SAGA Research Report: Modular Layer 1 focusing on games

Project name: Saga

Project type: L1

Stock code: $SAGA

Cryptocurrency ranking: 221

Market value: $22.5M

Fully diluted value (FDV): $3.6B

Circulating supply: 90M (9%)

Total supply: 1B

Maximum supply: ∞

Introduction

Modular blockchain provides solutions to the difficulties in achieving decentralization, security and scalability in blockchain technology. This innovative approach distributes the basic functions of blockchain, such as execution, settlement, data availability and consensus, across specialized networks. Unlike traditional blockchains that rely on a single network to handle all operations, modular blockchains separate these tasks, significantly increasing the efficiency of each function.

来源：币安研究

Modularization is a promising path to improve blockchain scalability, solving the decentralization and security issues that many blockchain projects are actively exploring and developing. key issues of sexuality. Since the inception of Celestia, the modular field has seen the development of various solutions such as shared sequencers, verification systems, interoperability protocols, order flow abstraction projects, and projects like rollup framework and Rollup-as-a-Service (RaaS). infrastructure provider.

来源：Celestia

One noteworthy project is Saga, a modular Layer 1 platform tailor-made for the gaming industry that has recently become an innovative player in the crypto space. participants.

Saga Overview

Launching a blockchain can be complex as it requires developers to deal with various technical aspects of the blockchain infrastructure. The Saga Protocol simplifies this process by providing Chainlet, a purpose-built blockchain that developers can launch as easily as deploying smart contracts. This solution integrates key elements such as data availability, consensus, execution and settlement to create a seamless product experience. By integrating these components, Saga not only saves developers time but also reduces the complexity typical of module systems.

The Saga protocol runs on a fully decentralized proof-of-stake model, ensuring that each Chainlet maintains the same high security standards as the Saga mainnet and uses the same set of validators.

#Saga’s influence is evident in its meteoric growth. In less than two years, it has successfully attracted 350 projects, 80% of which are focused on the gaming industry. Strategic partnerships with industry leaders such as Polygon, Avalanche, and Celestia further highlight Saga’s ability to effectively scale infrastructure and support a wide range of blockchain applications.

Saga Architecture

Chainlets

The Saga protocol revolutionizes the way blockchain is deployed through its product Chainlets. These are automated, high-performance blockchains that are interoperable and customizable within the Saga ecosystem.

These Chainlets are protected by the Saga blockchain and are verified through a shared security model called "Interchain Security", enjoying solid protection. This model enables Saga to provide security for its Chainlets, ensuring they have the same level of security and decentralization as Saga itself, functioning similarly to the Cosmos SDK application chain, but without the need to manage a validator set itself.

来源：Saga

Chainlets provide developers with a decentralized and secure way to deploy application-specific blockchains, allowing developers the freedom to choose their preferred virtual machine . This flexibility was highlighted at the Saga Multiverse Summit with the launch of Saga Realms, which enables developers to launch customizable chains on Saga with different features and services, such as technology stacks, security sources and their associated obligations. Under the Realms framework, the standard Saga Chainlet will become one of many areas supported in the future, including providing services for Saga's partners Ethereum (Ethlets), Polygon, Avalanche, Celestia, etc.

Compared with the replication security mechanism adopted by Cosmos Hub, the process of starting a Chainlet is unique and permissionless. Developers simply pay for setting up and maintaining their Chainlet using $SAGA tokens, which is similar to using a subscription service from a provider like Amazon Web Services, but with payments in $SAGA tokens.

Security Chain

The security chain is the main source of security for the Saga protocol and uses Cosmos-SDK. It is responsible for the minting, staking of $SAGA tokens and potential penalties for validator misconduct.

Platform Chain

Platform Chain is also built on Cosmos-SDK and is a place for developers to launch and manage their Chainlets. It brings together multiple security sources, including Security Chain, and extends security to Chainlets through a process called Cross-Chain Verification (CCV), while notifying any reported misconduct back to Security Chain for potential punitive action.

起初，平台链将主要从Saga安全链获取安全保障，但计划未来纳入包括Ethereum、Polygon、Avalanche和其他验证者的额外安全源。

团队、采纳与联盟

Saga团队由一批活力四射且经验丰富的联合创始人领导：

• 金权（Jin Kwon），联合创始人及首席战略官，曾任Ignite副总裁，持有加州大学伯克利分校计算机科学硕士学位。
• 雅各布·麦克多曼（Jacob McDorman），联合创始人及首席技术官，曾共同创立软件咨询公司Cellaflora，持有普渡大学数学学士学位。
• 博格丹·亚历山大斯库（Bogdan Alexandrescu），技术专家及企业家，活跃于比特币基金会和多个区块链项目。
• 丽贝卡·廖（Rebecca Liao），联合创始人及首席执行官，也是全球贸易区块链Skuchain的共同创始人。在她的领导下，Skuchain年交易额超过50亿美元，2020年被世界贸易组织评为顶尖区块链公司。

