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In the latest Binance Launchpool listing, a new token called Saga (SAGA) has listed – marking the 51st Binance Launchpool project. In this article, deep-dive and find out ‘What is SAGA crypto?’ and explore SAGA coin possibilities.
Binance, undoubtedly the largest exchange by client count and trading volume, has revealed the listing of Saga as the 51st Launchpool project.
2B+ $FUSD and 17M+ $BNB have been staked so far!
Why is it so hype?
We have released analysis about @Sagaxyz__ potential growth and $SAGA price prediction 🧐
Don't miss your chance, check now 👇https://t.co/EAN2ApJ8jP#Ethena #binancelaunchpool @binance https://t.co/PM8CHt0K2T pic.twitter.com/yKd7l4kufx
— BSCDaily (@bsc_daily) April 5, 2024
In an announcement on April 4, the exchange said users could begin staking BNB and FDUSD stablecoin via dedicated pools. By staking, they “farm” SAGA tokens from April 5 to 9.
So far, the launchpool has been a tremendous success with over $2Bn in assets staked in dedicated SAGA pools.
What is SAGA Crypto? Here’s The Binance Launchpool Details
SAGA coin serves as a governance token for the Saga ecosystem, through a novel governance staking mechanism, holders are able to stake and receive rewards.
In the ongoing Launchpool, 45 million SAGA has been allocated for farming. Of note, 36 million SAGA will be distributed from the BNB pool.
At the same time, 9 million will be released to users from the FUSD pool.
An individual can receive a maximum of 37,500 SAGA in the BNB pool and 9,375 SAGA in the FDUSD pool – so far, roughly 300,000 users are actively staking their BNB and FUSD tokens.
In total, there will be a total supply of 1 billion SAGA and Binance plans to list SAGA on April 9, at approximately 14:00 UTC – in a major event.
The token will launch with five trading pairs: SAGA/BTC, SAGA/USDT, SAGA/BNB, SAGA/FDUSD, and SAGA/TRY.
The initial supply will be 90 million SAGA, or 9% of the total supply on listing.
Why SAGA Went The Binance Launchpool Route
As the name suggests, a launch pool is a token launch pad in Binance’s case. However, this is explicitly designed so that projects benefit from the exchange’s immense retail investor base.
Indeed, many projects have benefited from supercharged listings via Binance Launchpool including SUI, SEI, PENDLE, BEAMX, and ENA.
There are multiple benefits to this:
- First, think of Launchpool participants as early adopters. It allows supporters to get in on new projects, like Saga, by staking their existing BNB or FUSD stablecoin holdings. By staking, they farm SAGA. What’s cool about this is that users don’t have to trade. They simply lock their BNB or FUSD, and accumulate new tokens.
- Second, since Binance is a reputable exchange, the platform offers a secure way to participate. Unlike other crowdfunding means, like ICOs or IDOs, where developers can steal from users, the Launchpool offers a secure portal, reducing risks. Before listing the project, Binance does its due diligence, thoroughly checking all parameters and ensuring developers comply with its strict selection criteria.
But Why Is Saga Crypto Attracting So Much Attention From Investors?
Saga is a mainnet platform created explicitly for developers – similar to Ethereum or Solana.
The goal is to empower these crucial contributors, allowing them to build infinitely scalable applications using “Chainlets.” SAGA will serve as a medium of exchange. Developers compensate Validators who maintain Chainlets using SAGA.
Of note, Saga coin plans to remove the high upfront costs and complexities of blockchains like Ethereum, making it easier for developers to focus on creating innovative applications.
Ahead of the official exchange listing, Saga has partnered with key players such as Polygon, Avalanche, Celestia, Marble, and Com2uS.
While Saga coin initially targets the gaming and entertainment industries, it plans to serve decentralized finance (DeFi) by enabling entirely new classes of applications.
EXPLORE: Liquid Bootstrapping Pools: Here’s Why LBPs Are Best Way to WAGMI Via Presales
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
