Saga, a new layer-1 blockchain network designed to enable creators to launch their own layer-1 chains, launched its mainnet Tuesday morning with the SAGA token initially listed on leading cryptocurrency exchange Binance.
This launch marks a record-breaking Binance launch for SAGA, with a total of over 500,000 Binance customers staking approximately $13.4 billion worth of cryptocurrency in Binance Coin (BNB) and the FDUSD stablecoin, earning 45 million SAGA tokens. This is according to the full campaign. Or half of the initial circulating supply.
Rebecca Liao, co-founder and CEO of Saga, said: decryptionGG stated that the mainnet launch is happening in six stages, including a Saga “security chain” that holds SAGA tokens and a “protocol chain” that app creators will use to launch their own layer 1 chain, which will launch today.
The network is built to allow developers to deploy one or more chains and leverage them in concert to run more supporting chains as needed. This is similar to adding more cloud servers to run Web2 apps. However, it can also support games and apps built on other chains. Scalability is a key focus and we are taking an incremental approach to rollout.
“Because we are building an infinitely scalable system, we want to make sure the system doesn’t explode all at once,” Liao said. “Every time we deploy a release, we want to make sure that it is stable and that the system can continue to handle the load the way developers need it.”
Saga is not an exclusive gaming chain, but that is what we initially focused on. The chain utilized the Play-Airdrop event to spread the word in late 2023 and early this year, holding a video game competition and allocating SAGA tokens to the top participants. About 80% of testnet projects are gaming-related, and Saga is launching its own game publisher.
The network ran airdrop claims in March, which included airdrop qualifiers as well as DeFi stakers from various chains (such as Cosmos and Avalanche), and holders of major NFT projects such as CryptoPunks and Bored Ape Yacht Club. Over 200,000 unique wallets qualified, but not all of them were claimed in a timely manner and are currently out of luck.
However, Liao explained that unclaimed SAGA tokens will be used for additional airdrop opportunities in the near future as the network aims to attract more people to the ecosystem. Like the first airdrop round, the theme of the next wave will again be “loyalty” and reward users for contributing to the Saga ecosystem and participating in the app, Liao said.
She said plans surrounding partners will be revealed shortly after launch, and a press release surrounding the mainnet debut added that SAGA tokens will be airdropped to “a variety of stakeholders” in the coming months. Additionally, those who stake SAGA tokens can expect rewards, as the announcement states, “At the same time, Saga will regularly airdrop verified loot boxes containing over 100 partner tokens to Saga stakers.”
Saga is leading the way on the gaming side, but has shifted its messaging focus to scalability and how to use the chain to power on-demand apps and support apps and games initially built on other chains.
As recent weeks have seen networks like Solana and Base suffer from meme coin-driven demand, Liao believes the moment is ripe for such framing.
“It’s truly a product coming to market at the right time,” she said of the Saga mainnet.
Edited by Stacey Elliott.