exSat, a Bitcoin scaling solution designed to unlock and scale the Bitcoin ecosystem, unveiled its mainnet this Wednesday. The landmark development marks a significant goal in exSat’s vision to provide its users with a much more secure, scalable and usable Bitcoin ecosystem while advancing the adoption of the technology.
exSat follows Satoshi’s vision to build a revolutionary network (Bitcoin) that replaces the traditional financial systems and solves its challenges. Following the launch, exSat aims to build solutions that give Bitcoin users greater freedom, control and security over their funds – something Bitcoin has struggled to do over the past decade or so. exSat is purpose-built to bring Satoshi’s vision to life by scaling Bitcoin’s utility and unlocking a new class of real-world applications.
Designed to activate participation across the board, from synchronizers and validators to retail investors, the exSat Network ensures a truly decentralized and engaged ecosystem. During the launch, exSat partnered with several validators and synchronizers to ensure better security and trust of its network. Over 30 validators from some of the industry leaders in Bitcoin’s ecosystem partnered with exSat, each staking a minimum of 500 BTC into the validation process.
Some of the leading firms that joined as validators include Matrixport, Spiderpool, Antpool, Everstake, HashKey Cloud, Blocksec, OKX, BitTrade, Bitget, ChainUp Cloud, Cactus Custody and others. The synchronizers, whose role is to synchronize Bitcoin’s UTXO data include Antpool, Spiderpool, viaBTC and F2Pool. These represent some of the largest Bitcoin mining firms in the world, garnering a combined 53.4% of Bitcoin’s hash rate, which ensures unmatched trust and security.
XSAT Successful Token Generation Event (TGE)
Furthermore, the mainnet launch also confirmed the completion of exSat’s native token XSAT’s token generation event. Derived from Bitcoin’s ideology, XSAT is the beating heart of the exSat platform, acting as the utility token that powers the network. The token combines the robust security of Proof of Work (PoW) with the flexible functionality of Proof of Stake (PoS).
Its core functions include rewards to Synchronizers, Miners, Validators and Stakers for securing and participating in the network. In addition, XSAT also unlocks new levels of participation and integration, enabling everyone to be part of the next wave of innovation in the Bitcoin ecosystem.
XSAT 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 and validating data on the network.
The project launched with over $200 million in total locked value (TVL) in its vaults, making it one of the largest projects in the Bitcoin ecosystem. However, the team believes the potential of the project is even larger, having made partnerships across the ecosystem with prominent industry leaders such as Matrixport. The partnership with Matrixport, announced during the Token2049 event in Singapore, saw the latter commit to staking 5,000 to 10,000 nBTC into the exSat network. Additionally, Matrixport will assist with dApp development, helping to kickstart exSat’s ecosystem.
Finally, mirroring Bitcoin’s UTXO data on-chain sees exSat as the leading network in its ability to create a decentralized UTXO index for Bitcoin. This breakthrough enables BTCFi to expand Bitcoin’s utility while maintaining trust and security, unlocking the ecosystem’s nascent potential.
