- Bitcoin-based network exSat launches on mainnet.
- The mainnet launch aims to enhance Bitcoin’s scalability, security and usability.
- The platform has already amassed $200 million in total locked value (TVL).
exSat Network, a beacon of technological advancement that is dedicated to addressing the scalability and interoperability challenges of Bitcoin has officially announced its mainnet launch.
The launch comes at a time when there is growing competition for the ecosystem, coupled with diminishing block rewards. At this crucial juncture, the mainnet launch is a pivotal milestone for the exSat community together with the blockchain sector as a whole.
Bitcoin, Satoshi Nakamoto’s brainchild, was engineered to actualize the decentralization aspect and work as an alternative to traditional finance. However, this is not being done to its full potential. For instance, despite a staggering 94% of Bitcoin being already mined, the same is not reflected in Satoshi’s vision. To address such, exSat has its goal set to scale Bitcoin’s utility and bring it into real-world applications by improving its scalability and security.
In this quest, exSat has the backing of major players such as Matrixport, Spiderpool, Antpool, Everstake, HashKey Cloud, and OKX. To add to that is the fact that exSat’s mainnet went live with 30 validators, each contributing a minimum of 100 BTC to secure the network. Moreover, exSat has synchronizers such as Antpool, Spiderpool, viaBTC, and F2Pool – which account for over 60% of Bitcoin’s hash rate – to ensure the integrity of the network by syncing Bitcoin’s UTXO data.
Another major part of the launch was the unveiling of exSat’s native token, XSAT, which blends the security of Proof of Work (PoW) together with the flexible nature of the Proof of Stake (PoS) mechanism. Earning XSAT involves mining Bitcoin blocks and synchronizing and validating data on the exSat network. To further emphasize on the fairness and transparency of the network, XSAT is modeled on the fair principles of Bitcoin—no pre-mining or pre-allocations.
exSat’s mainnet launch brings with it over $200 million in Total Value Locked (TVL), positioning it as one of the largest projects within the Bitcoin ecosystem. Also, the partnership with Matrixport which was announced during the Token2049 event is set to drive this figure even higher. This comes as Matrixport pledges to stake between 5,000 and 10,000nBTC into the network. It doesn’t stop at that as it will also support decentralized application (dApp) development to expedite the growth of exSat.
By replicating Bitcoin’s UTXO data on-chain, exSat sets itself apart from the rest of the projects as it introduces a decentralized UTXO index for Bitcoin which not only lays the groundwork but is also a breakthrough that paves the way for BTCFi, in turn boosting Bitcoin’s utility while preserving its core principles of trust and security.