截至2024年4月26日，Saga创新者计划包含350个项目，80%专注于游戏领域，10%专注于NFT和娱乐，剩余10%专注于去中心化金融（DeFi）。这些项目利用Saga的技术创新并扩展其区块链应用。

Saga已与多个领先的区块链协议合作，借助其Chainlets技术实现扩展：

• XPLA和Com2uS：2022年11月，Saga与XPLA合作，为游戏专用链提供可扩展的基础设施。
• Celestia实验室：2023年1月，Saga开始实施作为服务的顺序器，与Celestia合作扩展卷积架构。
• Polygon：2023年2月，合作自动化超级网络，促进应用链解决方案的部署。
• Avalanche：2023年4月，Saga自动化子网的实例化，增强了应用链的部署。

Saga Origins于2024年3月推出，致力于引领Web3游戏进入市场。该部门在从初始概念到最终发布的每个阶段都积极支持游戏开发者。为了促进成功，Saga Origins提供了包括与影响者合作提升可见性、为用户获取提供财务支持以及广泛的推广支持等一系列服务，以最大化影响力和参与度。

代币经济学

$SAGA代币在Saga协议中具有多重用途。它是开发者在启动和维护Chainlets时支付网络验证者的货币。它也是奖励那些抵押代币以支持网络安全的用户的方式。此外，持有$SAGA还赋予了用户对网络未来决策的投票权。最初，将发行十亿个$SAGA代币，其中约9000万个，即9%，将在代币生成事件时释放。

市值为2250万美元，完全摊薄价值为36亿美元。目前流通的代币数量为9000万，占总供应量10亿的9%。

代币分配：

来源：Cryptorank

代币发行计划：

来源：币安研究

融资历程

2021年10月，公司在Ignite的投资下成功筹集了200万美元。次年，即2022年5月19日，在一轮种子融资中成功筹集了额外的650万美元，投资者包括Hypersphere Ventures、Maven 11 Capital、SamsungNext、Merit Circle、Polygon Studios和LongHash Ventures。2023年11月20日，在扩展种子轮中再次筹集了500万美元，由Placeholder Ventures领投，并得到LongHash Ventures、Com2uS、Red Beard Ventures、Dispersion Capital和Tykhe Block Ventures的支持。

除了这些成功的融资轮，Saga在Binance上的标志性上线超越了该平台所有之前的启动池记录，在不到24小时内吸引了超过130亿美元的资金。

Positive Fundamental Factors

• Criticality of Modularity: Modularity is the key to solving the challenges of scalability, decentralization, and security in blockchain technology. As an early adopter of this model, Saga will benefit greatly once this model becomes widely accepted.
• The Rise of the Game Finance Industry: Game Finance (GameFi) has become one of the most promising industries in the digital asset field, and Saga is investing significant resources in this field to ensure that it occupies a prominent position in the industry.
• Strategic Partnerships: Saga has established strategic partnerships with important blockchain entities such as Polygon, Avalanche, and Celestia. These partnerships strengthen Saga’s technology infrastructure and broaden its ecosystem, enhancing its The ability to support scalable and efficient blockchain applications.
• Receive significant investment: Saga has received significant investment from reputable investors, providing the necessary financial stability to support its continued development and expansion. Saga’s record launch on Binance highlights its market credibility and potential for success, which has been supported by widespread community engagement and unwavering investor confidence.

Negative fundamental factors

• Fierce market competition: The blockchain field, especially the gaming and decentralized finance (DeFi) markets, is fiercely competitive, with There are many established competitors and new entrants emerging. Saga’s success relies on its continued ability to innovate and its differentiation from other blockchain platforms in improving scalability and efficiency.
• High Market Volatility: From an investment perspective, the cryptocurrency market is extremely volatile and very sensitive to macroeconomic factors, liquidity cycles and economic news. Despite the high potential of the technology and Saga, the speculative nature of the market often obscures its actual use and demand.
• Regulatory and Legal Risks: Regulatory changes or legal developments adverse to cryptocurrencies could impact Saga’s operations, particularly in key markets critical to its growth.

Conclusion

With the evolution of blockchain, Saga is a significant player in modular blockchain technology, especially in the gaming field, by integrating different Blockchain functions are divided into dedicated networks to enhance efficiency, security and scalability, and the importance of Saga is particularly prominent. The introduction of Chainlets and its commitment to scalable, interoperable and cost-effective infrastructure positions Saga not only to meet the current demand for blockchain solutions, but also to profoundly impact the future development of decentralized applications. Saga’s commitment to progress and innovation marks it as a key and noteworthy entity in the blockchain ecosystem.

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