Binance Exchange announced this morning that it has launched the 51st new coin mining project, Layer 1 protocol Saga, on Binance Launchpool. Users are allowed to deposit BNB and FDUSD into the SAGA mining pool on the Binance Launchpool website starting from 8:00 on April 5, 2024, Taiwan time, to participate in the four-day new coin mining activity.
Additionally, Binance will list trading pairs such as SAGA/BTC, SAGA/USDT, SAGA/BNB, SAGA/FDUSD, and SAGA/TRY at 22:00 on April 9, 2024 (with seed labels added).
Saga Launchpool Details:
Token Name: Saga (SAGA)
Maximum Supply: 1,000,000,000 SAGA
Initial Circulating Supply: 90,000,000 SAGA (9% of the maximum supply)
Total Mining Supply: 45,000,000 SAGA, with BNB mining pool accounting for 80% (36 million tokens) and FDUSD mining pool accounting for 20% (9 million tokens)
Restrictions: KYC required
Individual hourly mining cap: BNB mining pool: 37,500 SAGA; FDUSD mining pool: 9,375 SAGA
What is Saga (SAGA)?
According to Binance Research, Saga is a Layer 1 protocol that allows developers to build dedicated chains called Chainlets that can be parallel and interoperable with different virtual machines. These chains can be flexibly scaled according to the Web3 application requirements.
The native token of the protocol is $SAGA, which has the following functionalities:
– Payment for Chainlets: Developers pay $SAGA tokens to network validators to maintain the operation of their Chainlets.
– Staking: Stakers help secure the network and receive $SAGA tokens and tokens from projects built on the Saga protocol as rewards.
– Governance: $SAGA token holders will be able to vote on network governance decisions.
Saga has raised $15 million in funding, with investors including Placeholder, Maven11, Longhash, Samsung, Com2uS, Polygon, Merit Circle, Figment, and Chorus One.
BNB momentarily broke through $580
This news was released at 10:32 this morning, triggering an increase in the price of BNB on the Binance platform. According to Binance spot trading market data, BNB rose from $566 at 10:30 this morning to briefly touch $581.9 within 15 minutes, with a cumulative maximum increase of 2.8%.
At the time of writing, BNB is still showing signs of further increase, currently trading at $579.4, a 4.17% increase in the past 24 hours.