L1 protocol Saga has raised $ 5 million in a funding round led by Placeholder. The seed extension round also had participation from Longhash Ventures, Dispersion Capital, Tykhe Ventures, and Com2Us among others. The latest funding round brings to $13.5 million the money raised by Saga, underlining investor confidence in its product offering.
Saga is on a mission to ease web3 onboarding using a developer-centric approach built on its innovative “chainlets” technology. Chainlets technology is an integrated stack of automated, interoperable, high-performance, gasless chains that can be customised to various developer needs. Using this technology, Saga is enabling developers to deploy dApps faster and with greater ease.
What next for Saga?
Saga has designed an Innovator Program, aiming to create an enabling environment for developers to build and deploy different web3 projects. In addition, the company intends to use the newly acquired funds to expand its team and build its community. Furthermore, Saga has set its sights on strategic partnerships as it considers them key to unlocking barriers in the web3 ecosystem.
In recent days, Saga has launched Pegasus, an Incentivised Testnet (ITN), which has recorded 150,000+ transactions and seen 30,000+ wallets interact with it in just two weeks. These are some of the highest figures for an incentivised Testnest, signaling its high growth potential. Already, 295 projects have already joined the protocol in its ITN stage, and Saga expects that to grow to over 300 when it launches its Mainnet in early 2024.
Saga has identified gaming and entertainment as key growth areas, whose expansion has been hindered by limited scalability. Consequently, the company is building a platform that focuses on scalability and efficiency for decentralised applications in the entertainment and gaming ecosystems, including the metaverse.
In so far as partnerships go, Saga has formed strategic collaborations with leading companies in the Web3 space, including Avalanche, Celestia and Polygon. The company intends to leverage these partnerships to position itself on the right track to expand its Web3 footprint and execute its mission.