exSat Network is a scaling solution designed to unlock and expand the Bitcoin ecosystem, officially launching its mainnet on October 23, 2024, in Singapore. This milestone marks an important step for the exSat community and the broader blockchain ecosystem.
Satoshi Nakamoto envisioned Bitcoin as a revolutionary alternative to traditional financial systems, providing users with greater freedom, control, and security. While 94% of Bitcoin has been mined, Satoshi's vision remains largely unfulfilled. exSat aims to realize this vision by expanding Bitcoin's utility and unlocking a new class of real-world applications.
Through collaborations with industry-leading companies such as Matrixport, Spiderpool, Antpool, Everstake, HashKey Cloud, Blocksec, OKX, BitTrade, Bitget, ChainUp Cloud, and Cactus Custody, exSat's mainnet has been successfully launched, featuring 41 validators, each staking at least 100 BTC. Validators protect the network by validating transactions, while synchronizers (including Antpool, Spiderpool, viaBTC, and F2Pool) synchronize the UTXO data of Bitcoin. These synchronizers account for over 53.4% of Bitcoin's hash rate, ensuring unparalleled trust and security.
As part of this release, the XSAT token generation event has also taken place. XSAT is the network's token, combining the robust security of Proof of Work (PoW) with the flexible functionality of Proof of Stake (PoS). XSAT is based on Bitcoin's fair release principle, with no pre-mining or pre-allocation, ensuring transparency and equality for all participants. XSAT is earned through mining native Bitcoin blocks, synchronizing, and validating data on the network.
At launch, exSat's total locked value (TVL) exceeded $281 million, making it one of the largest projects in the Bitcoin ecosystem. Following the announcement of a partnership with Matrixport at Token2049, the TVL is expected to continue growing. Matrixport has committed to injecting 5,000 to 10,000 nBTC into the network. Additionally, Matrixport will assist in dApp development to help launch exSat's ecosystem.
By mirroring Bitcoin's UTXO data on-chain, this network stands out in creating a decentralized UTXO index for Bitcoin. This breakthrough enables BTCFi while expanding Bitcoin's utility and unlocking the emerging potential of the ecosystem while maintaining trust and security.
For more information about the exSat network launch and to learn about upcoming developments, please visit exSat's Twitter and website.
