Less than two weeks after the mainnet debut, exSat Network, a Bitcoin network scaling solution, has introduced staking services.
In an effort to generate “new financial opportunities,” Singapore-based scaling firm exSat Network is introducing staking services for Bitcoin owners.
The exSat Network team stated in a press release on Nov. 5 that the new solution, which is available through the exSat bridge, offers yield potential through staking. Users will receive XSAT, the native token of the exSat ecosystem, in return for staked Bitcoin.
Although no listing timetable has been given, it is anticipated that XSAT will eventually be traded on several exchanges.
The exSat bridge, which was created in cooperation with custodians Ceffu, ChainUp, Cobo, and Cactus, has been assessed by Blocksec to guarantee security and dependability.Â
The team also reported that, with the help of more than 41 validators, exSat Network had secured over $488 million in total value locked.Â
ExSat aims to resolve Bitcoin’s issue
ExSat, a docking layer introduced in late October, aims to improve functionality and scalability while promoting wider Bitcoin usage.
ExSat aims to enhance Bitcoin’s consensus process and fortify network security by implementing a data consensus extension protocol that combines proof-of-work and proof-of-stake algorithms.
The cryptocurrency exchange OKX was reported to have joined the exSat Network as a validator node in mid-September, assisting with efforts to use exSat’s hybrid consensus process to increase the scalability and interoperability of Bitcoin.
To be eligible for revenue rights, validators on the exSat Network must invest more than 100 BTC in addition to XSAT, the native token of exSat.
