Saga Token Debuts On Binance Exchange Along With Mainnet Launch

Saga is an innovative layer-1 blockchain network created to allow creators to roll out their own layer-1 blockchains. The network recently introduced its mainnet, along with its SAGA token that was initially listed on top digital currency exchange Binance.

The launch comes after a ground-breaking Binance Launchpool promotion for the SAGA token. During the campaign, over 500,000 Binance customers staked around $13.4 billion in cryptocurrency—across the FDUSD stablecoin and Binance Coin (BNB).

Saga’s Design Allows Creators To Launch Multiple Chains

This stake was done to receive a portion of 45 million SAGA tokens, representing half of the opening circulating amount.

Rebecca Liao, the co-founder and Chief Executive Officer of Saga stated that the mainnet rollout is taking place in six phases. The “protocol chain” that application developers used to start their own layer-1 chains and the Saga “security chain” that houses the SAGA tokens.

The network is designed so that creators can launch one or multiple chains and use them collectively, with the capability to activate additional supporting chains as required. This is similar to adding extra cloud servers to fuel a web2 application. Although it can also accommodate games and applications developed on different chains. Scalability is the primary objective, and the team is taking a step-by-step approach to the rollout too.

Liao mentioned that because the team is developing a system that is potentially infinitely scalable, they want to ensure that they don’t launch it all at once. She added that the team also wants to ensure that each deployment is stable and the system can continue to handle the load as needed by their developers.

Over 200,000 Distinct Wallets Were Eligible For The Airdrop, But Not All Claimed In Time

Saga is not specifically a gaming blockchain, however that has been its primary focus in its early stages. The network used a play-to-airdrop campaign to promote its platform in late 2023 and the beginning of this year, hosting video game contests and providing SAGA token awards to top winners.

About 80% of testnet initiatives are related to gaming, and Saga is introducing its in-house game publishing department

The network hosted an airdrop event last month that encompassed the play-to-airdrop participants. It also included DeFi stakers on different chains such as Avalanche and Cosmos, and also holders of important NFT projects such as the Bored Ape Yacht Club and CryptoPunks. Over 200,000 distinctive wallets were qualified, however not every wallet made their claim within the given period—and now they are out of luck.

Liao explained that those untaken SAGA tokens will be included in the upcoming airdrop chances soon, as the blockchain wants to draw in more participants in the ecosystem.