What is Saga (SAGA) Coin: Saga Coin Review&Analysis
Saga (SAGA) is crypto exchange Binance’s 51st Launchpool project. This project is a Layer 1 protocol created specifically for developers to enable them to build infinitely scalable applications using “chainlets.”
In this article, we will explore what Saga cryptocurrency is and explore its future outlook of SAGA coin.
Table of Contents
What is Saga (SAGA)?
Saga is a Layer 1 network built on the Cosmos SDK with unlimited horizontal scalability potential. The project aims to simplify and enhance the DeFi and Web3 gaming industry by providing a more customizable and streamlined process for developing new applications.
On the Saga chain network, blockchain developers can create their own autonomous, VMM-independent decentralized applications called “Chainlets.” This opens up the opportunity for unlimited horizontal scaling potential and applications that are highly customizable, interoperable, fee-predictable, and easy-to-create.
Although Chainlets are autonomous and Virtual Machine agnostic, they still rely on Saga’s L1 security and validators. They pay a fee to validators based on a subscription model. The subscription price is determined during validator’s auction, where the validator who offers the lowest price wins Chainlet’s auction.
Saga Development History
The concept and ambition of the Saga encryption protocol to facilitate the development of web3 Dapps has attracted a great deal of attention from developers and the crypto community, successfully expanding its ecosystem to over 360 active decentralized applications.
Since founded in 2021, the company has closed three rounds of private funding with top funds and investors such as Polygon Studios, Hypersphere Ventures, SamsungNext, and more, securing more than $15 million.
On April 5, 2024, the project forged a new partnership with the largest crypto exchange, Binance, announcing an IEO and subsequently listing of $SAGA on the exchange, allocating 4.5% of the total supply for the event.
Work Principle of Saga
The Saga protocol is decentralized and runs on a proof-of-stake (PoS) model. Each Chainlet mirrors the Saga mainnet in a security and validator set, ensuring consistent and strong security across the platform.
Notable features of Chainlet include:
- Scalability: Chainlet enables applications to scale their performance and speed as needed.
- Cost-effective operation: developers can choose their preferred monetization model, with fees determined by daily reverse auctions between validators.
- Easy to use: Chainlets can be easily set up with a single click in Saga WebApp.
- Interoperability:rapid asset transfers between Chainlet and other ecosystems are possible.
- Flexibility: developers have full control over their Chainlets, ensuring customizability and application-specific optimizations.
What is SAGA Token?
SAGA is the native token of the Saga protocol, providing support for the entire Saga protocol. The token is used to access decentralized governance, pledge, pay fees, and reward Chainlets validators within the network.
- Chainlet Payments: developers use SAGA coins to cover the cost of creating and maintaining chainlets for network validators.
- Pledge: participants can pledge to enhance network security and receive SAGA coins as well as token rewards from projects that use the Saga protocol.
- Governance: SAGA Coin holders also have the privilege of voting on Internet governance issues.
SAGA Token Economy
The total supply of SAGA coins was 1,000,000,000, of which private pre-sales accounted for 20% (200,000,000) of the total supply, and public sales accounted for 4.5% (45,000,000), and were conducted through Binance.
Total Raise: $15,000,000
Total Supply:1,000,000,000
Private/Pre-Sale: 200,000,000 (20%)
Public Sale: 45,000,000 (4.5%)
Fully Diluted Valuation (FDV): $75,000,000
Initial Circulation Supply: $6,750,000 (9% of FDV)
SAGA Token Sale
As mentioned above, SAGA token sales will be conducted through Binance.
According to an announcement published by Binance on April 4, Saga (SAGA) will debut as the 51st Launchpool project. As of April 5, users can begin to earn SAGA tokens by pledging BNB and FDUSD stablecoins through a dedicated pool.
So far, the startup pool has made a huge success, with more than $2 billion in assets in the dedicated SAGA pool. Saga has managed to become the largest Launchpool in Binance history.
The initial supply of SAGA is 90 million SAGA, accounting for 9% of the total supply on the market.
Saga Future Outlook
Since its inception, Saga has grown rapidly, with 350 projects built on its protocols in two years, 80% of which are game-related. It has made collaborations with leading blockchain networks such as Polygon (MATIC) and Avalanche (AVAX).
In addition, Saga recently launched Saga Origins, a game publishing division dedicated to bringing quality games to market. With Saga Origins, developers have access to comprehensive support, including partnerships with influencers, user acquisition activities, and community building programs. Saga also holds Play to Airdrop event where players are rewarded with SAGA tokens by participating in games.
Saga launched the Pegasus Incentive Test Net in Q4 2023 to assess performance metrics. Saga is planning another round of airdrop rewards around the theme of “loyalty,” much like the earlier wave, with Liao saying that unclaimed tokens from the first round will be rolled over towards future initiatives.
Furthermore, Saga is teaming up with as-yet-unconfirmed ecosystem partners to deliver even more benefits for users who stake their tokens. “Saga will airdrop confirmed loot boxes of over 100 of their partner’s tokens to Saga stakers on a regular cadence,” a press release reads.
Going forward, Saga plans to gradually roll out its mainnet, starting with the Saga security blockchain and platform blockchain that make up the Saga mainnet. These blockchains will provide developers with the infrastructure to launch and maintain their Chainlets.
How to Buy SAGA Coins?
SAGA coins will be traded securely on Binance, the world’s largest cryptocurrency exchange by trading volume. SAGA coins will be launched on Binance on April 9, 2024, and SAGA/BTC, SAGA/USDT, SAGA/ BNB, SAGA/FDUSD, SAGA/TRY trading pairs will be open for trading.
Note: BTCC does not support Saga token trading for the time being, but offers over 300 virtual currency contracts with leverage up to 225×. If you are interested, click the button below for the trading page.
Recommended for you:
Best Crypto Exchanges Australia 2024
BTCC vs. NDAX: which is a better choice for crypto trading in Canada?
How to Choose Best Crypo Exchanges in Canada
BTCC vs. Bybit vs. eToro：which is the best choice for you？
BTCC vs. Coinbase vs. Crypto.com
Best Crypto Exchange Canada For April 2024
Bitcoin Halving Countdown 2024：Something You Need to Know About It
Gold Price Continues to Rally: Is Gold a Good Investment For Canadians In 2024
What is SPACE ID(ID): Is SPACE ID A Good Investment In 2024?
Register now to begin your crypto journey
Download the BTCC app via App Store or Google Play
Follow us
Scan to download
Exchange for a better future
- Terms & Agreement
- Customer Service
Quick Links
Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.
The world’s longest-running cryptocurrency exchange since 2011 © 2011-2024 BTCC.com. All rights reserved
Comments
Leave a comment
Your email address will not be published. Required fields are marked with an asterisk (*).
Comment*
Name*
Email address*