Why did SAGA Token increase more than 36% after being listed on Binance?
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layer 1 lockchain Saga today announced the mainnet launch to provide a framework for creating an application-specific blockchain, called âChainletâ, along with the SAGA token listed on the Binance exchange.
Saga co-founder and CEO Rebecca Liao said the mainnet launch is happening in six phases, with the Saga âsecurity chainâ containing the SAGA token and a âprotocol chainâ for app creators to use to launch run chain layer 1 launched today.
âWe are delivering on our promise to redefine Web3 development with the launch of the Saga mainnet â allowing creators to deploy blockchain at zero cost to end users. Not only that, we are also breaking down the financial and technical barriers that have controlled blockchain's potential.â
Chainlet uses Saga's Integrated Stack to allow developers to create âappchainsâ, backed by Cosmos Interchain Security (ICS). Appchain is suitable for projects that require dedicated block space and built-in interoperability, facilitating horizontal scalability without sacrificing performance or security.
In an effort to enhance interoperability and scalability, Saga has raised $15 million from prominent investors such as Maven11, Longhash, Samsung, Polygon and Merit Circle.
The mainnet was launched in parallel with the phased distribution of SAGA tokens to participants and monthly distributions from over 100 partner projects to SAGA investors. Furthermore, Saga has formed strategic partnerships with Polygon, Avalanche and Celestia to enhance infrastructure using Chainlet technology.