After the successful launch of Ethena (ENA), Binance Launchpool is already working on the next launch, that of SAGA.

The success of Ethena 

On Tuesday, April 2, 2024, Binance Launchpool launched the ENA token by Ethena.

It was the fiftieth project launched on Binance Launchpool. 

Ethena is a DeFi protocol for synthetic dollars, including sUSDe which is offering a 35% APY. It is a project supported by several exchanges, and by the former CEO of the crypto exchange BitMEX, Arthur Hayes.

In particular ENA is the native token of the Yield-Earning protocol, whose goal is to offer constant returns by leveraging the tokens derived from the liquid-staking of Ethereum.

Just listed on Binance, the price of the ENA token jumped from $0.3 to $0.8, even though the initial reference price is taken from CoinMarketCap at $0.6.

On the same day of the launch, the price even rose up to 0.9$, but the growth did not stop there. 

Yesterday it actually rose up to 1.3$, which for now remains the absolute maximum. Later it first dropped back to 0.9$, but only to regain some momentum today and rise back above 1.1$. 

So in total, in two days it has already recorded a +80% increase.

The next project of Binance Launchpool: SAGA

The 51st project of Binance Launchpool will be Saga, a Layer-1 that serves to launch other Layer-1s.

Saga has its own token, SAGA, which will be listed on Binance on April 9th. 

Saga wants to become a complete Web3 platform for developers, with an integrated stack of high-end tools and the support they need to create their Web3 projects. 

Being a Layer-1, and allowing developers to automatically launch new parallel and independent chains (the so-called “Chainlets”), it will actually be an L1 that allows to create other L1s. 

Obviously, it is not yet known neither what the launch price of the SAGA token will be on the market, nor what its price will be once launched. 

Binance Launchpool projects in addition to the latest addition SAGA

Of the 50 projects already launched on Binance Launchpool, the one that has so far reached the highest market capitalization is Sui. 

It was launched almost a year ago, and has surpassed 2 billion dollars in market capitalization. 

With this market capitalization, it is in 55th place overall, although to tell the truth in the first six months since its launch its price was in clear loss. But with the beginning of the bull run in October 2023, it has recovered, so much so that now it is around $1.7 compared to the initial $1.3. 

There are only four other projects launched by Binance Launchpool that currently have a market capitalization of over one billion dollars, and one of these is Ethena launched the day before yesterday. The other three, SEI, BEAMX, and PENDLE, were all launched last year. 

Among the first ten, there is only one launched in 2021 on Binance, KLAY, none launched in 2022, none launched before 2021, and five launched this year, including Ethena. 

Moreover, the only one launched several years ago, KLAY, is still present in the top 10 projects with the highest market capitalization, among the 50 launched by Binance Launchpool, is not doing very well. 

It debuted on the crypto markets in 2020, at a price of 0.1$, before rising to 0.9$ in June 2021, during the bullrun, when it was launched on Binance. 

Actually even earlier, in April of that same year, it had reached its all-time high of almost $4.4, but during the rest of the year, and especially in 2022, it dropped back to just above $0.1 where it had started. 

Now it has risen slightly to 0.25$, but it is still extremely far from the peak. 

The Binance Launchpool

Binance Launchpool is a platform within the eponymous exchange specialized in launching new crypto projects. 

Its goal is to make investing in new projects easier and more profitable, allowing users to stake their crypto assets like BNB to earn new tokens.

In addition to the Launchpool, Binance also has the Launchpad, which is used to discover new projects.

The “issue” with Launchpad is that participating is not easy, as it requires a large availability of BNB and the constraint of one’s assets until the end of the new token sale. On the other hand, Launchpool is actually open to everyone and much more accessible. 

By staking their BNB, or other crypto assets, on the Binance Launchpool, users can obtain new tokens that are later listed on the exchange. The number of tokens obtained depends on the amount of assets invested and the time they have been left in staking. 

Once the tokens are obtained, they can be sold on the exchange.