As reported on CoinMarketCap, according to the listing data on Binance, the value of the Saga crypto shows a significant increase since the mainnet of the protocol was activated.
Both the mainnet and the token have been officially launched, with the token starting trading on Binance early Tuesday. Let’s see all the details below.
Summary
Impacts of the debut on Binance: Saga’s crypto market dynamics under the lens of CoinMarketCap
As anticipated, the mainnet of the Layer 1 Saga protocol is officially live, sparking a significant trading activity frenzy, as reported by Binance, the exchange platform where the token first debuted on Tuesday.
According to the price data of the SAGA token provided by Binance, an extraordinary increase of over 15,000% has been recorded since the early hours of Tuesday, with a trading peak at over 6 dollars at 2:03 PM ET.
During the day, the token has fluctuated between a minimum of $0.40 and a maximum of $7.89. However, Binance has reported on its listing page that the SAGA token is subject to “high volatility”.
According to a research report by Binance, the Saga protocol allows developers to create dedicated independent, parallelized, and interoperable chains, offering applications infinite horizontal scalability.
The protocol, oriented towards the gaming and entertainment sector, is described as a completely decentralized proof-of-stake chain. Through an announcement on X, Saga confirmed the launch of its mainnet at the beginning of Tuesday.
The company has emphasized the use of an innovative combination of shared security, precise orchestration of validators, and an automated distribution pipeline.
All this to ensure that each application can operate on a dedicated block space with integrated interoperability.
The co-founder and CEO of Saga, Rebecca Liao, commented as follows:
“With the launch of the Saga mainnet, we keep our promise to redefine web3 development, allowing creators to deploy their own blockchains at no cost to end users.”
Web3 development and the launch of the mainnet and Saga Origins
The purpose of the Blockchain Layer-1 Saga is to provide a framework for the creation of application-specific blockchains, called “Chainlets”.
At launch, the mainnet is accompanied by 350 projects as part of the Innovator Program, designed to cultivate a community of Web3 developers:
“With this launch we break down the financial and technical barriers that have limited the potential of blockchain. It is a direct invitation to developers who were looking for a more accessible and scalable way to bring their projects to life.”
Chainlets uses Saga’s integrated stack to allow developers to create “appchains” based on Cosmos Interchain Security (ICS).
Appchains are ideal for projects that require a dedicated block space and integrated interoperability, facilitating horizontal scalability without compromising performance or security.
To improve interoperability and scalability, Saga has raised 15 million dollars from renowned investors such as Maven11, Longhash, Samsung, Polygon, and Merit Circle.
The mainnet launch also includes a gradual token distribution plan, with SAGA tokens allocated to participants and monthly launches from over 100 partner projects to SAGA stakers.
In addition, Saga has formed strategic partnerships with Polygon, Avalanche, and Celestia to enhance its infrastructure using Chainlet technology.
Saga also focuses on the narrative of Web3 games, creating a dedicated games editorial division to bring to market “provocative, expansive, and uncompromising games” called Saga Origins.
According to the announcement, Saga Origins is committed to providing a comprehensive support service to game developers, ensuring their success in the market:
“The launch of the Saga mainnet and Saga Origins together create a powerful ecosystem where developers can create and launch revolutionary games. Saga Origins actively connects these innovative games with the community, providing developers with both the technology and platform to captivate the audience. Our commitment is clear: to make Saga the foundation for the next generation of games.”
