Saga: Gaming-tailored Layer1 Platform
Project name: Saga
Project Type: L1
Stock code: $SAGA
Cryptocurrency Ranking: 221
Market cap: $22.5M
Fully diluted value (FDV): $3.6B
Circulating supply: 90M (9%)
Total supply: 1B
Maximum supply: ∞
Preface
Modular blockchain addresses challenges in decentralization, security, and scalability within blockchain technology. This innovative approach distributes fundamental blockchain functions like execution, settlement, data availability, and consensus across specialized networks. Unlike traditional blockchains relying on a single network for all operations, modular blockchain separates these tasks, significantly enhancing the efficiency of each function.
Source: Binance Research
Modularization presents a promising path to enhance blockchain scalability, addressing key issues of decentralization and security that many blockchain projects are actively exploring and developing. Since Celestia’s inception, the modular space has witnessed the development of various solutions, including shared sequencers, verification systems, interoperability protocols, order flow abstraction projects, and infrastructure providers such as rollup frameworks and Rollup-as-a-Service (RaaS).
Source: Celestia
One notable project is Saga, a modular Layer1 platform tailored for the gaming industry, which has recently emerged as an innovative player in the crypto-tech space.
Saga Overview
Launching a blockchain can be complex, as it requires developers to handle various technical aspects of blockchain infrastructure. The Saga protocol simplifies this process by offering Chainlet - dedicated blockchains that developers can easily launch like deploying smart contracts. This solution integrates key elements such as data availability, consensus, execution, and settlement to create a seamless user experience. By integrating these components, Saga not only saves developers time but also reduces the typical complexity of modular systems.
The Saga protocol operates on a fully decentralized proof-of-stake model, ensuring that each Chainlet maintains the same high security standards as the Saga mainnet and uses the same set of validators.
Saga’s impact is evident in its rapid growth. In less than two years, it has successfully attracted 350 projects, with 80% focusing on the gaming industry. Strategic collaborations with industry leaders like Polygon, Avalanche, and Celestia further highlight Saga’s ability to effectively scale infrastructure and support a wide range of blockchain applications.
Saga Architecture
Chainlets
The Saga protocol revolutionizes the deployment of blockchains through its product, Chainlets. These are automated, high-performance blockchains that are interoperable and customizable within the Saga ecosystem.
Protected by the Saga blockchain, these Chainlets are validated through a shared security model called “Interchain Security“ ensuring robust protection. This model allows Saga to provide security for its Chainlets, ensuring they have the same level of security and decentralization as Saga itself, akin to Cosmos SDK application chains but without the need to manage validator sets independently.
Source: Saga
Chainlets provide developers with a decentralized and secure way to deploy blockchain for specific applications, allowing them to freely choose their preferred virtual machine. This flexibility was prominently showcased at the Saga Multiverse Summit through the introduction of Saga Realms, enabling developers to launch customizable chains on Saga with different characteristics and services such as tech stack, security sources, and associated obligations. Under the Realms framework, standard Saga Chainlets will become one of the many supported domains in the future, providing services for Saga’s partners like Ethereum (Ethlets), Polygon, Avalanche, Celestia, and others.
In contrast to the replicated security mechanism used by the Cosmos Hub, the process of launching a Chainlet has a unique permissionless nature. Developers only need to pay with $SAGA tokens for setting up and maintaining their Chainlet, similar to subscribing to services from providers like Amazon Web Services, but with payment in $SAGA tokens.
Safety Chain
The Secure Chain serves as the primary security source for the Saga protocol, utilizing the Cosmos-SDK. It is responsible for minting $SAGA tokens, staking, and implementing potential punitive measures against validators’ improper behavior.
Platform chain
The Platform Chain, also built on the Cosmos-SDK, serves as the venue for developers to launch and manage their Chainlets. It aggregates various security sources, including the Secure Chain, and extends security to Chainlets through a process called Cross-Chain Validation (CCV). Additionally, it reports any improper behavior back to the Secure Chain for potential punitive measures.
Initially, the Platform Chain will primarily obtain security guarantees from the Saga Secure Chain. However, there are plans to incorporate additional security sources in the future, including Ethereum, Polygon, Avalanche, and other validators.
