Saga: Game-specific modular Layer 1 platform

Project Overview

Project Name: Saga Type: Layer 1 Token: $SAGA Market Capitalization Ranking: 221 Current market value: 22.5 million USD Fully Diluted Market Cap: $3.6 billion Circulation: 90 million (9%) Total supply: 1 billion Max Supply: Unlimited

Introduction to Modular Blockchain

Modular blockchain provides solutions to the decentralization, security, and scalability challenges faced by blockchain technology by distributing functions such as execution, settlement, data availability, and consensus across specialized networks. This innovative approach significantly enhances the efficiency of various functions and has become a powerful means to improve blockchain scalability.

Since the advent of Celestia, various solutions have emerged in the modularization field, including shared sequencers, validation systems, interoperability protocols, order flow abstraction projects, as well as rollup frameworks and Rollup as a Service (RaaS) infrastructure providers.

In this context, Saga stands out as a modular Layer 1 platform tailored for the gaming industry, becoming an innovative force in the field of cryptographic technology.

Features of the Saga platform

The Saga protocol simplifies the blockchain launch process through Chainlet. Chainlet is a dedicated blockchain that allows developers to easily launch it just like deploying smart contracts. It integrates key elements such as data availability, consensus, execution, and settlement, providing a seamless product experience.

Saga adopts a fully decentralized proof-of-stake model, ensuring that each Chainlet maintains the same high security standards and validator set as the Saga mainnet. The platform has attracted 350 projects in a short period, with 80% focused on the gaming industry, and has established strategic partnerships with industry leaders such as Polygon, Avalanche, and Celestia.

Technical Architecture

Chainlets

Chainlets are interoperable and customizable automated high-performance blockchains within the Saga ecosystem. They are validated through a "cross-chain security" shared security model, enjoying the same level of security and decentralization as the Saga main chain.

Chainlets provide developers with a decentralized and secure way to deploy application-specific blockchains, allowing for the free choice of virtual machines. The launch of Saga Realms further enhances the platform's flexibility, supporting customizable chains with different features and services.

security chain and platform chain

The security chain is built on Cosmos-SDK and is responsible for the minting, staking, and penalty measures of the $SAGA token. The platform chain is where developers initiate and manage Chainlets, gathering various security sources and extending security to Chainlets through Cross-Chain Verification (CCV).

Team and Ecosystem

Saga is led by experienced co-founders, including Jin Quan (Chief Strategy Officer), Jacob McDoman (Chief Technology Officer), Bogdan Alexandrescu (Technical Expert), and Rebecca Liao (Chief Executive Officer).

Currently, the Saga Innovator Program includes 350 projects, primarily focused on gaming (80%), NFTs and entertainment (10%), and DeFi (10%). The platform has established partnerships with XPLA, Celestia, Polygon, and Avalanche to expand its technological applications.

Saga Origins will be launched in March 2024, dedicated to supporting Web3 game developers by providing comprehensive support from concept to launch, including influencer marketing, user acquisition funding, and promotional support.

Token Economics

$SAGA token plays multiple roles in the network, used for paying the startup and maintenance costs of Chainlet, rewarding stakers, and granting governance rights to holders. The initial issuance is 1 billion, with 9% (approximately 90 million) released during the token generation event.

Financing History

Saga has completed multiple rounds of financing since 2021:

• October 2021: Received a $2 million investment from Ignite
• May 2022: Seed round financing of $6.5 million
• November 2023: Expanded seed round financing of $5 million

In addition, Saga's launch on a certain trading platform set a record for the platform's launch pool, attracting over $13 billion in funds within 24 hours.

Development Advantages

1. The pioneering position of modular technology
2. Focus on the rapidly growing GameFi sector
3. Strategic cooperation with industry-leading companies
4. Obtain funding support and market recognition from well-known investors

Potential Risks

1. The competition in the blockchain field is fierce.
2. The cryptocurrency market is highly volatile.
3. Uncertainty of the regulatory environment

Summary

Saga, as an important participant in modular blockchain technology, stands out particularly in the gaming sector. With its innovation in Chainlets and a commitment to scalable, interoperable infrastructure, Saga is poised to play a key role in the future development of decentralized applications. Its ongoing commitment to innovation makes it an important entity worth watching in the blockchain ecosystem.