In an announcement this week, exSat, a scaling solution designed to address the scalability and interoperability challenges of Bitcoin, unveiled the launch of its mainnet. The latest milestone marks a significant step for the network in advancing Bitcoin’s technical properties and promoting widespread adoption of Bitcoin. exSat also announced the launch of its XSAT token generation event (TGE), which will serve as the driver of the network.
exSat has been in beta for the past few months, with developers building scalability solutions to advance Bitcoin’s ecosystem. The platform implements a Data Consensus Extension Protocol that combines Proof of Work (PoW) and Proof of Stake (PoS), intending to enhance BTC’s data consensus, scalability, security, and interoperability within the ecosystem.
The mainnet launch is a testament to the project’s goal of bringing Satoshi’s vision to life – with Bitcoin providing an alternative to the current Tradfi systems by giving users greater freedom, control and security over their money. exSat is purpose-built to bring that vision to life by scaling Bitcoin’s utility and unlocking a new class of real-world applications.
The mainnet launch welcomed several leading contributors in the Bitcoin ecosystem including top validators and synchronizers to help exSat provide a greater degree of security and scalability to its users. The mainnet launch welcomed over 50 validator partners at launch including Matrixport, Spiderpool, Antpool, Everstake, HashKey Cloud, Blocksec, OKX, BitTrade, Bitget, ChainUp Cloud, Cactus Custody and others. Each validator staked 100 BTC to help secure the platform and validate the transactions. Synchronizers include Antpool, Spiderpool, viaBTC and F2Pool, which synchronize Bitcoin’s UTXO data and represent over 53.3% of Bitcoin’s hash rate, ensuring heightened trust and security of users’ funds.
exSat’s XSAT Token Generation Event Is Successful
In addition to the mainnet launch, exSat also announced the successful launch of its XSAT TGE event, allowing users to mine the native token of the network. The token combines the robust security of Proof of Work (PoW) with the flexible functionality of Proof of Stake (PoS). Notwithstanding, the token was modelled 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 and synchronizing or validating data on the exSat network.
More importantly, the exSat mainnet launch follows rapid growth for the network during testing with over $200 million in total value already locked in the platform’s vaults. As one of the largest scalability solutions on Bitcoin, exSat aims to expand its TVL, announcing partnerships with leading Bitcoin-based projects.
The most well-known partnership is with Matrixport during the Token2049 event in Singapore, whereby 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.
Finally, exSat will also expand the development of its decentralized Bitcoin’s UTXO data on-chain index in the coming future. This will enable BTCFi to expand Bitcoin’s utility while maintaining trust and security and unlock the ecosystem’s nascent potential.