Teams, Adoption and Alliances
The Saga team is led by a group of dynamic and experienced co-founders:
As of April 26, 2024, the Saga Innovators Program encompasses 350 projects, with 80% focused on the gaming sector, 10% on NFTs and entertainment, and the remaining 10% on decentralized finance (DeFi). These projects leverage Saga’s technological innovations and expand their blockchain applications.
Saga has collaborated with several leading blockchain protocols, leveraging its Chainlets technology for scalability:
● XPLA and Com2uS: In November 2022, Saga partnered with XPLA to provide scalable infrastructure for gaming-specific chains.
● Celestia Labs: In January 2023, Saga began implementing sequencers as a service, collaborating with Celestia to expand rollup architectures.
● Polygon: In February 2023, collaboration facilitated the automation of a super network, fostering the deployment of application chain solutions.
● Avalanche: In April 2023, Saga automated the instantiation of subnets, enhancing the deployment of application chains.
Saga Origins, launched in March 2024, aims to lead Web3 gaming into the market. This division actively supports game developers at every stage, from initial concept to final release. To foster success, Saga Origins offers a range of services, including collaboration with influencers to boost visibility, financial support for user acquisition, and extensive promotional support, maximizing impact and engagement.
As of April 26, 2024, the Saga Innovators Program encompasses 350 projects, with 80% focused on the gaming sector, 10% on NFTs and entertainment, and the remaining 10% on decentralized finance (DeFi). These projects leverage Saga’s technological innovations and expand their blockchain applications.
Saga has collaborated with several leading blockchain protocols, leveraging its Chainlets technology for scalability:
● XPLA and Com2uS: In November 2022, Saga partnered with XPLA to provide scalable infrastructure for gaming-specific chains.
● Celestia Labs: In January 2023, Saga began implementing sequencers as a service, collaborating with Celestia to expand rollup architectures.
● Polygon: In February 2023, collaboration facilitated the automation of a super network, fostering the deployment of application chain solutions.
● Avalanche: In April 2023, Saga automated the instantiation of subnets, enhancing the deployment of application chains.
Saga Origins, launched in March 2024, aims to lead Web3 gaming into the market. This division actively supports game developers at every stage, from initial concept to final release. To foster success, Saga Origins offers a range of services, including collaboration with influencers to boost visibility, financial support for user acquisition, and extensive promotional support, maximizing impact and engagement.
Tokenomics
The $SAGA token in the Saga protocol serves multiple purposes. It serves as the currency for developers to pay network validators when launching and maintaining Chainlets. Additionally, it rewards users who stake tokens to support network security. Furthermore, holding $SAGA tokens grants users voting rights on future network decisions. Initially, one billion $SAGA tokens will be issued, with approximately 90 million tokens, or 9%, released during the token generation event.
With a market capitalization of $22.5 million and a fully diluted valuation of $3.6 billion, the current circulating token supply is 90 million, accounting for 9% of the total supply of 1 billion tokens.
Token Distribution:
Source: Cryptorank
Token issuance plan:
Source: Binance Research
Funding Process
In October 2021, the company successfully raised $2 million with investment from Ignite. The following year, on May 19, 2022, Saga secured an additional $6.5 million in a seed funding round, with investors including Hypersphere Ventures, Maven 11 Capital, SamsungNext, Merit Circle, Polygon Studios, and LongHash Ventures. On November 20, 2023, Saga raised another $5 million in an expanded seed round, led by Placeholder Ventures and supported by LongHash Ventures, Com2uS, Red Beard Ventures, Dispersion Capital, and Tykhe Block Ventures.
In addition to these successful funding rounds, Saga’s landmark listing on Binance surpassed all previous launch pool records on the platform, attracting over $1.3 billion in funding in less than 24 hours.
Positive Fundamental Factors
● Modular Keyness: Modularity is crucial in addressing scalability, decentralization, and security challenges in blockchain technology. As an early adopter of this pattern, Saga stands to greatly benefit once this model becomes widely accepted.
● Rise of Game Finance Industry: GameFi has emerged as one of the most promising sectors in the digital asset realm, and Saga is allocating significant resources to ensure its prominent position within the industry.
● Strategic Partnerships: Saga has established strategic partnerships with key blockchain entities such as Polygon, Avalanche, and Celestia. These collaborations strengthen Saga’s technological infrastructure and broaden its ecosystem, enhancing its ability to support scalable and efficient blockchain applications.
