The increase values Saga, which broke coverage in March, at $130 millions. This protocol allows web3 developers to access “chainlets” that can help them scale their operations.
Today, a protocol that aims to create dedicated blockchain space for entertainment and gaming developers announced a seed-stage fundraise of $6.5 million.
Saga, ‘s cover , was established in late 2021 and is currently valued at $130million.
The fundraise was funded in as-yet unlaunched tokens by investors including Maven 11, Longhash Ventures and Hypersphere.
Saga previously received $2 million in preseed funding from Ignite (formerly Tendermint) in late 2021 as part of an incubator program.
Saga’s CEO and co-founder Rebecca Liao explained to The Block that Saga was created to provide developers with a place to build. “As more people use web3, especially in entertainment and gaming, their expectations about developer and user experience will grow,” Rebecca Liao said.
Saga is working to address this issue with “chainlets”, which are dedicated blockchains that can easily be customized to developers’ specifications. Saga’s chainlets are available for use by those who wish to create applications that include crypto. They can also be used as scaling solutions for layer 1 and layer 2 blockchains.
Liao claims that web3 as it stands cannot handle more “experiential apps”, especially those related to gaming and entertainment. Liao cites network congestion and performance issues due to slow throughput, high gas fees, as the key limiting factors. These can be overcome by Saga’s chainlets she claims.
Liao claims that Saga can support up to 1,000 chainlets with its current form, which has around 20 validators verifying transactions through a shared security system. She adds that “a lot of innovation will happen around validator orchestration, making sure we are balancing our compute cycle accordingly.”
Saga plans to launch its token and mainnet early next year. It will soon release the “AlphaNet”, which will allow developers to start onboarding and create partnerships with infrastructure companies.
