为应用程序提供无限的可扩展性，一文带你了解新型的Layer1项目Saga

Chain Capital · 2024-04-08T04:33:38.000Z

2024年4月04日，币安宣布上线第51期新币挖矿项目Saga（$SAGA ）。我们结合近期币安Launchpool的资金面，可比估值以及挖矿成本计算，认为SAGA代币在开盘的合理价格为2.5 美元至 3.5美元之间。 1. 关于本次Binance Launchpool 代币名称：Saga（SAGA）代币最大供应量：1,000,000,000 SAGA 初始流通量：90,000,000 SAGA（代币最大供应量的9%）挖矿总量：45,000,000 SAGA（代币最大供应量的4.5%）研究报告：Saga（SAGA）智能合约详情： Saga Security Chain 限制条款：需KYC 个人每小时挖矿硬顶 BNB矿池：37,500 SAGA FDUSD矿池：9,375 SAGA 2. 项目简介 Saga是一个 Layer 1，允许开发人员开发适用不同虚拟机的、可并行的、可互操作的专用链——“Chainlets”，为应用程序提供无限的可扩展性。Saga 协议是一个完全去中心化的权益证明链。每个 Chainlet 都具有与 Saga 主网相同的验证器集和安全模型。每个 Chainlet 都具有以下功能： l 无限的水平扩展性：所有 Chainlet 都是并行化的应用链实例，允许应用程序弹性扩展至其峰值性能和速度。 l 低成本交易和低且可预测的链费用：开发人员可以选择他们喜欢的任何货币化模式，包括他们自己的代币（或根本没有代币）、法定货币、稳定币，甚至是另一个生态系统的代币。所有 Chainlet 费用均由验证者之间的每日反向拍卖确定，鼓励区块空间的商品定价。 l 自动化：开发者只需在Saga WebApp中点击一个按钮，即可建立起一个Chainlet。 l 互操作性和快速桥接：用户可以使用自动互操作性和异步可组合性，在 Chainlets 和 Saga 和其他生态系统之间自由快速地传输资产。由于每个 Chainlet 都提供快速的交易终结性，用户还可以利用快速桥接到其他链的优势。 l 完全灵活的堆栈：开发人员享受自己的专用链，从而实现环境的最佳灵活性和可定制性。更详细的介绍可以参考币安Research上的Saga介绍：https://www.binance.com/zh-CN/research/projects/saga 3. 团队介绍 Saga团队背景主要基于北美，核心成员都有着技术背景，有着多年的创业和工作经验。 Rebecca Liao 是 Saga 的联合创始人兼首席执行官，同时是 Skuchain 的联合创始人、顾问和前首席运营官。她目前是 Sommelier Protocol 的顾问，设计他们的 DAO，并且是斯坦福大学法律、科学和技术项目的研究员，她专注于技术政策。 Jacob McDorman 是 Saga 联合创始人兼CTO，此前他是软件咨询公司 Cellaflora 联合创始人。他是普渡大学数学学士。 Jin Kwon 是 Saga 联合创始人兼首席战略官，曾担任 Ignite 企业发展副总裁。他是加州大学伯克利分校计算机科学硕士。 Bogdan Alexandrescu 是 Saga 联合创始人兼工程副总裁、Blocktech Ventures 合伙人。在加入 Saga 之前，他曾在 Apple 和 Twitter 工作，担任工程领导者，管理工程组织，专注于开发广告、数据工程、大规模 ML/AI 和基础设施项目领域的尖端解决方案。Bogdan 的专业知识涵盖各个领域，包括工程管理、软件开发和项目领导。他的教育背景包括加州大学戴维斯分校计算机科学硕士学位，并取得了出色的学术成绩，并获得了哈佛商学院的管理、工商管理和领导力学位。 4. 融资历史据币安披露，Saga已经筹集了1500万美元。投资者包括 Placeholder、Maven11、Longhash、Samsung、Com2uS、Polygon、Merit Circle、Figment 和 Chorus One。 5. 社区情况推特：https://twitter.com/Sagaxyz__ ，Follower 113263 Discord：https://discord.com/invite/UCRsTy82Ub ，Member 41613 Telegram：Telegram: Contact @sagaofficialchannel ，Member 4097 6. 代币经济 $SAGA 是 Saga 协议的原生实用代币，用于以下功能： Chainlets的支付：开发者向网络验证者支付$SAGA代币，以实例化并保持他们的Chainlets的活力。质押：质押者帮助保护网络，并接收$SAGA代币和基于 Saga 协议构建的项目的代币作为奖励。治理：$SAGA代币持有者将能够对网络治理决策进行投票。代币最大供应量：1,000,000,000 SAGA 初始流通量：90,000,000 SAGA（代币最大供应量的9%） 7. 上线预测 1) 币安Launchpool近期数据近期币安的IEO数据来看，ETHFI的表现比较亮眼，涨幅比较大，其他的表现较为一般。 2) 资金面对比币安近期Launchpool的资金参与量交易，其中ENA最为突出，仅是在币安上的交易量就超过了10.7亿美金，换手倍数25.05x，流通市值的涨幅为25.83x。 3) 可比估值由于SAGA是基于COSMOS生态的Layer1区块链，我们选取了相似的项目进行对比，从预估SAGA的开盘流通市值和总市值来看，分别有着26.1x和 5.45x增长空间。 5）借贷成本截至2024年4月7日，链上借贷成本APY 75 %左右，需要开盘达到1.614美元才能回本。 4) OTC价格目前SAGA代币在场外的OTC价格在3u左右。 5) 综合计算综上所述，我们认为SAGA代币在开盘的合理价格为2.5 美元至 3.5美元之间。

