Binance Users Stake $13B to Acquire Gaming Token Rewards
Saga’s token will be unveiled soon, and Binance clients are revealing record-breaking interest in its rewards campaign.
The imminent token for the Saga layer-1 blockchain network is eliciting interest days prior to the following listing. Already, Binance clients have broken a record for staking the highest amount of cryptocurrency to acquire SAGA token rewards through the Launchpool campaign platform.
Binance Users Stake BNB Worth $31 Billion
Binance Coin (BNB) is worth more than $31B, and Binance users have staked the FDUSD stablecoin. They intend to acquire a portion of the 45 million SAGA tokens via the platform, or 50% of the token’s initial circulating supply.
On April 5, Saga declared the previous $13B mark a record. According to a media outlet’s assessment of previous Launchpool campaigns, that does not seem to be the case. The latest Lauchpool campaigns for tokens such as ETHFI and ENA have approached the $13B mark.
However, Saga seems to have been the first to bring down the barrier based on BNB’s value at that time. In February, Portal (PORTAL) set a $8.6B record in Binance Launchpool. However, BNB’s rising price has resulted in each token unveiling surpassing the tally.
Over 370,000 Binance Users Stake in Launchpool
A digital media resource contacted Binance to verify if Saga is undoubtedly the major Launchpool campaign to date on the basis of its internal information. However, no response was provided. Binance intends to list the SAGA token on April 9.
For now, almost 370,000 users of this exchange are staking different crypto amounts to acquire SAGA during its unveiling.
Saga refers to a layer-1 blockchain created as a ‘chain to unveil chains.’ Several such ‘chainlets’ can be utilized to energize decentralized applications (dapps). Additionally, they can be used to back applications deployed on other blockchain platforms.
Despite not being entirely restricted to gaming, Saga has considered gaming in the run-up to its anticipated mainnet unveiling in April. This chain conducted several play-to-airdrop gaming contests and awarded shares of SAGA tokens to winners.
Besides, an estimated 80% of projects developed on the Saga testnet are linked to gaming. Saga also intends to unveil Saga Origins, an in-house game publisher.
Saga Aims to Broaden the Audience
Saga has already distributed SAGA tokens to gamers, decentralized finance stakers across different chains, and owners of specific prominent nonfungible token projects. As such, it becomes crucial to consider why such a substantial part of the earlier circulating supply should be offered to Binance clients.
Rebecca Liao, Saga’s cofounder, and chief, it entailed courting a possibly wider audience for the chain as its token takes off.
On April 4, Rebecca revealed that Binance has an extensive retail user base. For them, the community airdrop that had been designed sought to meet the needs of persons with whom they are already familiar, as well as the persons and games involved in their ecosystems from the start.
Even with the objective of landing a wider audience of SAGA holders, Liao revealed that the record-breaking reaction had knocked her team down. She also said that it was crazy and the events were unanticipated.
