "Transfer" and "Deploy" functions remain the same. After the pledge starts, the index client needs to update the "balance" according to the pledge reward, and abide by the transfer/cancellation transfer rules of the pledge address.

We are working around the clock to create a live POC (BitStake Protocol) where you can stake tokens and see your updated balance.

Note, Degens, this experiment might just as well be one of hundreds of other failed experiments I've had in Web3.

Finally, a brief summary: what we are doing, is launching staking functionality on BRC-20 tokens; proof of concept or testing with $bYLD tokens; building infrastructure to stake/unstake tokens; staking functionality Will be live soon.