Saga, a popular Web3 gaming protocol that aims to help blockchain gaming developers roll out their own chains, announced over the weekend that it had raised over $5 million in a funding round led by venture capitalist Placeholder.
The latest investment has pushed Saga’s entire funding to approximately $13.4 million. It comes a few weeks before the protocol launches its most-anticipated mainnet at the start of next year.
According to Saga’s founder, Rebecca Liao, the major appeal of her project has been scalability. She says Saga’s ability to support the development of several chains and make them compatible with each other makes it an outstanding blockchain project.
It is worth mentioning that Saga will not offer developer grants for anyone looking to build projects on the protocol. Liao says her team will only help developers to acquire users.
Besides the mainnet launch, Saga is expected to release its native token via an airdrop. The first people to be airdropped the crypto asset will be testnet developers, and then community members will follow. Liao told news outlet Decrypt last week that her team has set airdrop requirements “high” to keep away opportunistic speculators.
Saga’s Chainlets
Most of the leading blockchains, like Solana and Ethereum, do not have the ability to support the creation of other chains. They only provide tools for creating tokens and decentralized applications. Saga, on the other hand, lets developers roll out customizable chains known as chainlets for their decentralized apps.
Liao says Saga’s ability to allow each game to run on its own chain allows faster transactions than games using one chain like those on Ethereum. According to the Saga founder, this scalability plays a vital role in attracting Web3 gaming developers. She reveals that over 250 gaming projects have already been built on the Saga’s testnet.
Although Liao’s protocol is focused on blockchain gaming, for now, it aims to include more functionalities to serve various types of applications in the future.
Still, Liao is convinced that blockchain gaming will soon be a key driver of mainstream cryptocurrency adoption. She points to current troubles in the Web2 gaming space as a massive opportunity for blockchain gaming to flourish.
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