Crypto Gaming Protocol Saga Secures $5M in Funding, Poised for Mainnet Launch and Token Airdrop
The Web3 firm has raised $5 million in a seed extension round to offer unique scalability with its 'chainlets' feature and a selective token airdrop for its community.
Saga, a crypto gaming protocol, has secured $5 million in a seed extension round. This funding, led by the VC firm Placeholder, boosts Saga's total funding to an impressive $13.5 million. The company is preparing for a major event – the launch of its mainnet in January.
Co-founded by CEO Rebecca Liao, Saga offers a unique solution in the crypto world. It helps game developers launch their own blockchains, offering an innovative approach to scalability. Liao explains that Saga's blockspace is essentially limitless. Developers can create multiple chains simultaneously, similar to how cloud infrastructure works.
The timing of this funding is crucial. It comes as the crypto market shows signs of recovery after a period of decline. Liao expects a rise in user numbers following the mainnet launch. This, she believes, will prove the effectiveness of Saga's technology. Interestingly, Saga has chosen a different path from other platforms. Instead of offering developer grants, it focuses on aiding projects in user acquisition. This, according to Liao, is a more accurate test of market fit.
Apart from supporting developers, Saga is planning a token airdrop. This move aims to reward those involved in the testnet and, later, the wider community. However, the criteria for participation will be selective to prevent speculative behavior.
Unlike typical blockchains like Ethereum and Solana, Saga allows the creation of parallel chains, or 'chainlets,' for each application. This structure, already used in Polygon 'supernets' and Avalanche 'subnets', greatly increases scalability. Liao points out that single-chain systems eventually face blockspace limitations. Hence, adding new chains is essential.
This scalability particularly appeals to demanding apps like blockchain games. Saga already has about 300 projects being developed on its Pegasus testnet, indicating strong developer interest. While the platform has focused on gaming initially, its goal is broader. Liao envisions Saga as a general infrastructure platform for dApps.
On top of that, Liao emphasizes the importance of mobile gaming in testing infrastructure. Mobile games, with their constant updates, high transaction volumes, and performance demands, are a critical focus for Saga. By addressing these challenges, Saga aims to lead the way in mainstream crypto adoption, harnessing the shifting dynamics in traditional gaming.