exSat Network Launches Mainnet with over 281M TVL

Singapore, Singapore, October 23rd, 2024, Chainwire

exSat Network, a scaling solution designed to unlock and scale the Bitcoin ecosystem, is pleased to announce its official mainnet launch today. This milestone marks a significant step for the exSat community and the broader blockchain ecosystem.

Satoshi envisioned Bitcoin as a revolutionary alternative to traditional financial systems, giving users greater freedom, control and security. While 94% of Bitcoin has already been mined, Satoshi’s vision remains largely unrealized. exSat is purpose built to bring that vision to life through scaling Bitcoin’s utility and unlocking a new class of real-world applications.

In collaboration with leading industry names such as Matrixport, Spiderpool, Antpool, Everstake, HashKey Cloud, Blocksec, OKX, BitTrade, Bitget, ChainUp Cloud, Cactus (NYSE:WHD ) Custody and others, exSat’s mainnet launched smoothly with 41 Validators, each staking a minimum of 100 BTC. Validators secure the network by validating transactions, while synchronizers, including Antpool, Spiderpool, viaBTC and F2Pool, synchronize Bitcoin’s UTXO data. These synchronizers, representing over 53.4% of Bitcoin’s hash rate, ensure unmatched trust and security.

As part of this launch, the XSAT token generation event took place. XSAT serves as the token for the Network, combining the robust security of Proof of Work (PoW) with the flexible functionality of Proof of Stake (PoS). XSAT was modeled after Bitcoin’s fair launch principles, with no pre-mining or pre-allocations, ensuring transparency and equality for all participants. XSAT is earned by mining native Bitcoin blocks, synchronizing and validating data on the network.

Launching with over $281 million in Total Value Locked (TVL), exSat has emerged as one of the largest projects in the Bitcoin ecosystem. Following the announcement of the Matrixport partnership at Token2049, TVL is expected to continue to grow. Matrixport has committed to staking 5,000 to 10,000 nBTC into the network. Additionally Matrixport will assist with dApp development, helping to kickstart exSat’s ecosystem.

By mirroring Bitcoin’s UTXO data on-chain, the network stands alone in its ability to create a decentralized UTXO index for Bitcoin.This breakthrough enables BTCFi, expanding Bitcoin’s utility while maintaining trust and security, unlocking the ecosystem’s nascent potential.

For more information about the exSat Network launch and to stay updated on upcoming developments, visit exSat Twitter and website.

About exSat Network

exSat is dedicated to addressing the scalability and interoperability challenges of Bitcoin. By implementing a Data Consensus Extension Protocol that combines Proof of Work (PoW) and Proof of Stake (PoS), exSat aims to enhance BTC’s data consensus, scalability, security, and interoperability within the ecosystem.

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This article was originally published on Chainwire

Source: Investing.com