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Saga has closed a $5 million seed extension led by Placeholder, a venture capital firm focused on decentralized protocols and web3 infrastructure. The layer-1 protocol developer has now pulled in $13.5 million total across its funding rounds. The extension brought in capital from Longhash Ventures, Com2uS, Dispersion Capital, Red Beard Ventures, Tykhe Ventures, and AVID3, alongside other investors.
Saga plans to deploy the capital toward team expansion and ecosystem development through strategic partnerships and its Innovator Program. The protocol currently supports 295 projects, with expectations to surpass 300 when the Saga Mainnet goes live in early 2024. Saga has locked in partnerships with major web3 platforms including Polygon, Avalanche, and Celestia.
Saga recently launched its Pegasus incentivized testnet, the first milestone on its roadmap to the Saga Protocol V1 Mainnet scheduled for early 2024. Saga's Pegasus testnet demonstrates how blockchain infrastructure can scale for gaming applications. First announced in August, Pegasus has moved through development quickly to address developer and partner requirements.
The Saga Protocol runs on Chainlets — automated, high-performance chains that operate without gas fees while maintaining interoperability and customization options. The Saga Chainlet Realm will expand to include partner Realms for Ethereum, Polygon, Avalanche, Celestia, and XPLA. Pegasus already supports configurable Realms at launch.
Saga's vision is to unblock developers from the high barriers to successfully building in web3. 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.
Since launching its Incentivized Testnet (ITN), Pegasus, Saga has processed over 150,000 transactions and opened 30,000 wallets in the first two weeks. Saga will distribute token airdrops to Pegasus participants, though U.S. persons are excluded per regulatory requirements. Full terms and conditions will be provided during the claims process.
The Pegasus launch represents a significant step for the San Francisco-based company as it builds toward the full-featured Saga Protocol V1 Mainnet in 2024. The protocol aims to provide web3 developers and gamers with scalable blockchain infrastructure designed for mainstream adoption.