On April 4, 2024, Binance announced the launch of the 51st new coin mining project Saga ($SAGA). Based on the recent Binance Launchpool funding, comparable valuations, and mining cost calculations, we believe that the reasonable opening price of SAGA tokens is between $2.5 and $3.5.
1. About Binance Launchpool
Token Name: Saga (SAGA)
Maximum Token Supply: 1,000,000,000 SAGA
Initial circulation: 90,000,000 SAGA (9% of the maximum token supply)
Total mining volume: 45,000,000 SAGA (4.5% of the maximum token supply)
Research Report: Saga (SAGA)
Smart Contract Details: Saga Security Chain
Restrictions: KYC required
Individual hourly mining hard cap
BNB mining pool: 37,500 SAGA
FDUSD Pool: 9,375 SAGA
2. Project Introduction
Saga is a Layer 1 that allows developers to develop parallel, interoperable, specialized chains for different virtual machines - "Chainlets", providing unlimited scalability for applications. The Saga protocol is a fully decentralized proof-of-stake chain. Each Chainlet has the same validator set and security model as the Saga mainnet.
Each Chainlet has the following functions:
Unlimited horizontal scalability: All Chainlets are parallelized application chain instances, allowing applications to elastically scale to their peak performance and speed.
Low-cost transactions and low and predictable chain fees: Developers can choose any monetization model they prefer, including their own token (or no token at all), fiat currency, stablecoins, or even another ecosystem’s token. All Chainlet fees are determined by a daily reverse auction between validators, encouraging commodity pricing of blockspace.
l  Automation: Developers can build a Chainlet by simply clicking a button in the Saga WebApp.
l  Interoperability and fast bridging: Users can freely and quickly transfer assets between Chainlets and Saga and other ecosystems using automatic interoperability and asynchronous composability. Since each Chainlet provides fast transaction finality, users can also take advantage of fast bridging to other chains.
l  Fully flexible stack: Developers enjoy their own dedicated chain, allowing for optimal flexibility and customizability of the environment.
 
For a more detailed introduction, please refer to the Saga introduction on Binance Research: https://www.binance.com/zh-CN/research/projects/saga
3. Team Introduction
The Saga team is mainly based in North America, and its core members all have technical backgrounds and many years of entrepreneurial and work experience.
Rebecca Liao is the co-founder and CEO of Saga and the co-founder, advisor, and former COO of Skuchain. She is currently an advisor to Sommelier Protocol, designing their DAO, and a fellow at Stanford University's Program in Law, Science, and Technology, where she focuses on technology policy.
Jacob McDorman is the co-founder and CTO of Saga, and previously co-founded software consulting company Cellaflora. He holds a bachelor's degree in mathematics from Purdue University.
Jin Kwon is the co-founder and chief strategy officer of Saga and was previously the vice president of corporate development at Ignite. He holds a master's degree in computer science from the University of California, Berkeley.
Bogdan Alexandrescu is the Co-Founder and VP of Engineering at Saga and a Partner at Blocktech Ventures. Prior to joining Saga, he worked at Apple and Twitter as an engineering leader, managing engineering organizations focused on developing cutting-edge solutions in the areas of advertising, data engineering, large-scale ML/AI, and infrastructure projects. Bogdan's expertise spans a variety of areas including engineering management, software development, and project leadership. His educational background includes a Master's degree in Computer Science from the University of California, Davis, with outstanding academic records, and a degree in Management, Business Administration, and Leadership from Harvard Business School.
4. Financing history
According to Binance, Saga has raised $15 million. Investors include Placeholder, Maven11, Longhash, Samsung, Com2uS, Polygon, Merit Circle, Figment and Chorus One.
5. Community situation
Twitter: https://twitter.com/Sagaxyz__ , Follower 113263
Discord：https://discord.com/invite/UCRsTy82Ub ，Member 41613
Telegram：Telegram: Contact @sagaofficialchannel ，Member 4097
6. Token Economy
$SAGA is the native utility token of the Saga protocol and is used for the following functions:
Payments for Chainlets: Developers pay network validators in $SAGA tokens to instantiate and keep their Chainlets alive.
Staking: Stakers help secure the network and receive rewards in $SAGA tokens and tokens of projects built on the Saga protocol.
Governance: $SAGA token holders will be able to vote on network governance decisions.
Maximum Token Supply: 1,000,000,000 SAGA
Initial circulation: 90,000,000 SAGA (9% of the maximum token supply)
7. Online prediction
1) Binance Launchpool recent dataJudging from Binance’s recent IEO data, ETHFI’s performance is quite impressive, with a relatively large increase, while the performances of others are relatively average.
2)       Funding comparisonBinance Launchpool has recently seen a large amount of capital participation in transactions, among which ENA is the most prominent. The trading volume on Binance alone exceeded 1.07 billion US dollars, the turnover multiple was 25.05x, and the increase in circulating market value was 25.83x.
3) Comparable valuationSince SAGA is a Layer 1 blockchain based on the COSMOS ecosystem, we selected similar projects for comparison. From the estimated opening market value and total market value of SAGA, there are 26.1x and 5.45x growth potentials respectively.
5) Borrowing costsAs of April 7, 2024, the on-chain borrowing cost APY is around 75%, and the opening price needs to reach $1.614 to break even.
4) OTC PriceCurrently, the OTC price of SAGA tokens is around 3u.
5)       Comprehensive calculationIn summary, we believe that the reasonable opening price of SAGA token is between $2.5 and $3.5.