• Mon. May 20th, 2024

Users of Binance Have Staked a Record $13 Billion in Order to Earn Rewards for Saga Gaming Tokens

Phillip Bryant

ByPhillip Bryant

Apr 6, 2024
Users of Binance Have Staked a Record $13 Billion in Order to Earn Rewards for Saga Gaming Tokens

Even though it is only a few days away from being listed the following week, there is a clear indication of excitement regarding the forthcoming token for the Saga layer-1 blockchain system. In fact, users of Binance have accomplished a feat that has never been accomplished before by staking an extraordinary amount of cryptocurrency to acquire SAGA token rewards through the cryptocurrency exchange’s Launchpool campaign platform.

Binance Users Rush to Get 45 Million Saga Tokens

Binance users have secured more than $13.1 billion worth of Binance Coin (BNB) and the FDUSD stablecoin in order to acquire a portion of the 45 million SAGA tokens that are available on the platform. This accounts for one-half of the token’s initial supply that was in circulation.

Through their Twitter account, Saga announced that the previous milestone of $13 billion is a record. According to the findings of Decrypt’s investigation into Launchpool campaigns that have occurred in the past, this is the case. Launchpool campaigns for tokens such as ENA and ETHFI have come close to reaching the remarkable $13 billion milestone. Nevertheless, Saga has achieved the distinction of being the first to surpass this barrier. This is due to the fact that the value of BNB at that particular moment was significant.

In February, Binance Launchpool witnessed an impressive achievement when the gaming token Portal (PORTAL) reached a remarkable milestone of $8.6 billion, setting a new record. However, due to the increasing value of BNB, every token launch since then has easily exceeded that amount.

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Over $13 billion was staked in less than 24 hours, and SAGA has quickly established itself as the biggest Launchpool in Binance’s history.

— Saga

An attempt was made to contact the cryptocurrency exchange to determine if Saga is the most successful Launchpool campaign. However, they have yet to respond. It is anticipated that the SAGA token will be added to Binance’s list on April 9th. In the meantime, approximately 370,000 users of exchanges are staking varying amounts of cryptocurrency in order to acquire SAGA when it is made available.

Saga’s Blockchain Impressive Prospects and Goals

One of the goals of the layer-1 blockchain known as Saga is to serve as a platform for the launch of multiple chains. Multiple of these “chainlets” can be used simultaneously to empower decentralized applications (dapps). Additionally, they can offer assistance to applications developed using alternative blockchain networks.

Saga has fully embraced the gaming industry as it approaches its anticipated mainnet launch this month. This is despite the fact that the company’s primary focus is not solely on gaming content. The chain held a number of different gaming competitions, and the winners were awarded SAGA tokens as prizes.

It is estimated that approximately eighty percent of the projects that are currently being developed on the Saga testnet are focused on the gaming industry. In addition, Saga is going to present Saga Origins, an in-house game publishing company, to the entertainment industry.

Considering that Saga has already distributed SAGA tokens to gamers, DeFi stakers on various chains, and holders of notable NFT projects, what is the rationale behind assigning a sizeable portion of the initial supply of circulating tokens to Binance users so that they can earn them?

As Saga’s token continues to gain popularity, Rebecca Liao, the company’s co-founder and CEO, recognized an opportunity to broaden the chain’s audience.

She made the statement on Friday. “Binance has a wide range of retail users,” she said. Our community airdrop was custom-tailored to include not only our close technological partners but also the individuals and games that have been a part of our ecosystem since it was first established.

Liao expressed astonishment at the overwhelming response they have received up to this point, despite the fact that their objective was to increase the number of SAGA holders in their target audience.

She observed, “It is truly remarkable.” This unexpected turn of events completely took us aback and caught us off guard.

Phillip Bryant

Phillip Bryant

Phillip Bryant, an esteemed writer in the financial field, imparts his extensive knowledge of currency markets to the readers of Main Crypto News. With a wealth of experience in international finance and a keen sense of market trends, Bryant offers timely and perceptive analysis of foreign exchange, keeping readers well-informed.

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