In the past few days, old coins such as ADA and XRP have moved abnormally. Many people may ask, where is EOS, the Ethereum killer of the year? In fact, I am also curious, and then I searched the movements of the foundation and found that they are working on the second layer of Bitcoin.
EOS, the king of the year, incubated its own Bitcoin network extension protocol exSat this year, so this article will analyze and sort it out.
exSat is a network expansion solution for Bitcoin. Similar to most BTC L2s, it requires staking Bitcoin or one’s own XSAT tokens to obtain token output on its platform.
The founder of the project, Yves, is also the founder of the EOS Foundation. Once it was made public, it received a $20 million grant from the EOS Foundation.
Compared with other Bitcoin staking protocols or second layers, exSat’s characteristics are: no shortage of money, strong resources, and many believers. Since XSAT is currently in the community and the over-the-counter price is 110 u, according to the current Bitcoin staking output, the rate of return is about 2 times.
As a result, EXSAT has accumulated 4,348 BTC pledged so far.
In terms of market value estimation, since exSat is not a VC disk and only has EOS as the sole funder, its token circulation is mainly the output of staking mining.
From many aspects, exSat is more optimistic than the current BounceBit, Bitlayer, and Merlin. Its main competitor is Babylon, which is known as the ceiling of VC disks.
The project is currently in the staking mining stage and was just launched this month. The staking scale has reached 4,348 BTC. Judging from the on-chain steps, there are many Bitcoin miners and OGs participating.
After successfully staking BTC, you will receive the corresponding anchor token XBTC, which is 1:1 with the native BTC. As the staking time goes by, you will get XSAT, which is the token that the exSat project will circulate on the exchange in the future.
Since the Bitcoin ecosystem hype cycle was short at the beginning of this year, the market ended when the major BTC protocols emerged. Inscriptions and corresponding sectors also cooled down, but in the context of the 25-year market, the market may quickly rotate back to the Bitcoin ecosystem sector.
Some recent inscriptions and related protocols have also shown signs of this. Therefore, we will keep an eye on exSat and look forward to the next great disk.
