In a move poised to shake up the blockchain development landscape, Binance, the world’s leading cryptocurrency exchange, announced the upcoming listing and Launchpool offering for Saga (SAGA), a groundbreaking Layer 1 protocol.
What is SAGA?
Saga is a next-generation L1 protocol that empowers developers to create “Chainlets” – private, parallelized and interoperable Blockchains. These Chainlets function as application-specific chains, providing developers with a unique solution to achieve infinite horizontal scalability for their projects. This eliminates the limitations of traditional single-chain architectures, allowing applications to seamlessly adapt to fluctuating user demands and transaction volumes.
The native utility token of the Saga ecosystem is $SAGA. This token plays a crucial role in several following functions on the network:
- Chainlet Payment: Developers use $SAGA tokens to cover the costs of creating and maintaining network validators’ Chainlets.
- Staking Rewards: Staking participants contribute to network security and earn $SAGA tokens as rewards. They also have the potential to earn tokens from projects built on the Saga protocol.
- Governance: $SAGA token holders have the privilege of participating in important governance decisions affecting the future of the Saga network.
What are the features of Saga Chainlets?
Each Chainlet functions as a parallelized application chain, allowing applications to scale effortlessly to meet peak performance and transaction throughput requirements. Developers can leverage a flexible monetization model for their Chainlets, including native tokens, fiat currencies, stablecoins, and even tokens from other ecosystems. Chainlet fees are determined through a daily reverse auction between validators, promoting cost-effective blockspace pricing.
Saga WebApp simplifies the development process by allowing developers to effortlessly deploy Chainlets with minimal effort. Leveraging Saga’s built-in interoperability and asynchronous composability features, users can seamlessly transfer assets between Chainlets and between Saga and other blockchain ecosystems. Fast transaction finality in Chainlets further increases the speed of bridging to other blockchains. Developers have full control over their custom Chainlet, allowing them to tailor the environment to perfectly suit the specific needs of their project.
Binance Launchpool offer and listing details
Binance will be the first platform to list $SAGA and trading will begin on April 9, 2024 at 17:00 UTC. More importantly, any bids made for $SAGA tokens before this date will be considered fraudulent. The farming period for Launchpool will run from April 5, 2024, 03:00 CET until April 9, 2024, 02:59 CET. Supported pools are as follows:
- Stake BNB (reward pool: 36,000,000 SAGA)
- FDUSD stake (reward pool: 9,000,000 SAGA)
- Total Launchpool Token Rewards: 45,000,000 SAGA (4.5% of total token supply)
Saga has successfully raised $15 million in financing to date. This impressive achievement highlights the strong support from leading investors such as Placeholder, Maven11, Longhash, Samsung, Com2uS, Polygon, Merit Circle, Figment and Chorus One. The upcoming Binance Launchpool offering and listing marks a significant milestone for Saga. It paves the way for wider adoption.
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