About Saga (SAGA)
Saga is a Layer 1 protocol designed to enable developers to create VM-agnostic, and interoperable chains, referred to as "Chainlets." These Chainlets aim to provide applications with scalable growth potential.
The Saga Protocol operates on a decentralized proof-of-stake system, ensuring that each Chainlet maintains the same set of validators and security framework as the Saga Mainnet.
Each Chainlet offers:
Scalability: Designed as parallel appchain instances, Chainlets allow for the scalable expansion of applications, enhancing performance and speed.
Economical Transactions: Developers can choose their monetization strategies, including using their own tokens, fiat, stablecoins, or tokens from other ecosystems. The pricing for Chainlet fees is determined through a daily reverse auction among validators.
Easy Setup: Developers can initiate a Chainlet with a simple click in the Saga WebApp.
Interoperability: The protocol facilitates easy and quick asset transfers between Chainlets and between Saga and other ecosystems through its built-in interoperability and async composability. The fast finality of transactions on each Chainlet also supports efficient bridging to other chains.
Flexibility: Developers have the flexibility to customize their dedicated chains to suit their needs.
The protocol's native utility token, $SAGA, serves several functions:
Mode of Payment: Developers use $SAGA tokens to compensate network validators for initiating and maintaining their Chainlets.
Staking: Participants who stake their tokens contribute to the network's security and receive $SAGA tokens and tokens from projects on the Saga protocol as incentives.
Governance: Holders of $SAGA tokens can participate in the network's governance decisions.
Saga has raised $15 million from investors, including Placeholder, Maven11, Longhash, Samsung, Com2uS, Polygon, Merit Circle, Figment, and Chorus One.
The total supply of $SAGA currently is 1 billion, with an expected circulating supply of approximately 90 million tokens (9% of the total supply) at the Token Generation Event (TGE).