New layer 1 blockchain Saga has introduced a $5 million seed extension spherical.
It was led by US VC Placeholder, which was based by crypto OGs Joel Monegro and Chris Burniske. Different contributors within the spherical included Longhash Ventures, Dispersion Capital, Purple Beard Ventures, Tykhe Ventures, Com2uS, and AVID3. Saga has now raised $13.5 million.
“We expect blockchain architectures in the coming years to be much more reminiscent of cloud architectures, with Saga purpose-built to help usher in that future,” commented Burniske.
“On-demand blockspace provisioning, paired with cutting-edge validator orchestration, sets Saga up to provide blockspace as it’s needed in a horizontal, scale-out fashion akin to the cloud environments of today.”
The information comes as Saga prepares to maneuver from its present incentivized Pegasus testnet to its mainnet, anticipated in early 2024. In addition to partnerships with different L1s reminiscent of Polygon, Avalanche, and Celestia, Saga additionally has round 300 builders constructing a wide range of merchandise on its infrastructure. It’s significantly targeted on video games, nevertheless.
Saga affords an built-in stack of automated, excessive efficiency, gasless, interoperable, and customizable chains which it calls chainlets. Builders can scale their functions throughout a number of chainlets and interoperate freely amongst them whereas benefiting from their quick transaction finality to accessibly bridge to different blockchains.
“We’re thrilled to have Placeholder lead this round, as they, along with our other amazing investors, are helping to empower and accelerate our support of projects with the Integrated Stack – what developers have been waiting for to easily create consumer apps for broad adoption,” added Saga CEO Rebecca Liao.
Discover out extra by way of the Saga web site.
