In brief
With the debut of staking services, Singapore-based exSat Network enables Bitcoin holders to generate yield using the native XSAT currency of the network. The service intends to improve Bitcoin’s popularity and scalability after exSat launches its mainnet.
exSat Network Launches Staking for Bitcoin Holders
Bitcoin scaling solution exSat Network, based in Singapore, introduced its staking services on Nov. 5, shortly after launching its mainnet. The new service, accessible through the exSat bridge, offers Bitcoin holders the chance to stake BTC in exchange for XSAT tokens, exSat’s native cryptocurrency.
Staking Potential and XSAT Tokens
XSAT tokens are awarded to users who stake Bitcoin via the exSat bridge; exchange listings are possible. XSAT seeks to offer yield and liquidity to its holders, creating new financial opportunities inside the exSat ecosystem, even if there is no established schedule for market listings.
YOU MIGHT ALSO LIKE: AI-Powered Phishing Scams Take Aim at Crypto Users
Safe Cooperation and Audits
The exSat bridge was created in collaboration with industry partners Ceffu, ChainUp, Cobo, and Cactus. To guarantee platform dependability, Blocksec conducted security checks on the bridge. ExSat is backed by 41 validators and has secured more over $488 million in total value locked (TVL) to far.
Looking for Solutions to Bitcoin’s Scalability Issues
Introduced in late October, exSat is a hybrid consensus mechanism that uses a combination of proof-of-work and proof-of-stake algorithms to address the scalability issue with Bitcoin. This architecture enhances security and promotes broader adoption by overcoming Bitcoin’s historical limitations on scalability and usefulness.
OKX exchange joined the exSat Network in September as a validator, demonstrating institutional support for exSat’s scalability objectives. Validators are required to stake at least 100 BTC and hold XSAT tokens to gain revenue rights, underscoring the network’s commitment to a secure and sustainable ecosystem.
