exSat, the docking layer for Bitcoin that aims to extend its core properties to other networks, has successfully launched its mainnet. Its release follows an extensive testnet campaign that involved the support of a host of launch partners including leading validator services. The deployment of the exSat mainnet on October 23 marks a new era for scaling Bitcoin.
The mainnet launch of exSat has been accomplished with the same names onboard including the likes of HashKey Cloud, Blocksec, OKX, BitTrade, and Bitget among more than a dozen industry players who have pledged their support. Thanks to the services of Antpool, Spiderpool, viaBTC and F2Pool, all of whom are serving as validators, exSat’s mainnet is well served by synchronized and decentralized UTXO data from Bitcoin.
Making Bitcoin Go Further
exSat is part of a new wave of projects intent on capturing the best elements of Bitcoin – its liquidity, security, and unrivaled network effects – and combining them with features it’s lacking, such as smart contract support, high throughput, and low fees.
exSat aims to achieve its core objectives for scaling Bitcoin through the creation of a docking layer that utilizes a hybrid consensus mechanism. This will enable smart contracts on other networks to pull in UTXO data from Bitcoin, allowing for the creation of powerful dapps that can execute events based on BTC transactions in near real-time.
The exSat launch also saw the XSAT token go live and its issuance commence. The token’s distribution schedule has been modeled on that of BTC, ensuring that miners will earn tokens with every new block in return for validating data on the exSat network.
$200M TVL and Growing
One of the greatest challenges when launching a new network is ensuring sufficient liquidity is in place from day one. This not only supports DeFi activities such as trading without slippage becoming a problem but gives early adopters something to do on the network as it’s built out. exSat has succeeded in solving this problem, having attracted more than $200M in TVL to its ecosystem already.
exSat also appears to have cracked the next major challenge all new networks face: convincing developers to build on it. The ball is already rolling here thanks to a partnership with MatrixPort, announced at Token2049, that will see nBTC made available on exSat – a wrapped version of BTC. As much as 10K BTC is expected to be issued in this manner, providing liquidity for builders to create DeFi applications that utilize it for services such as lending.
As exSat onboards developers in the months to come, they will have a strong foundation to work with. Their task will be to find creative ways to leverage exSat’s network, fueled by deep bitcoin liquidity, to create new applications that will have genuine utility. If they can achieve that, exSat’s influence will transcend its own network, enabling the broader multichain landscape to tap into a reliable stream of Bitcoin UXTO data.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: https://cryptodaily.co.uk/2024/10/bitcoin-scaling-solution-exsat-launches-mainnet-with-200m-tvl