As a seasoned analyst with a decade of experience in the cryptocurrency market, I find the recent developments at exSat Network quite intriguing. Having witnessed the scalability issues that have plagued Bitcoin since its inception, it’s refreshing to see innovative solutions like exSat emerge on the scene.
In the span of barely two weeks following its mainnet debut, the Bitcoin network scaling solution known as exSat Network has commenced offering staking services.
A Singapore-based scaling startup named exSat Network is introducing Bitcoin (BTC) holders to staking services as a means to generate “new financial possibilities.” According to a press release distributed on November 5 and shared with crypto.news, the exSat Network team has developed this solution, which can be accessed through the exSat bridge, providing an opportunity for yield via staking.
Users can trade their Bitcoin (BTC) and get back XSAT tokens, native to the exSat system. These XSAT tokens are anticipated to be available for trading on various platforms later on, although a specific release date for listing is yet to be announced.
The exSat bridge, created in partnership with entities such as Ceffu, ChainUp, Cobo, and Cactus, underwent a thorough security and reliability check by Blocksec. Additionally, the team mentioned that the exSat Network has successfully locked up a total value of approximately $488 million, backed by over 41 active validators.
exSat seeks to solve never-ending Bitcoin’s problem
Introduced in late October, exSat functions as a platform for easier docking with the goal of promoting wider Bitcoin usage and boosting its functionality and scalability. By incorporating an extended data consensus protocol that combines proof-of-work and proof-of-stake techniques, exSat aims to optimize Bitcoin’s agreement system and reinforce network security.
Around mid-September, crypto.news announced that OKX had become a validator node within the exSat Network. This move supports initiatives to enhance Bitcoin’s scalability and compatibility through the use of exSat’s hybrid consensus mechanism. To be eligible for revenue sharing on the exSat Network, validators must deposit more than 100 Bitcoins along with XSAT tokens, which is exSat’s native currency.
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2024-11-05 18:24