Bitcoin-based exSat Network launches staking services

Bitcoin network scaling solution exSat Network launched staking services just two weeks after the launch of the mainnet.

Singapore-based scaling startup exSat Network is launching staking services for Bitcoin (BTC) holders, aiming to create “new financial opportunities.” In the press release dated November 5 shared with crypto.news, the exSat Network team stated that the new solution, accessible via the exSat bridge, offers the potential for returns through staking.

In exchange for stacked BTC, users will receive XSAT, the native token of the exSat ecosystem, which is expected to be traded on multiple exchanges in the future, but no timeline for listing has been provided.

Developed in collaboration with custodians such as 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 more than $488 million in total value, backed by more than 41 validators.

exSat tries to solve Bitcoin’s never-ending problem

Launched in late October, exSat serves as an onboarding layer that aims to facilitate broader adoption of Bitcoin and improve functionality and scalability. exSat aims to improve Bitcoin’s consensus mechanism and strengthen network security by implementing a data consensus extension protocol that combines both proof-of-work and proof-of-stake algorithms.

In mid-September, crypto.news reported that cryptocurrency exchange OKX had 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 must stake 100 BTC as well as exSat’s native token, XSAT, to qualify for revenue rights.