Saga Prepares For Airdrop With First SAGA Token Staker Snapshot Scheduled For April
In Brief
Saga will conduct the first snapshot of SAGA token stakers later this month in preparation for the forthcoming SAGA airdrop.
Modular blockchain platform Saga (SAGA) announced its plans to conduct the first snapshot of SAGA token stakers later this month in preparation for the forthcoming SAGA airdrop.
Saga is a Layer 1 protocol designed to enable developers to easily create VM-agnostic, parallelized, and interoperable dedicated blockchains known as “Chainlets,” offering applications limitless horizontal scalability by utilizing shared security, advanced validator orchestration, and an automated CI/CD deployment pipeline that is standardized across various types of blockchain virtual machines.
Established in 2022, Saga has grown substantially, with more than 350 projects adopting its protocol. Notably, approximately 80% of these projects belong to the gaming sector. Saga currently partners with Celestia, Avalanche, Polygon, Com2uS, and MarbleX to enable them to automatically scale their infrastructure using “Chainlets.”
The project initiated the first phase of its mainnet on April 9th, with five subsequent phases scheduled for later rollout. The initial mainnet phase involves deploying the security chain, a fundamental component of the platform’s operations. This phase is primarily dedicated to establishing a security infrastructure to support various platform activities, including staking, farming, and airdrops. Additionally, it aims to create a secure environment for developers and users to interact with the platform confidently.
Keep track of cryptocurrency distributions in our Airdrops Calendar.
SAGA Token: An Overview Of Utility And Allocation
Saga’s utility token, SAGA, operates as a native Cosmos token, serving multiple purposes such as governance, staking, and payments for Chainlets to network validators to initiate and sustain their operation. The total supply of SAGA tokens is capped at 1,000,000,000 SAGA, with an initial circulating supply of 90,000,000 SAGA, accounting for 9% of the maximum token supply.
Saga intends to distribute the initial total token supply, allocating 40.00% to Investors and Core Contributors, 30.00% to Ecosystem and Development, 15.50% to Airdrops, and 10.00% to be retained as a Foundation Reserve. Additionally, 4.50% has already been allocated to Binance Launchpool.
As the recently launched 51st Binance Launchpool project, Saga allows users to participate in SAGA farming by staking BNB and FDUSD until April 12th. Currently, over 500,000 participants are staking for rewards.
The SAGA token is available for trading on the cryptocurrency exchange Binance, with trading pairs encompassing SAGA-TRY, SAGA-USDT, SAGA-BTC, SAGA-FDUSD, and SAGA-BNB.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
