In a recent announcement, Saga has unveiled its plans for the upcoming launch of the Saga protocol V1. Recognizing the intricacies of the new protocol, Saga has decided on a phased approach to guarantee a smooth rollout. This article provides a snapshot of the technical launch process, the main components involved, and an initial look into the $SAGA tokenomics.
The Launch Blueprint:
- Technical launch and a brief on tokenomics
- Participation details for Innovators
- Insights into community involvement
- An in-depth dive into Saga Tokenomics
Key Aspects of the Launch:
- What: The elements set for launch
- When: The timeline for each phase
- How: The methodology behind the launch
- Why: The reasoning for the phased strategy
- Tokenomics: A preliminary breakdown of $SAGA tokens
It’s worth noting that a more detailed exploration of tokenomics and the mechanics of participating in airdrops will be addressed in subsequent releases.
Introducing Saga Realms:
Earlier in the year, Saga introduced its Realms feature, a platform allowing developers to initiate customizable chains on Saga. The launch is set to be segmented into three primary components: the security chain, the platform chain, and the Chainlet.
- Security Chain: This acts as the foundational security source, where $SAGA tokens are minted and staked.
- Platform Chain: A hub where developers can launch and oversee Chainlets, pooling security from multiple chains.
- Chainlet: This serves as the main computational center, facilitating end-user interactions.
The Six-Phase Launch:
Saga’s launch strategy is compartmentalized into six distinct phases, culminating in the full operational capability of the Saga protocol V1 by the end of the sixth phase.
- Phase 1: The security chain sees its launch.
- Phase 2: Introduction of the basic Cross-chain Validation (CCV).
- Phase 3: Chainlets begin to inherit the security of the platform chain.
- Phase 4: A phase of onboarding external validators to manage the platform chain.
- Phase 5: Full security from the security chain is integrated into the platform chain.
- Phase 6: The security chain gets a slashing feature, and the $SAGA token becomes operational for provisioning Chainlets.
Rationale Behind the Phased Launch:
The segmented approach is designed to test each component in isolation, aiming for a rapid yet secure launch. This strategy promises benefits across the board – for validators, developers, stakers, and end-users.
A Glimpse into Tokenomics:
Upon the initiation of Phase 1, the $SAGA token will be activated. The total token supply at TGE is slated to be one billion, with allocations as follows:
- Core Contributors (20%): With a 3-year lockup and a 1-year cliff.
- Fundraising (20%): Also subjected to a 3-year lockup and a 1-year cliff.
- Ecosystem and Development (30%): Aimed at bolstering the Saga ecosystem.
- Foundation Reserve (10%): Reserved for diverse applications.
- Airdrops (20%): Set to be distributed in stages, bolstering the Saga ecosystem.
The launch of the Saga protocol is keenly anticipated in the tech community. As more details emerge, stakeholders and enthusiasts alike will be watching closely.