On April 4, Binance announced a new Lanchpool project: Saga.
This is a Layer 1 protocol that allows developers to automatically launch parallel, interoperable, dedicated chains (Chainlets) for different virtual machines. It may seem a bit confusing, but it is easy to understand in plain language: it helps developers launch chains with one click.
Saga has raised a total of US$15 million from investors including Placeholder, Maven11, Longhash, Samsung, Com2uS, Polygon, Merit Circle, Figment and Chorus One.
The total amount of the official token $SAGA is 1 billion, and the initial circulation of TGE is 9%, of which 45 million is allocated to Binance Lanchpool, supporting BNB and FDUSD mining: https://launchpad.binance.com/zh-CN/
After the mining of new coins was launched, a large amount of funds poured in. Among them, the whale ranked fourth in Blast staking directly put in 68,108 BNB, worth more than 40 million US dollars. So far, the staking pool has exceeded 14 billion US dollars, setting a record for Binance Lanchpool.
Such high market participation, on the one hand, shows that Binance's new coin mining has a strong wealth-creating effect and it is profitable for users to participate in staking. On the other hand, it shows that Saga has reliable strength and a strong community consensus.
To help you gain a deeper understanding of Saga, we have sorted out some key information as follows.
1. Team Background
According to Rootdate statistics, several co-founders of Saga all graduated from prestigious universities, including Stanford, Harvard Business School, University of California, and other top overseas universities. They also have continuous entrepreneurial experience and held leadership positions in large companies and encryption projects before joining Saga.
For startups, the resumes of team members from prestigious universities and companies are undoubtedly a plus, which helps in connecting with capital and listing on stock exchanges.
2. Financing
Saga has raised a total of US$15 million, which is not a large amount, but the investors have strong backgrounds. In addition to a number of institutions participating in the investment, such as Placeholder, Maven11, and Longhash, Cosmos veterans Zaki Manian, Jae Kwon, and former Hashed co-founder Alex Shin, Polymer co-founder Bo Du and other industry OGs have also invested.
As we all know, many VCs don’t care about projects after investing in them, and it is difficult for them to accompany the growth. For infrastructure projects like Saga, resources are sometimes more important than funds.
The Saga team is clearly well aware of this. Therefore, we can see that their investors almost all have strong resources, which will undoubtedly lay the foundation for the development and growth of the Saga ecosystem.
3. Project Highlights
There are many highlights about Saga, but most of them are obscure and difficult for non-technical people to understand.
Let's put it in plain words: Saga provides modular infrastructure, supports developers to launch chains with one click and unlimited expansion. If compared with SaaS (Software as a Service) in the Web2 world, Saga is blockchain-as-a-service.
Not only that, the official also cooperated with Layer1 protocols such as Polygon, Avalanche, and Tia to expand its infrastructure on a larger scale. However, their external publicity is almost exclusively in the gaming field, which feels a bit overkill.
4. Ecological status
To support the development of the ecosystem, Saga launched the Innovator Program to attract various high-quality blockchain projects.
According to the latest published data, the plan has more than 350 projects, of which 80% are games, 10% are NFT and entertainment, and 10% are DeFi.
Click here to view: https://www.saga.xyz/innovators
5. Token Model
The total amount of the official token $SAGA is 1 billion, and the initial circulation volume is 90 million.
Token distribution: Binance Lanchpool 4.5%; Ecosystem and Development Fund 30%; Airdrop 15.5%, Foundation Reserve 10%; Core Contributors 20%; Investors 20%
6. Airdrop Scope
According to previous official news, 60,000,000 SAGA tokens (6% of the total supply) will be issued to eligible addresses, covering more than 200,000 users.
Users from the Cosmos, Celestia, Polygon, Avalanche, and Solana communities are eligible to receive, as are Saga investors and community users who have participated in tournaments, developer stress tests, social tasks, and some NFT communities.