● Significant Investments: Saga has secured substantial investments from renowned investors, providing the necessary financial stability to support its ongoing development and expansion. Saga’s record-breaking launch on Binance underscores its market reputation and potential for success, garnering widespread community engagement and investor confidence.
NegativeFundamental Factors
● Intense Market Competition: The blockchain sector, especially the gaming and decentralized finance (DeFi) markets, is fiercely competitive, with many mature competitors and emerging new entrants. Saga’s success relies on its continued innovation and its differentiation from other blockchain platforms in terms of scalability and efficiency.
● Market Volatility: From an investment perspective, the cryptocurrency market is highly volatile, and sensitive to macroeconomic factors, liquidity cycles, and economic news. Despite the high potential of this technology and Saga, the speculative nature of the market often overshadows its actual usage and demand.
● Regulatory and Legal Risks: Regulatory changes or adverse legal developments concerning cryptocurrencies could impact Saga’s operations, especially in key markets crucial for its growth.
Conclusion
As blockchain evolves, Saga is a notable player in modular blockchain technology, especially in the gaming space, which enhances efficiency, security by dividing different blockchain functions into specialized networks and scalability, the importance of Saga is particularly prominent. The introduction of Chainlets and its commitment to scalable, interoperable and cost-effective infrastructure positions Saga not only to meet the current demand for blockchain solutions, but also to profoundly impact the future development of decentralized applications. Saga’s commitment to progress and innovation marks it as a key and noteworthy entity in the blockchain ecosystem.
For more insights into the blockchain industry, please contact us at Greythorn. Welcome to our website to learn more about how we contribute to the blockchain and crypto market.
Disclaimer：
- This article is reprinted from [TechFlow]. All copyrights belong to the original author [Greythorn]. If there are objections to this reprint, please contact the Gate Learn team, and they will handle it promptly.
- Liability Disclaimer: The views and opinions expressed in this article are solely those of the author and do not constitute any investment advice.
- Translations of the article into other languages are done by the Gate Learn team. Unless mentioned, copying, distributing, or plagiarizing the translated articles is prohibited.
Related articles
What Is Ethereum 2.0? Understanding The Merge
What Is a Cold Wallet？
What is Stablecoin?
Saga: Gaming-tailored Layer1 Platform
Preface
Saga Overview
Saga Architecture
Tokenomics
Funding Process
Positive Fundamental Factors
NegativeFundamental Factors
Conclusion
Project name: Saga
Project Type: L1
Stock code: $SAGA
Cryptocurrency Ranking: 221
Market cap: $22.5M
Fully diluted value (FDV): $3.6B
Circulating supply: 90M (9%)
Total supply: 1B
Maximum supply: ∞
Preface
Modular blockchain addresses challenges in decentralization, security, and scalability within blockchain technology. This innovative approach distributes fundamental blockchain functions like execution, settlement, data availability, and consensus across specialized networks. Unlike traditional blockchains relying on a single network for all operations, modular blockchain separates these tasks, significantly enhancing the efficiency of each function.
Source: Binance Research
Modularization presents a promising path to enhance blockchain scalability, addressing key issues of decentralization and security that many blockchain projects are actively exploring and developing. Since Celestia’s inception, the modular space has witnessed the development of various solutions, including shared sequencers, verification systems, interoperability protocols, order flow abstraction projects, and infrastructure providers such as rollup frameworks and Rollup-as-a-Service (RaaS).
Source: Celestia
One notable project is Saga, a modular Layer1 platform tailored for the gaming industry, which has recently emerged as an innovative player in the crypto-tech space.
Saga Overview
Launching a blockchain can be complex, as it requires developers to handle various technical aspects of blockchain infrastructure. The Saga protocol simplifies this process by offering Chainlet - dedicated blockchains that developers can easily launch like deploying smart contracts. This solution integrates key elements such as data availability, consensus, execution, and settlement to create a seamless user experience. By integrating these components, Saga not only saves developers time but also reduces the typical complexity of modular systems.
The Saga protocol operates on a fully decentralized proof-of-stake model, ensuring that each Chainlet maintains the same high security standards as the Saga mainnet and uses the same set of validators.
Saga’s impact is evident in its rapid growth. In less than two years, it has successfully attracted 350 projects, with 80% focusing on the gaming industry. Strategic collaborations with industry leaders like Polygon, Avalanche, and Celestia further highlight Saga’s ability to effectively scale infrastructure and support a wide range of blockchain applications.
