Saga Secures $5 Million Seed Extension Round
The blockchain protocol Saga, with the aim of helping Web 3.0 game developers launch their own blockchains, has recently announced a $5 Million seed extension round spearheaded by the deal financial resources firm Placeholder. This investment brings Saga’s total funding to $13.5 Million, and it comes just in time for the launch of its mainnet in January. Co- founder and CEO Rebecca Liao pointed to scalability as the main appeal of Saga, mentioning that blockspace is theoretically infinite because they can spin up as numerous chains as they like in parallel, similar to cloud infrastructure.
The funding round comes at a time when the cryptocurrency market seems to be warming up after a year of price declines. The Saga team is hopeful that transparency around user numbers after the launch will validate its technology. They’re likewise planning a token airdrop first for taking part testnet developers and later for community members; on the other hand, the requirements will be quite high to deter opportunistic speculators.
Saga’s Chainlets for Scalability
Although while protocols like Ethereum (ETH) and Solana (SOL) are singular “monolithic” blockchains, Saga is designed to launch customizable parallel chains was known “chainlets” for each application. These chainlets are already part of the infrastructure that makes Polygon “supernets” and Avalanche (AVAX) “subnets” possible. This scalability is important for attracting developers of high-performance applications like games, and so far Saga has nearly 300 projects building on its testnet code-named Pegasus.
Liao likewise stated that Saga intends to be a “general infrastructure platform” capable of serving numerous types of decentralized applications and that gaming will be key for driving mainstream cryptocurrency adoption. The main focus as of now is on mobile gaming, as it puts the most strain on the infrastructure due to constant updates, high volume of transactions, and the performance requirements of the end user.
Hot Take: Saga’s Unique Scalability and Focus on Web 3.0 Gaming
Saga’s approach to scalability through its customizable parallel chains, or “chainlets,” offers a unique solution for Web 3.0 game developers. This, coupled with their strong focus on high-performance applications like gaming, positions them as a whole lot of player in the Web 3.0 space. By leveraging their mainnet launch and strategic funding, Saga has the capacity to cause a whole lot of impact in the cryptocurrency and gaming sectors.
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