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Bitcoin-based exSat Network launches staking services
Bitcoin network scaling solution exSat Network has launched staking services just under two weeks after its mainnet launch.
Singapore-based scaling startup exSat Network is launching staking services for Bitcoin (BTC) holders, aiming to create “new financial opportunities.” In a Nov. 5 press release shared with crypto.news, the exSat Network team stated that the new solution, accessible via the exSat bridge, offers yield potential through staking.
In exchange for staked BTC, users will receive XSAT, the native token of the exSat eco, which is expected to be traded on multiple exchanges in the future, though no timeline for listing has been provided.
Developed in collaboration with custodians including Ceffu, ChainUp, Cobo, and Cactus, the exSat bridge has been audited by Blocksec to ensure security and reliability. The team also noted that exSat Network has secured over $488 million in total value locked, supported by more than 41 validators.
exSat seeks to solve never-ending Bitcoin’s problem
Launched in late October, exSat serves as a docking layer aimed at facilitating broader Bitcoin adoption and enhancing functionality and scalability. By implementing a data consensus extension protocol that integrates both proof-of-work and proof-of-stake algorithms, exSat seeks to improve Bitcoin’s consensus mechanism and strengthen network security.
In mid-September, crypto.news reported that cryptocurrency exchange OKX joined the exSat Network as a validator node, supporting efforts to improve Bitcoin’s scalability and interoperability using exSat’s hybrid consensus mechanism. Validators on the exSat Network are required to stake over 100 BTC as well as exSat’s native token, XSAT, to qualify for revenue rights.