Saga Architecture
Chainlets
The Saga protocol revolutionizes the deployment of blockchains through its product, Chainlets. These are automated, high-performance blockchains that are interoperable and customizable within the Saga ecosystem.
Protected by the Saga blockchain, these Chainlets are validated through a shared security model called “Interchain Security“ ensuring robust protection. This model allows Saga to provide security for its Chainlets, ensuring they have the same level of security and decentralization as Saga itself, akin to Cosmos SDK application chains but without the need to manage validator sets independently.
Source: Saga
Chainlets provide developers with a decentralized and secure way to deploy blockchain for specific applications, allowing them to freely choose their preferred virtual machine. This flexibility was prominently showcased at the Saga Multiverse Summit through the introduction of Saga Realms, enabling developers to launch customizable chains on Saga with different characteristics and services such as tech stack, security sources, and associated obligations. Under the Realms framework, standard Saga Chainlets will become one of the many supported domains in the future, providing services for Saga’s partners like Ethereum (Ethlets), Polygon, Avalanche, Celestia, and others.
In contrast to the replicated security mechanism used by the Cosmos Hub, the process of launching a Chainlet has a unique permissionless nature. Developers only need to pay with $SAGA tokens for setting up and maintaining their Chainlet, similar to subscribing to services from providers like Amazon Web Services, but with payment in $SAGA tokens.
Safety Chain
The Secure Chain serves as the primary security source for the Saga protocol, utilizing the Cosmos-SDK. It is responsible for minting $SAGA tokens, staking, and implementing potential punitive measures against validators’ improper behavior.
Platform chain
The Platform Chain, also built on the Cosmos-SDK, serves as the venue for developers to launch and manage their Chainlets. It aggregates various security sources, including the Secure Chain, and extends security to Chainlets through a process called Cross-Chain Validation (CCV). Additionally, it reports any improper behavior back to the Secure Chain for potential punitive measures.
Initially, the Platform Chain will primarily obtain security guarantees from the Saga Secure Chain. However, there are plans to incorporate additional security sources in the future, including Ethereum, Polygon, Avalanche, and other validators.
Teams, Adoption and Alliances
The Saga team is led by a group of dynamic and experienced co-founders:
As of April 26, 2024, the Saga Innovators Program encompasses 350 projects, with 80% focused on the gaming sector, 10% on NFTs and entertainment, and the remaining 10% on decentralized finance (DeFi). These projects leverage Saga’s technological innovations and expand their blockchain applications.
Saga has collaborated with several leading blockchain protocols, leveraging its Chainlets technology for scalability:
● XPLA and Com2uS: In November 2022, Saga partnered with XPLA to provide scalable infrastructure for gaming-specific chains.
● Celestia Labs: In January 2023, Saga began implementing sequencers as a service, collaborating with Celestia to expand rollup architectures.
● Polygon: In February 2023, collaboration facilitated the automation of a super network, fostering the deployment of application chain solutions.
● Avalanche: In April 2023, Saga automated the instantiation of subnets, enhancing the deployment of application chains.
Saga Origins, launched in March 2024, aims to lead Web3 gaming into the market. This division actively supports game developers at every stage, from initial concept to final release. To foster success, Saga Origins offers a range of services, including collaboration with influencers to boost visibility, financial support for user acquisition, and extensive promotional support, maximizing impact and engagement.
As of April 26, 2024, the Saga Innovators Program encompasses 350 projects, with 80% focused on the gaming sector, 10% on NFTs and entertainment, and the remaining 10% on decentralized finance (DeFi). These projects leverage Saga’s technological innovations and expand their blockchain applications.
Saga has collaborated with several leading blockchain protocols, leveraging its Chainlets technology for scalability:
● XPLA and Com2uS: In November 2022, Saga partnered with XPLA to provide scalable infrastructure for gaming-specific chains.
● Celestia Labs: In January 2023, Saga began implementing sequencers as a service, collaborating with Celestia to expand rollup architectures.
● Polygon: In February 2023, collaboration facilitated the automation of a super network, fostering the deployment of application chain solutions.
● Avalanche: In April 2023, Saga automated the instantiation of subnets, enhancing the deployment of application chains.
Saga Origins, launched in March 2024, aims to lead Web3 gaming into the market. This division actively supports game developers at every stage, from initial concept to final release. To foster success, Saga Origins offers a range of services, including collaboration with influencers to boost visibility, financial support for user acquisition, and extensive promotional support, maximizing impact and engagement.
