exSat Network Rolls Out Bitcoin Staking Through Its New Native Bridge

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As a seasoned crypto investor with years of experience navigating the volatile digital asset market, I find the recent launch of exSat’s mainnet and Bitcoin staking program quite intriguing. Having witnessed the evolution of various scaling solutions, I can confidently say that exSat’s approach to freeing Bitcoin from limitations while enabling yield-producing assets is a game-changer.

In simple terms, the newly launched mainnet of exSat, a network designed for scaling Bitcoin, has initiated its Bitcoin staking program. This was made possible by the introduction of the exSat Bridge, allowing users to deposit Bitcoin and generate XBTC. Over time, this will facilitate various DeFi (Decentralized Finance) activities within exSat’s rapidly growing Bitcoin network.

The core aspect of exSat’s mission lies in enabling users to issue tokenized Bitcoin on its platform, aiding in the growth and scalability of Bitcoin. By releasing Bitcoin from the financial and transactional restrictions of the main chain, exSat provides a platform that empowers Bitcoin owners to transform their cryptocurrency into income-generating assets. Moreover, the exSat Bridge simplifies application development for developers, making it easier to create applications with high liquidity on the exSat Network.

The exSat bridge was developed in collaboration with custodians including Ceffu, ChainUp, Cobo, and Cactus Custody. It has also been subjected to auditing by Blocksec to ensure security and reliability are fully optimized.

Strengthening exSat Through Staking

Just over a week since its mainnet debut, exSat has launched the exSat Bridge, which serves as a foundation for the thriving economic activities expected on the exSat platform. This move solidifies exSat’s efforts to lead the charge in scaling Bitcoin.

On the exSat Bridge, users can take part in staking actions with their own Bitcoin (BTC), without giving up ownership. By depositing XBTC with a validator on the exSat Network, users receive XSAT, the native token that fuels the exSat platform’s operations. This method not only rewards stakers but also strengthens the network by enhancing its security and decentralization.

Minting XBTC offers a base for DeFi operations like lending and trading, especially as initial protocols launch. This allows exSat users to explore the innovative aspects of the latest Bitcoin scaling network. The staking mechanism is user-friendly; it involves connecting a wallet, transferring BTC to receive XBT on exSat, and then selecting a validator to stake with.

TVL Creeps Higher

Initially, ExSat benefited from a favorable situation due to the TVL (Total Value Locked) being already in place, courtesy of its collaborating ecosystem partners. From day one, approximately $500 million worth of TVL was present on the blockchain, with around 40 validators such as Matrixport, Spiderpool, Antpool, viaBTC, Everstake, HashKey Cloud, Blocksec, OKX, BitTrade, and Bitget contributing to this.

Transforming a fresh network into a flourishing ecosystem takes patience, and there’s still plenty of work ahead in achieving exSat’s goal of expanding Bitcoin. However, early indications are positive. A broad alliance of partners has been established, liquidity is increasing, and with the introduction of exSat Bridge, XBTC can now be staked for the first time, yielding a sustainable income.

With an increasing number of developers contributing to exSat’s growing community, and as the protocols transition from trial networks (testnets) to active, live networks (mainnets), users will gain a more distinct understanding of the performance improvements that exSat offers and the novel advancements backed by its hybrid consensus system.

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2024-11-05 19:30