Binance Exchange announced this morning that it has launched the 51st new coin mining project, Layer 1 protocol Saga, on Binance Launchpool. Users can participate in the four-day new coin mining activity by depositing BNB and FDUSD into the SAGA mining pool on the Binance Launchpool website starting from 8:00 am on April 5, 2024, Taiwan time. Additionally, Binance will list SAGA/BTC, SAGA/USDT, SAGA/BNB, SAGA/FDUSD, and SAGA/TRY trading pairs at 10:00 pm on April 9, 2024 (with seed tags added).
Saga Launchpool Details
According to the announcement by Binance, the details of Saga Launchpool are as follows:
Token Name: Saga (SAGA)
Maximum Token Supply: 1,000,000,000 SAGA
Initial Circulating Supply: 90,000,000 SAGA (9% of the maximum token supply)
Total Mining Supply: 45,000,000 SAGA, with 80% (36 million tokens) allocated to the BNB mining pool and 20% (9 million tokens) allocated to the FDUSD mining pool
Research Report: Saga (SAGA)
Smart Contract Details: Saga Security Chain
Restrictions: KYC required
Individual Hourly Mining Cap: BNB Mining Pool: 37,500 SAGA; FDUSD Mining Pool: 9,375 SAGA
What is Saga (SAGA)?
According to Binance’s research report, Saga is a Layer 1 protocol that allows developers to launch dedicated chains called Chainlets, which are compatible with different virtual machines, can run in parallel, and can interoperate. These chains can be flexibly scaled based on their Web3 application needs. The native token of the protocol is $SAGA, which serves the following functions:
– Payment for Chainlets: Developers pay $SAGA tokens to network validators to maintain the operation of their Chainlets.
– Staking: Stakers help secure the network and receive $SAGA tokens and tokens from projects built on the Saga protocol as rewards.
– Governance: $SAGA token holders will be able to vote on network governance decisions.
Saga has successfully raised $15 million, with investors including Placeholder, Maven11, Longhash, Samsung, Com2uS, Polygon, Merit Circle, Figment, and Chorus One.
BNB Surges Past $580
As soon as this news was released at 10:32 am this morning, the BNB token on the Binance platform experienced a surge. According to Binance spot trading market data, BNB rose from $566 at 10:30 am this morning to briefly touch $581.9 within 15 minutes, with a cumulative peak increase of 2.8%. At the time of writing, it is still on an upward trend, currently trading at $579.4, representing a 4.17% increase in the past 24 hours.
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