Tokenomics
The $SAGA token in the Saga protocol serves multiple purposes. It serves as the currency for developers to pay network validators when launching and maintaining Chainlets. Additionally, it rewards users who stake tokens to support network security. Furthermore, holding $SAGA tokens grants users voting rights on future network decisions. Initially, one billion $SAGA tokens will be issued, with approximately 90 million tokens, or 9%, released during the token generation event.
With a market capitalization of $22.5 million and a fully diluted valuation of $3.6 billion, the current circulating token supply is 90 million, accounting for 9% of the total supply of 1 billion tokens.
Token Distribution:
Source: Cryptorank
Token issuance plan:
Source: Binance Research
Funding Process
In October 2021, the company successfully raised $2 million with investment from Ignite. The following year, on May 19, 2022, Saga secured an additional $6.5 million in a seed funding round, with investors including Hypersphere Ventures, Maven 11 Capital, SamsungNext, Merit Circle, Polygon Studios, and LongHash Ventures. On November 20, 2023, Saga raised another $5 million in an expanded seed round, led by Placeholder Ventures and supported by LongHash Ventures, Com2uS, Red Beard Ventures, Dispersion Capital, and Tykhe Block Ventures.
In addition to these successful funding rounds, Saga’s landmark listing on Binance surpassed all previous launch pool records on the platform, attracting over $1.3 billion in funding in less than 24 hours.
Positive Fundamental Factors
● Modular Keyness: Modularity is crucial in addressing scalability, decentralization, and security challenges in blockchain technology. As an early adopter of this pattern, Saga stands to greatly benefit once this model becomes widely accepted.
● Rise of Game Finance Industry: GameFi has emerged as one of the most promising sectors in the digital asset realm, and Saga is allocating significant resources to ensure its prominent position within the industry.
● Strategic Partnerships: Saga has established strategic partnerships with key blockchain entities such as Polygon, Avalanche, and Celestia. These collaborations strengthen Saga’s technological infrastructure and broaden its ecosystem, enhancing its ability to support scalable and efficient blockchain applications.
● Significant Investments: Saga has secured substantial investments from renowned investors, providing the necessary financial stability to support its ongoing development and expansion. Saga’s record-breaking launch on Binance underscores its market reputation and potential for success, garnering widespread community engagement and investor confidence.
NegativeFundamental Factors
● Intense Market Competition: The blockchain sector, especially the gaming and decentralized finance (DeFi) markets, is fiercely competitive, with many mature competitors and emerging new entrants. Saga’s success relies on its continued innovation and its differentiation from other blockchain platforms in terms of scalability and efficiency.
● Market Volatility: From an investment perspective, the cryptocurrency market is highly volatile, and sensitive to macroeconomic factors, liquidity cycles, and economic news. Despite the high potential of this technology and Saga, the speculative nature of the market often overshadows its actual usage and demand.
● Regulatory and Legal Risks: Regulatory changes or adverse legal developments concerning cryptocurrencies could impact Saga’s operations, especially in key markets crucial for its growth.
Conclusion
As blockchain evolves, Saga is a notable player in modular blockchain technology, especially in the gaming space, which enhances efficiency, security by dividing different blockchain functions into specialized networks and scalability, the importance of Saga is particularly prominent. The introduction of Chainlets and its commitment to scalable, interoperable and cost-effective infrastructure positions Saga not only to meet the current demand for blockchain solutions, but also to profoundly impact the future development of decentralized applications. Saga’s commitment to progress and innovation marks it as a key and noteworthy entity in the blockchain ecosystem.
For more insights into the blockchain industry, please contact us at Greythorn. Welcome to our website to learn more about how we contribute to the blockchain and crypto market.
Disclaimer：
- This article is reprinted from [TechFlow]. All copyrights belong to the original author [Greythorn]. If there are objections to this reprint, please contact the Gate Learn team, and they will handle it promptly.
- Liability Disclaimer: The views and opinions expressed in this article are solely those of the author and do not constitute any investment advice.
- Translations of the article into other languages are done by the Gate Learn team. Unless mentioned, copying, distributing, or plagiarizing the translated articles is prohibited.
Related articles
What Is Ethereum 2.0? Understanding The Merge
What Is a Cold Wallet？