Crypto Daily – exSat, the scaling network that recently launched its mainnet, has rolled out its Bitcoin staking program. It’s been achieved through the deployment of exSat Bridge, enabling users to stake BTC and mint XBTC. This will eventually support a host of DeFi activities on exSat’s rapidly expanding Bitcoin ecosystem.
The ability for users to mint tokenized BTC on its network is key to exSat’s vision of helping Bitcoin scale. By freeing BTC from the cost and throughput limitations of the main chain, exSat is able to support a scalable framework where bitcoiners can turn their crypto into yield-producing assets. exSat Bridge will also make it easier for developers to create highly liquid applications using exSat Network (LON:).
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
exSat hasn’t been hanging around in its quest to position itself at the vanguard of the movement to scale Bitcoin. Less than a fortnight after its mainnet launch, the release of exSat Bridge provides a cornerstone of the economic activity that is poised to flourish on exSat.
The exSat Bridge enables users to retain ownership of their original BTC while participating in staking activities. By staking XBTC with a validator on exSat Network, users earn XSAT, the native token that powers the exSat ecosystem. This process not only benefits stakers but contributes to the network’s security and decentralization.
The ability to mint XBTC will provide a foundation for DeFi activities such as lending and trading, particularly as the first protocols are rolled out, giving exSat users a chance to see what the latest Bitcoin scaling network brings to the table. The staking process has been designed with user-friendliness in mind: it’s simply a case of connecting a wallet, bridging BTC to receive XBT on exSat, and then staking it with a chosen validator.
TVL Creeps Higher
exSat found itself in the fortunate position of launching with significant TVL in place thanks to its ecosystem partners. Almost $500M in TVL was onchain from day one, delivered courtesy of around 40 validators including Matrixport, Spiderpool, Antpool, viaBTC, Everstake, HashKey Cloud, Blocksec, OKX, BitTrade, and Bitget.
It takes time to turn a new network into a thriving ecosystem of course and there is still much work to be done in realizing exSat’s vision of scaling Bitcoin. The signs are nevertheless promising at this early stage. A wide network of partners are in place, liquidity is growing steadily, and now, thanks to the launch of exSat Bridge, XBTC can be staked and used to earn the first sustainable yield.
As more developers join exSat’s fledgling ecosystem and protocols move from testnet to mainnet, users will be able to get a clearer picture of the performance enhancements that exSat brings and the innovations its hybrid consensus mechanism supports.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Sponsor
