SAGA surges after Binance listing
Nairobi (Coinchapter.com) - SAGA, an innovative L1 protocol designed to facilitate L1 launches, has recently surged in popularity after its native token SAGA was listed on Binance. The token has attracted the attention of investors and cryptocurrency enthusiasts.


Record-breaking $13 billion+
SAGA tokens are staked on Binance Launchpool. Source: X
Saga announced on Twitter that its $13 billion Launchpool activity broke the record. Decrypt's analysis of past activity confirmed this. Recent tokens ENA and ETHFI have approached the $13 billion level. However, considering the value of BNB at the time, Saga seems to be the first token to surpass this level.
Saga price surges, then plunges
The announcement of Saga Gaming Crypto’s listing on Binance triggered a massive increase in its market cap. Furthermore, within just two days of listing, the token’s price surged by 19,625%, from $0.04 to a high of $7.89. This price movement highlights the market’s enthusiastic acceptance and confidence in Saga’s potential.


SAGA/USD 1-day price chart. Source: CoinGenko
Interestingly, as of April 11, 2024, the SAGA token is currently trading at $5.61 and is ranked 189th on the cryptocurrency market. This follows a 9% drop in the past 24 hours, with trading volume falling 62.45% to $359 million. The project’s market cap has also fallen 6.6% and is currently $495 million.
Notably, the Saga project aims to introduce a user-friendly method for launching “Chainlets,” which is similar to deploying smart contracts. This innovative concept is intended to facilitate the expansion of Web3 infrastructure as the project aims to enable the deployment of the next 1,000 blockchain networks.


Furthermore, through the Saga Interchain Stack, the project aims to unlock applications with unlimited horizontal scalability. This is in line with the broader vision of the Cosmos ecosystem, of which Saga is a part, which aims to create an interconnected blockchain network.
Saga Token Distribution and Supply
It is worth noting that the Saga project has issued a total of 1 billion SAGA tokens. The token distribution is as follows: ecosystem and development (30%), core contributors (20% locked for 1 year, then linearly unlocked for 2 years), investors (20% locked for 1 year, then linearly unlocked for 2 years), airdrops (15.5% first unlocked 29%, then linearly unlocked for 30 months), foundation reserves (10%) and Binance Launchpool (4.5%, 100% unlocked at TGE).


SAGA token distribution. Source: CryptoRank
Currently, 9% of the total SAGA supply has been unlocked, while 50% remains locked. The remaining 40% is untracked and may be held by various stakeholders or reserved for future development and ecosystem initiatives. The next unlocking event is scheduled for August 2024, when 1% of the total supply (10.01 million SAGA tokens) will be unlocked, which is approximately $54.34 million based on the current market value.
Most importantly, as the Saga project continues to grow and expand its ecosystem, investors and enthusiasts will be closely watching the performance of the token and the project’s progress in transforming the Web3 infrastructure space. The recent surge in SAGA following its listing on Binance has certainly attracted attention in the short term, but the coming months will determine the long-term trajectory of the SAGA token in the evolving Web3 space.