exSat Network launches mainnet unveiling the power of the Bitcoin blockchain and enhancing the top blockchain’s scalability, security and usability.
In a move that marks a notable achievement for the exSat Network and the Bitcoin ecosystem as a whole, exSat Network has announced the launch of its mainnet. With more than $200 million in Total Value Locked (TVL) at launch, the platform is already making waves as one of the most substantial projects ever to grace the Bitcoin ecosystem.
exSat Network is designed to extend the utility of Bitcoin, to the point that it will enable it to support real-world applications, all while addressing scalability issues that have proven to be a limitation that has long ailed the network. This is clearly depicted in the fact that the Bitcoin network is not utilized to its full potential despite having 94% of Bitcoin already mined. As such, exSat has taken the mandate to unlock Bitcoin’s full potential by enhancing Bitcoin’s scalability, security, and usability.
In line with Satoshi Nakamoto’s original vision of a decentralized financial system, exSat aims to bring greater freedom, control, and trust to the Bitcoin network. The project has positioned itself as a key enabler for BTCFi by mirroring Bitcoin’s UTXO (Unspent Transaction Output) data on-chain, unlocking new functionalities for the ecosystem.
A vital aspect that has greatly contributed to exSat’s successful launch is the support that it has drawn from key players in the industry such as Matrixport, Spiderpool, Antpool, Everstake, HashKey Cloud, Blocksec, OKX, BitTrade, Bitget, ChainUp Cloud, Cactus Custody among others. This support saw the network launched with 30 validators, each staking a minimum of 100 BTC in a bid to maintain the network’s integrity by securing and verifying transactions.
Additionally, to further secure the network, exSat has synchronizers like Antpool, Spiderpool, viaBTC, and F2Pool which together represent over 60% of Bitcoin’s total hash rate to help in the synchronization of Bitcoin’s UTXO data.
Alongside exSat’s mainnet launch, the network also introduced its native token, XSAT which is earned by mining Bitcoin blocks, validating, and synchronizing data within the exSat ecosystem. Being a token that has been built upon Bitcoin’s ethos, XSAT has its principles aligned with those of Bitcoin in matters of fairness and transparency. To cement this, exSat did not implement any pre-mining or pre-allocations of the token.
In addition, XSAT is set to utilize the security model of Proof of Work (PoW) and the versatility of Proof of Stake (PoS). The combination of these two mechanisms provides security and efficiency for anyone participating in the network.
Matrixport’s partnership with exSat, which was announced at the Token2049 event is also in the limelight for its contribution to the network. One of its notable benefits is supporting the development of decentralized applications (dApps) on the network. Matrixport will surely play a huge role in driving the TVL of the network even higher, a move that will further foster the growth of the network.
exSat’s ability to mirror Bitcoin’s UTXO data on-chain opens new doors for Bitcoin’s utility, enabling decentralized finance (DeFi) applications on the network while still maintaining its core security principles. And, with a successful mainnet launch, significant industry backing, and innovative features, exSat Network is positioned to play a transformative role in Bitcoin’s next phase of evolution.