• Crypto & Funx
• 14 Jun, 2024

exSat Network’s bridge allows Bitcoin holders to stake their BTC to receive XBTC which is pegged 1:1 to the value of the native Bitcoin price.

The new bridge was developed in partnership with other industry players like Ceffu, ChainUp, Cobo, and Cactus while Blocksec handled the auditing to ensure full transparency. .

exSat Network, a layer-2 scaling solution built to improve the scalability and interoperability challenges of the Bitcoin blockchain, has today announced the launch of Bitcoin staking services to decentralized finance () users looking to earn additional income from their holdings.

On Tuesday, November 5, the protocol unveiled its new cross-chain bridge that allows users to stake their BTC in exchange for a wrapped token, XBTC, pegged 1:1 to the value of the leading crypto asset. The digital asset will be available for trading on centralized exchanges in the future.

A Step Toward Expanding on Satoshi Nakamoto’s Vision for Bitcoin

exSat Network described the launch of its bridge as a step toward expanding on Satoshi Nakamoto’s vision for Bitcoin. The platform explained that fulfilling Satoshi’s ideals means opening up fresh financial possibilities for users engaging with the protocol.

The platform partnered with leading custodians in the industry, such as Ceffu, ChainUp, Cobo, and Cactus, to develop the cross-chain bridge. According to exSat Network, the deal aimed to ensure robust support for the secure management of users’ assets.

Additionally, the layer-2 scaling solution said it sought the services of Blocksec to audit the new offering, providing an added layer of security, transparency, and reliability to further enhance users’ trust.

The bridge was introduced just two weeks after the network’s mainnet launch. The platform uses an innovative Data Consensus Extension Protocol that merges Proof of Work (PoW) with Proof of Stake (PoS), creating a hybrid model. This approach not only stays true to Bitcoin’s principles of decentralization but also boosts network security and scalability by implementing a stake-based governance system.

exSat Network Hits Nearly $500 Million in TVL

exSat currently boasts 41 validators who help confirm transactions on the platform while securing the network against cyber threats. These validators include prominent companies like OkX, Bitget, BitTrade, and HashKey Cloud, as well as blockchain projects like Everstake, ChainUp, Genpool, and SpiderPool.

Since the protocol’s launch, exSat Network has generated nearly $500 million in total value locked (TVL). Despite being one of the new entrants, this figure has surpassed that of many Bitcoin scaling solutions, such as Lightning Network, which recorded more than $234 million in TVL in June this year.

During the same period, other Bitcoin layer-2 protocols like Stacks (formerly known as Blockstack), Merlin Chain, and Rootstock reached TVLs of between $152 million and $118 million. However, despite the disparities in TVL, all the Bitcoin scaling solutions have one common mission: enhancing the network’s capabilities and building on Satoshi’s vision.