As announced a few days ago, tomorrow will be the day of the listing of SAGA on Binance.

Today, however, the exchange has notified that the launch will take place a few hours earlier, at 08:00 UTC instead of 14:00 UTC.

UTC is Coordinated Universal Time, and coincides with Greenwich Mean Time (GMT). 

When tomorrow, Tuesday, April 9, 2024, it will be 8:00 UTC, in London it will be 9:00, due to daylight saving time, while in central Europe (Rome, Berlin, Paris) it will be 10:00. 

At that time, SAGA trading will be enabled on Binance. 

SAGA: tomorrow the listing of the new token on Binance

Until then, the SAGA token will not be freely tradable on the crypto markets. 

Binance will add to its basket the trading pairs SAGA/BTC, SAGA/USDT, SAGA/BNB, SAGA/FDUSD, and SAGA/TRY (Turkish lira), and will apply the seed tag to the token.

Saga is the 51st project on Binance Launchpool, and it is an L1 that serves to create and launch other L1s.

Out of a maximum supply of one billion tokens, only 9% (90 million) will be initially distributed, with 45 million tokens distributed as rewards for the Binance Launchpool. 

The farming period, which started on April 5th, will end at 23:59 UTC today. 

The Saga project is unique in its kind, for now. It is in fact a layer-1 blockchain on which a system will be created that will allow developers to easily and quickly create other layer-1 blockchains from scratch. 

It is so new that it is difficult to judge, because there is no historical reference to rely on. 

Actually, it even seems that it doesn’t have real competitors yet, and that it won’t compete with other more famous layer-1s, like Ethereum, Solana, or even Bitcoin.

For this reason, it is also practically impossible to make predictions about the price of its token, also because in the long term it will depend a lot on how effectively its ecosystem will be used (something that no one knows today).  

Binance Launchpool

Out of the 50 crypto projects launched so far with Binance’s Launchpool, only one has managed to exceed a market capitalization of 2 billion: this is SUI, launched in May of last year. 

Instead, SIX can be found at two billion, launched in August of last year. 

Only three other projects exceed one billion dollars in market capitalization, namely BEAM, launched in October 2023, ENA, launched a few days ago, and PENDLE, launched in May 2021.

It is worth noting that there are as many as 46 tokens or cryptocurrencies in the world that have a market capitalization of over 3 billion dollars, including the memecoin PEPE. In fact, the memecoin WIF (dogwifhat), launched only in December 2023, has a market capitalization of over 4 billion dollars. 

Among the 50 projects already launched by Binance Launchpool, the one with the lowest market capitalization is the Roma fan token (ASR), launched in mid-2020, before the last major bull run, and dropped below the $8 million market capitalization.

There are six other football team fan tokens launched through Binance Launchpool that have fallen below a $50 million market capitalization, and they all date back several years ago. 

Moreover, out of the total 50, only ten exceed $500 million in market capitalization, and only five exceed $1 billion. 

The success of Binance Launchpool

The success of Binance’s Launchpool is mainly due to the fact that exchange users can earn free tokens simply by staking their BNB before the listing. 

This is a kind of airdrop reserved for Binance users who put BNB or other cryptocurrencies into farming. 

It is just another way to introduce tokens into the market, only that typically those who obtain tokens in this way end up selling them in order to monetize their earnings. 

Sometimes, however, it happens that as soon as the listing is over, mass sales do not take off, and on the contrary, maybe the buying pressure increases due to the excitement about the project launched.

And so, for example, the ENA token from Ethena, launched just six days ago, saw its price rise from $0.6 to $1.3 in the first 24 hours after its market debut.

However, sales tend to prevail in the medium/long term, although there are exceptions like PENDLE.

Therefore, the success of Binance’s Launchpool often specifically concerns the launch of new crypto projects on the markets, which rarely perform well in the long run, except for a few exceptions. 

For example, BNB was launched as Binance’s token through an ICO, and not with an airdrop, even though the failure rate of projects launched through ICOs is perhaps even higher: BNB is a rare exception to this sort of unwritten rule. 

The new crypto projects: Will SAGA succeed after listing on Binance?

Saga in theory seems like an interesting new crypto project, although it is unique in its kind at the moment and therefore very difficult to judge. 

Excluding stablecoins, nowadays there are at least 13,000 crypto projects, but only about fifteen exceed a market capitalization of 10 billion, and just over a hundred exceed one billion dollars.

Moreover, among these there are also dying projects, such as IOTA and EOS, and memecoins like Bonk that may have already run their course.

This means that more than 99% of crypto projects have not yet proven to have a future, and the vast majority of these will not have one. 

Philippines SEC bans Binance, sparking worry among Filipino crypto investors

The recent ban on Binance by the Philippines Securities and Exchange Commission (SEC) has stirred concerns among Filipino investors about the fate of their cryptocurrencies.

Attorney Paolo Ong, from the SEC, detailed in an interview how the ban is part of broader regulatory efforts, not solely targeting Binance but including other platforms operating without compliance.

Binance’s situation echoes the broader regulatory crackdown on crypto exchanges in the Philippines, with approximately 14 platforms banned in 2023 for similar compliance failures.

Ong emphasized, “We’re not singling out Binance,” showcasing the SEC’s uniform approach to protecting investors.

See Also: Paraguay’s Proposed Crypto Mining Ban Could Cost It $200m A Year

In a similar vein, eToro faced warnings for lacking the necessary registrations and licenses, mirroring Binance’s regulatory issues.

Both platforms were highlighted for operating without SEC approval, stressing the importance of compliance in the region.

For Binance users worried about accessing their funds, Ong mentioned a “grace period” had been given, starting from an advisory issued last November, allowing ample time for users to transfer their assets out of the platform.

The SEC is drafting regulations to safeguard the booming crypto transactions in the Philippines, which hit $80 billion in 2023.

The creation of the Innovation Office aims to educate the public on the risks and opportunities of new financial technologies while the regulatory framework is being finalized.

Despite the SEC’s clear stance, neither Binance nor eToro has applied for a license to operate in the Philippines, highlighting a gap in efforts to comply with the country’s financial regulations.

This situation underlines the SEC’s dedication to protecting investors and ensuring that financial platforms operate within the legal framework.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

 

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