exSat Network, an extension solution aimed at unlocking and expanding the Bitcoin ecosystem, announced the official launch of its mainnet on October 23, 2024 in Singapore. This milestone signifies an important step forward for the exSat community and the wider blockchain ecosystem.
Satoshi Nakamoto envisioned Bitcoin as a revolutionary alternative to the traditional financial system, providing users with greater freedom, control, and security. While 94% of Bitcoin has already been mined, Nakamoto’s vision has yet to be fully realized. exSat aims to achieve this vision by expanding the utility of Bitcoin and unlocking a new class of real-world applications.
Through partnerships with industry-leading companies such as Matrixport, Spiderpool, Antpool, Everstake, HashKey Cloud, Blocksec, OKX, BitTrade, Bitget, ChainUp Cloud, and Cactus Custody, exSat’s mainnet has successfully launched with 41 validators, each staking a minimum of 100 BTC. Validators protect the network by validating transactions, while synchronizers (including Antpool, Spiderpool, viaBTC, and F 2 Pool) synchronize Bitcoin’s UTXO data. These synchronizers account for over 53.4% of Bitcoin’s hash rate, ensuring unparalleled trust and security.
As part of this release, the XSAT token generation event has also taken place. XSAT is the token of the network, combining the strong security of Proof-of-Work (PoW) with the flexible functionality of Proof-of-Stake (PoS). Based on Bitcoin’s fair launch principles, XSAT has no pre-mine or pre-allocation, ensuring transparency and equality among all participants. XSAT is obtained through mining native Bitcoin blocks, synchronizing, and validating data on the network.
exSat launched with a total locked value (TVL) exceeding $281 million, making it one of the largest projects in the Bitcoin ecosystem. Following the announcement of the partnership with Matrixport at Token 2049, the TVL is expected to continue growing. Matrixport has committed to injecting 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 out in creating a decentralized UTXO index for Bitcoin. This breakthrough enables BTCFi, expanding the utility of Bitcoin while maintaining trust and security, unleashing the emerging potential of the ecosystem.
For more information on the exSat network release and upcoming developments, please visit exSat’s Twitter and website.
About exSat Network
exSat is dedicated to addressing the scalability and interoperability challenges of Bitcoin. By implementing a consensus extension protocol that combines Proof-of-Work (PoW) and Proof-of-Stake (PoS), exSat aims to enhance data consensus, scalability, security, and interoperability within the BTC ecosystem.