ExSat launched a Bitcoin scalability solution mainnet with $200M in TVL, backed by top industry players, with a vision of decentralization.
This Wednesday, exSat, a Bitcoin scaling solution intended to unlock and scale the Bitcoin ecosystem, announced the launch of its mainnet. The development of the landmark is a significant milestone in exSat’s vision to advance the adoption of the technology and provide its users with a Bitcoin ecosystem that is more secure, scalable, and usable.
exSat adheres to Satoshi’s vision of constructing a revolutionary network (Bitcoin) that resolves the obstacles of conventional financial systems and replaces them. After the launch, exSat intends to develop solutions that provide Bitcoin users with increased security, control, and freedom over their funds, a feat that Bitcoin has yet to achieve in the past decade. exSat is designed to realize Satoshi’s vision by expanding the utility of Bitcoin and enabling a new category of real-world applications.
The exSat Network is engineered to foster participation from synchronizers and validators to retail investors, guaranteeing a decentralized and engaged ecosystem. To enhance the security and trust of its network, exSat collaborated with numerous validators and synchronizers during the launch. The validation process was supported by a minimum of 500 BTC from the over 50 validators from some of the industry leaders in Bitcoin’s ecosystem who partnered with exSat.
Matrixport, Spiderpool, Antpool, Everstake, HashKey Cloud, Blocksec, OKX, BitTrade, Bitget, ChainUp Cloud, Cactus Custody, and other prominent companies have all participated as validators. Antpool, Spiderpool, via BTC, and F2Pool are the synchronizers responsible for synchronizing Bitcoin’s UTXO data. These are some of the largest Bitcoin mining firms in the world, collectively accounting for 53.3% of Bitcoin’s hash rate. This guarantees unparalleled security and trust.
XSAT Successful Token Generation Event (TGE)
Additionally, the mainnet launch verified the completion of the token generation event for exSat’s native token, XSAT. The exSat platform’s utility token, XSAT, is derived from the ideology of Bitcoin and serves as its beating heart. The token incorporates the adaptable functionality of Proof of Stake (PoS) with the robust security of Proof of Work (PoW).
The network’s core functions include the provision of rewards to Synchronizers, Miners, Validators, and Stakers for their participation and security. In addition, XSAT also facilitates new levels of integration and participation, allowing all individuals to participate in the upcoming wave of innovation within the Bitcoin ecosystem.
XSAT was designed by the fair launch principles of Bitcoin, which prohibit pre-mining and pre-allocations, thereby guaranteeing transparency and equality for all participants. XSAT is acquired through the mining of native Bitcoin blocks and the synchronization and validation of network data.
The project was one of the largest in the Bitcoin ecosystem when it was launched, with a total locked value (TVL) of over $281 million in its vaults. Nevertheless, the team thinks the project’s potential is even more significant, as they have established partnerships with prominent industry leaders, including Matrixport, throughout the ecosystem. Matrixport committed to staking 5,000 to 10,000 nBTC into the exSat network as part of the partnership announced during the Token2049 event in Singapore. Furthermore, Matrixport will support the development of dApps, thereby facilitating the inception of exSat’s ecosystem.
In conclusion, exSat is the most advanced network in its capacity to establish a decentralized UTXO index for Bitcoin by mirroring Bitcoin’s UTXO data on-chain. This innovation allows BTCFi to enhance the utility of Bitcoin while simultaneously ensuring the security and trust of the ecosystem, thereby unlocking its untapped potential.
