Key highlights:
- exSat Network mainnet is live with over 30 validators securing the platform using Bitcoin and the XSAT token.
- Validators include major pools like Antpool, synchronizing over 60% of Bitcoin’s hash rate for enhanced security.
- With $270M in TVL, exSat expands Bitcoin’s use cases, including decentralized finance and complex smart contracts.
exSat Network scales Bitcoin’s potential
exSat Network, a scaling solution designed to enhance Bitcoin’s utility, has officially launched its mainnet in this announcement. This milestone marks a significant moment for both the exSat community and the wider blockchain ecosystem, as it brings new opportunities to the Bitcoin network, which has long been limited in its capabilities.
#exSat mainnet has officially launched 🔥
Backed by over 41 validators, the future of #Bitcoin is here, along with the network’s native token, $XSAT, modeled after #BTC’s fair launch principles. pic.twitter.com/xB48hpUM1C
— exSat Network (@exSatNetwork) October 23, 2024
Satoshi Nakamoto envisioned Bitcoin as a revolutionary alternative to traditional financial systems, giving users greater freedom, control and security. While 94% of Bitcoin’s supply has already been mined, we’re still far from mining the last Bitcoin, and the network’s potential is still underutilized. The exSat Network aims to address this by scaling Bitcoin’s infrastructure and creating new use cases through its innovative architecture. By utilizing a hybrid consensus model that blends Proof of Work (PoW) and Proof of Stake (PoS), exSat ensures a high level of security and flexibility.
Major partnerships and validator participation
In its initial phase, the exSat mainnet launched with over 30 validators, each staking at least 100 BTC, ensuring robust security for the network. These validators, which include key industry names such as Matrixport, Spiderpool, and Antpool, are critical in validating transactions and maintaining network integrity. Synchronizers, including some of the largest Bitcoin mining pools, contribute to securing over 60% of the Bitcoin network’s hash rate. This widespread participation highlights the high level of trust and collaboration behind the project.
exSat also leverages a real-time UTXO (Unspent Transaction Output) index synchronized across the network. By indexing Bitcoin’s UTXO data in real-time, exSat unlocks a range of decentralized financial applications and enables more advanced features like complex smart contracts and decentralized finance (DeFi) protocols on Bitcoin.
XSAT token and total value locked
A key component of the exSat Network is its native token, XSAT. Modeled after Bitcoin’s fair launch principles, XSAT introduces a unique dual-consensus mechanism that blends PoW’s security with PoS’s functionality. The XSAT token is earned through activities such as native Bitcoin block mining and data validation, with no pre-mining involved, ensuring an equal opportunity for network participants.
At launch, exSat recorded over $270 million in Total Value Locked (TVL), making it one of the largest scaling solutions in the Bitcoin ecosystem. This figure is expected to rise further following exSat’s partnership with Matrixport, which has pledged to stake between 5,000 and 10,000 nBTC into the network and assist in decentralized application (dApp) development.
Expanding Bitcoin’s decentralized finance
exSat’s breakthrough lies in its ability to decentralize and index Bitcoin’s UTXO data, creating a foundation for BTCFi (Bitcoin Decentralized Finance). By mirroring Bitcoin’s UTXO data on-chain, exSat allows for advanced financial services to emerge, ranging from complex smart contracts to decentralized lending, all while maintaining Bitcoin’s security and trust.
The bottom line
exSat Network’s mainnet launch represents a crucial development for scaling Bitcoin’s utility beyond its traditional limits. With strong industry support, a decentralized validation system, and a novel approach to indexing Bitcoin’s UTXO data, exSat is poised to expand the network’s use cases, particularly in DeFi, offering the potential for new revenue streams and applications in the Bitcoin ecosystem.
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Source: https://coincodex.com/article/50751/exSat-network-mainnet/