What is Saga Protocol – The Layer 1 to Launch Layer 1s (SAGA)

Saga protocol is reimagining how developers and end users interact with blockchains. They are a layer 1 protocol designed to automatically set up application-specific blockchains within the multichain metaverse, or multiverse.

Essential information for their token is available on the MEXC Digital asset introduction page. Furthermore, we are listing (SAGA/USDT – Trade it here) on the Innovation Zone! Check it out now!

What is Saga Protocol and What are They Trying To Solve?

Saga Protocol is a Layer 1 blockchain protocol that allows developers to craft their own chains for running applications. Within Saga, participants benefit from a unified framework encompassing security measures, scaling solutions, and SDKs. However, each participant is allotted their own distinct chain. This offers customization options to align with their specific requirements. Addressing a prevalent challenge in the blockchain sphere, namely the scarcity of accessible tools for developers, Saga seeks to bridge this gap. The ecosystem hopes to offer extensive support to both app and game developers. It also aims to alleviate the struggle in finding suitable software developer kits (SDKs) for their projects within the web3 domain.

How Does Saga Protocol Work?

The Saga mainnet serves as the gateway for developers to access the Saga ecosystem. Similar to other smart contracting platforms, developers upload their compiled smart contract binary onto the Saga mainnet. Upon initiation, Saga validators autonomously establish a Saga dedicated chain, also known as a chainlet, containing the smart contract. Essentially, a Saga chainlet functions as an independent blockchain with a VM module executing a single smart contract. With each chainlet exclusively hosting the smart contracts designated by the developer or team, developers enjoy a flexible and practical development environment:

  • Deploying a chainlet is as straightforward as deploying a smart contract.
  • Chainlet block space remains exclusive to the application, ensuring predictable fees.
  • Saga supports VM agnosticism, allowing developers to integrate their own VM module into their chainlet.
  • Components of chainlets, such as VM modules, SDKs, and Tendermint Core, can be upgraded independently from other applications and the Saga mainnet.
  • In the future, Saga could accommodate alternative technology stacks beyond Cosmos SDK and Tendermint.

Saga also empowers developers to partition various workflows into multiple chainlets, enabling horizontal scaling. For instance, deploying a Uniswap-like Automated Market Maker (AMM) smart contract into its dedicated chainlet already yields substantial scalability enhancements. As demand for the smart contract surpasses current blockchain technology limitations, developers can deploy multiple instances of the same smart contract tailored to specific subsets of activity. Using the AMM example, developers could deploy a unique smart contract instance for each asset pair. The chainlet architecture offers virtually limitless scalability potential, provided proper security measures are implemented.

What is Saga Shared Security?

Deploying a Cosmos-based application-specific chain poses a challenge due to the intricacies involved in securing the chain. Each application chain necessitates tasks like recruiting validators, distributing staking tokens, and devising a token mechanism to fortify the chain’s security. Saga Protocol tackles this challenge by implementing shared security, thereby eliminating barriers to entry. Furthermore, every Saga chainlet benefits from security provided by the Saga mainnet validators through shared security.

Shared security comes in various forms, and Saga adopts a model akin to Cosmos Hub’s version 1 interchain staking known as Optimistic Coordination to ensure the security of each chainlet:

  • All validators on the Saga mainnet are mandated to validate every provisioned chainlet.
  • Validators establish a set of Service Level Agreements (SLAs) for chainlet provisioning and upkeep, encompassing aspects such as timely deployments, guaranteed computing capacity, minimum uptime, honest consensus participation, and relaying inter-blockchain communications.
  • An auditor oversees the chainlet’s performance and initiates governance proceedings if a validator fails to fulfill their service obligations.
  • The Saga mainnet enforces consequences for validators found violating SLAs.

Through Optimistic Coordination, chainlets automatically inherit the security of the Saga mainnet. However, to simplify the process of provisioning chainlets, Saga requires a suite of tools to aid in chainlet orchestration for validators.

How Does Saga Protocol’s Play-to-Airdrop Work?

In December, Saga initiated its “play-to-airdrop” competition campaign, enticing gamers to explore projects on the Saga testnet. To kickstart the Saga validator system, Saga allocated 60 million SAGA tokens to its community members. Individuals qualified for the airdrop if they had engaged in the staking program or participated in tournaments promoting Saga ecosystem games. The eligibility period for the airdrop required validators and other participants to remain active between January and October of 2023. Once the airdrop commenced allowing individuals to claim tokens, it persisted until March 27, 2024.

Saga showcased various games on the testnet, including the action role-playing game Rogue Nation, the fantasy-themed Generative Dungeon, and the Pokémon Go-esque location game Vennity. Gamers who secured top positions on each game’s leaderboard at the end of the competitions received rewards in the form of SAGA tokens.

Where to buy SAGA Token

You can find SAGA Tokens here at MEXC! We are listing SAGA/USDT in our Innovation Zone! Furthermore, you can receive 100% spot trading fee discounts while holding MX tokens. Get yours now!

What is the Price of SAGA Tokens?

The SAGA Token is currently trading at MEXC with a live price of $4.35. You can check the live price of their token right here!

How to buy SAGA Tokens on MEXC

You can buy SAGA Tokens on MEXC by following the steps:

  1. Log in to your MEXC account. Click on [Spot].
  2. Search “SAGA” using the search bar to see the available trading pairs. Take SAGA/USDT as an example.
  3. Scroll down and go to the [Spot] box. Enter the amount of SAGA you want to buy. You can choose from opening a Limit order, a Market order, or a Stop-limit order. Take Market order as an example. Click [Buy SAGA] to confirm your order. You will find the purchased SAGA in your Spot Wallet.

You can find a detailed guide on how to buy SAGA Tokens here.

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