I was day trading when I noticed an uptick in the price of BNB. I suspected that a new project was coming and did a quick check and found out that 45 million SAGA is up for farming in the next 4 days on the Binance Launchpool.
The speed at which projects launch is getting faster and farming periods are shorter. It's fascinating but also good, especially for those like me who like to stake some BNB and FDUSD and earn some of them. The last projects, $ENA and all the others were certainly profitable so it gets kind of addicting.
Anyway, here is an overview of the project.
Saga Protocol
According to its website, Saga is "a Layer 1 protocol that allows developers to automatically spin up VM-agnostic, parallelized and interoperable dedicated chains, or 'Chainlets', that provide applications with infinite horizontal scalability."¹
The protocol is a fully decentralized Proof-of-Stake chain, with each Chainlet having the same validator set and security model as the Saga Mainnet.²
Saga Protocol boasts the following features that make it friendly to builders or developers:
High Performance: Applications can achieve peak performance and speed due to parallelized appchain instances.
Costless Transactions, Low and Predictable Chain Fees: Developers can own their chains, use whatever token (or no token) they like, and enjoy commoditized blockspace. No need to worry about other applications affecting your gas fees.
Fully Automated: Easy as deploying a smart contract.
Easy and Fast Interoperability: Automatic interoperability and async composability enable users to freely and quickly transfer assets between ecosystems.
Flexible Stack: Developers enjoy their own dedicated chains, allowing for optimal flexibility and customizability of the environment.
Elastically Horizontally Scalable: No performance issues since it is built to have infinite horizontal scalability.
Accordingly, there are already 350 projects building on Saga Protocol, and majority of which are gaming. In addition, to scale their infra using Chainlets, Saga Protocol has partnered with Layer 1 chains like Polygon, Avalanche, Celestia, MarbleX, and Com2uS.³
Last month, Saga Protocol launched its games publishing division called Saga Origins. Per its description, it is a "home for the most provocative, expansive, and boundary-pushing gaming experiences. We’re equipping indie developers and studios with the resources to turn visionary ideas into playable realities."⁴
The Saga Token
$SAGA is the protocol's native utility token and is intended to be used as follows:
Payment: Developers use it to pay validators to keep their Chainlets alive.
Staking: Users who stake SAGA will earn $SAGA plus the tokens of projects building on the Saga protocol as rewards for securing the network.
Governance: Stakeholders can vote for the protocol's governance decisions.
Tokenomics
- Ticker: SAGA
- Token Type: Native Cosmos token
- Total and Max Token Supply: 1 billion SAGA
- Initial Circ. Supply: 90 million (9% of total token supply) when it gets listed on Binance
Allocation/Distribution
- Binance Launchpool: 45 million SAGA (4.5% of the total token supply)
- Ecosystem and Development: 300 million SAGA (30% of the total token supply)
- Airdrops: 150.5 million SAGA (15.5% of the TTS)
- Foundation Reserve: 100 million SAGA (10% of the TTS)
- Core Contributors: 200 million SAGA(20% of the TTS)
- Investors: 200 million SAGA (20% of the TTS)
NOTE: The project has raised $15 million from investors including Placeholder, Maven11, Longhash, Samsung, Com2uS, Polygon, Merit Circle, Figment and Chorus One.
Vesting Schedule
1.5% of the airdrop allocation, 4.5% Binance Launchpool, 0.002% of the Foundation Reserve, and 0.004% of the Eco & Development allocations are unlocked this April. Vesting lasts for 7 years until April 2031.
Earn SAGA on Binance Launchpool
Eligible users can stake BNB and FDUSD to earn $SAGA starting in 12 hours. Here are some brief Launchpool details:
- Farming Period: 05 April (00:00 UTC) to 8th April (23:59 UTC)
- Total Rewards: 45 million SAGA
- Eligibility: KYC required. Certain countries or jurisdictions are not allowed to participate.
There are 11.25 million SAGA allocated daily, split between the two pools, 80% for BNB (9M) and 20% for FDUSD(2.25M), or a total of 36 million and 9 million respectively.
The hourly hard cap per user will also apply with 37.5k SAGA in the BNB pool and 9,375 SAGA in the FDUSD pool.
SAGA will then be listed on Binance on the 9th of April, at 14:00 UTC with trading pairs SAGA/BTC, SAGA/USDT, SAGA/BNB, SAGA/FDUSD, and SAGA/TRY.
Airdrops
Saga launched its Play-to-Airdrop campaigns in December and also the Participation and Loyalty Drops (7 in total) and claiming is underway if I'm not mistaken. If you staked on Polygon, Cosmos, Celestia, and Avalanche, you may want to check here if you're eligible.
Another "Loyalty Drop" is coming soon where users can stake their SAGA to be eligible. You can find more information on Medium.
So that's it! I wish you the best if you are participating in both the Launchpool and the incoming airdrop.
Useful Links:
Saga Website / Litepaper / Tokenomics / Airdrop Page / Binance / Research / Medium / Pegasus Testnet Saga on X
DISCLAIMER: As always, these are for information only. None are investment or financial advice. Do your own due diligence.
Screenshots linked to their sources. No copyright infringement intended. 04042024/20:20ph
Lead image created on Canva. Images from Saga Media Kit.