The Bitcoin scaling solution exSat Network announced the launch of the exSat bridge, which introduces Bitcoin staking. This development comes less than two weeks after the mainnet launch and opens up new yield opportunities for Bitcoin holders.
By extending Satoshi Nakamoto’s vision, the platform aims to create new financial opportunities, and Bitcoin staking represents a notable step forward. As the leading digital asset with unparalleled trading activity, Bitcoin can now generate yield through staking. When users stake their BTC, they receive a wrapped token called XBTC, which is pegged one-to-one with native BTC, allowing them to retain control of their original Bitcoin while earning yield.
Staking on the exSat Network also enhances network security. In return for their participation, stakers earn XSAT, the native token that powers the exSat ecosystem, which will be made available for trading on various exchanges in the future.
The exSat bridge was developed in collaboration with custodians, including Ceffu, ChainUp, Cobo, and Cactus, and has undergone comprehensive auditing by Blocksec. This combination of thorough auditing and reputable custodial partnerships ensures that the exSat bridge is secure, transparent, and reliable.
To date, the exSat Network has attracted over $488 million in Total Value Locked (TVL), supported by more than 41 validators, with over 50% of Bitcoin’s hash rate synchronizing data on the network. Notable industry partners involved in the exSat Network include Matrixport, Spiderpool, Antpool, viaBTC, Everstake, HashKey Cloud, Blocksec, OKX, BitTrade, Bitget, ChainUp Cloud, and Cactus Custody, among others.
Staking Bitcoin on the exSat Network is designed to be straightforward: users simply connect their wallet, bridge BTC to obtain XBTC, stake XBTC with a validator, and start earning XSAT. This streamlined process allows Bitcoin stakers to receive XSAT tokens immediately without the need to accumulate points or wait for future airdrops.
exSat: What Is It?
exSat is focused on tackling the scalability and interoperability challenges faced by Bitcoin to help realize the goal of mass adoption of the cryptocurrency. To achieve this, exSat has introduced a Data Consensus Extension Protocol that integrates both Proof of Work (PoW) and Proof of Stake (PoS) mechanisms. This approach aims to improve Bitcoin’s data consensus, enhance scalability, bolster security, and increase interoperability within the ecosystem.
Recently, the project has formed a partnership with the technology company OKX, which has joined as a validator node. This collaboration represents another step forward in enhancing Bitcoin’s scalability and expanding the capabilities of the Bitcoin ecosystem.
The post exSat Debuts Bitcoin Staking, Offering Users New Financial Opportunities appeared first on Metaverse Post.
