- Binance has announced the 51st project in its Launchpool.
- Users will be able to farm the project’s native token for a limited time.
- The token will then be listed on Binance.
The world’s leading crypto exchange by trade volume, Binance, has announced Saga (SAGA) as its 51st Launchpool project.
Saga is a Layer 1 protocol that allows developers to leverage “Chainlets” to build applications with “infinite” horizontal scalability. The project has raised $15 million and has partnerships with Polygon, Avalanche, Celestia, Marble, and Com2uS.
Introducing Saga Protocol’s SAGA Token
In an announcement dated April 4, Binance unveiled Saga as the 51st project on Binance Launchpool. It invited users to stake their BNB and FDUSD into separate pools to farm SAGA tokens over four days.
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Farming will run from April 5 to April to April 9, after which Binance will become the first exchange to list SAGA at around 14:00 (UTC). The token will launch with five trading pairs, including SAGA/BTC, SAGA/USDT, SAGA/BNB, SAGA/FDUSD, and SAGA/TRY.
As of April 4, the total supply of SAGA is 1,000,000,000, with 45,000,000 (4.5% of the total supply) allocated for Binance Launchpool rewards. When listed on Binance, the token will debut with an initial circulating supply of 90,000,000 (9% of the total).
The SAGA token can be used for a range of use cases, including staking and governance. Notably, developers on the Saga Protocol will use the token to pay network validators to instantiate and “keep their Chainlets alive.”
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Binance said participation in Launchpool is subject to eligibility based on the user’s country of residence and completion of KYC processes to verify their accounts. In addition to the U.S., users from Japan, Australia, Canada, New Zealand, and the Netherlands, among other prohibited countries, will be unable to participate in farming SAGA.
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