On April 9, the team behind the L1 blockchain Saga launched its mainnet. Concurrently listed on Binance, the project’s token soared by over 18,700% in less than three hours.
The asset’s price surged from an opening of $0.04 to a peak of $7.89. Subsequently, the quotes stabilized, with SAGA trading below $6 at the time of writing.
The majority of the growth occurred in the first 15 minutes of trading, during which volume reached an unusual $34.6 million.
The exchange included a standard warning on the page for investors about the token’s high volatility.
“Saga is an L1 protocol that allows developers to automatically deploy VM-independent, parallelized, and interoperable chains, providing applications with infinite horizontal scalability,” states a report by Binance.
The native utility token SAGA is used within the ecosystem for paying network fees, staking, and governance voting.
The initial supply of the asset is 1 billion coins. On April 5, the token was launched on the Binance Launchpool platform, with 45 million SAGA — 4.5% of the issuance — available. To support liquidity during the exchange listing, 90 million tokens were allocated.
According to the project’s tokenomics, 30% of SAGA’s issuance is intended for ecosystem development, 15.5% for airdrops, 10% will go into reserve, and 20% each is allocated to the team and investors.
Binance reports that Saga supports over 350 projects, with 80% in gaming and 10% in the NFT sector. The team collaborates with several other L1 protocols, including Polygon, Avalanche, and Celestia.
Earlier, Binance experts explored how modular blockchains like Celestia aid in scaling blockchain ecosystems.