How to integrate BRC20-S in the project?
Nov 21, 2024
1. Introduction
Since its birth on March 8, 2023, BRC20 has gained wide support in the Bitcoin community and attracted the attention of many enthusiasts and stakeholders.
This paper will introduce how the project team integrates BRC20-S and the specific operation mode.
1.1 BRC20 and BRC20-S
At present, users can only cast or trade BRC20 tokens. However, based on the BRC20-S standard proposed by OKX, users can earn income by pledging BRC20 tokens, which greatly promotes the development of BRC20 ecosystem. On the other hand, the project team can distribute their tokens to Bitcoin or BRC20 token holders, so as to establish a community where users can pledge their tokens to earn income without having to sell them.
The purpose of introducing BRC20-S as a pledge mechanism is to provide BRC20 token holders with additional income opportunities and enable their assets to obtain passive income. Pledge further encourages users to hold their assets, potentially reducing the selling pressure in the market and contributing to a more stable token ecosystem.
Through BRC20-S, we look to the future. BRC20 tokens or bitcoin holders have another way to generate income besides buying and selling tokens on the exchange. This rights proof mechanism provides a new dimension for BRC20 token ecosystem, encourages more users to participate, and makes the relationship between token holders and the underlying blockchain network closer.
1.2 BRC20-S user scenario
In the BRC20-S token and pledge ecosystem, the interaction process among project team, users and servers is very important for users' participation experience.
Project team
By issuing their own BRC20-S tokens, they create a pledge pool to obtain seed users.
user
Pledge bitcoin to earn other newly issued BRC20-S tokens.
Pledge BRC20 tokens to earn other newly issued BRC20-S tokens.
Interactive process
1.3 BRC20-S application scenarios
1.3.1 Benefits of integrating BRC20-S standards to the project team
Pledged interest
For the project team, the use of BRC20-S can create demand for users to hold money and reduce the liquidity of BRC20 tokens.
Rights available to project token holders, such as
Purchase benefits in DAPP (for example, increase the earning rate of game rewards)
Upgrade the membership level of the project through BRC20-S tokens.
The completion of BRC20-S transfer has been rewarded by Ordinals NFT.
Create seasonal rewards, such as a BRC20-S pledge pool every season, and divide BRC20 tokens according to the share of BRC20-S.
1.3.2 Token economic model
Introducing new sub-tokens for projects can bring many application scenarios, such as
Pledge the main token and get the sub-token as a reward.
Pledge ordinalsft for sub-token issuance
Modify the existing token economic model to introduce more scenarios.
Expand/reduce the supply of tokens by burning and using surplus tokens.
Revaluation of master token
1.3.3 ways to integrate BRC20-S.
Create a new BRC20-S token by deploying a pledge pool.
Burn existing BRC20 tokens and issue new BRC20-S tokens.
2. Preparation before deployment
Deployment Tool Link
Install plug-in wallet: OKX plug-in wallet (greater than version 2.52.0)
BTC wallet with balance
According to the token economic model and the project situation, prepare the basic parameters of the deployment pool. Refer to the technical document-Deploying BRC20-S Pool
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