News shows that Saga announced the establishment of Saga AI Labs, shifting its focus towards AI consumer platforms and autonomous digital characters. Meanwhile, the operational rights of the Saga blockchain network will be transferred to Alapin Holdings under dao5.
Once focused on Layer 1, modularity, one-click chain deployment, and gaming infrastructure, the project is now fully pivoting to AI.
This shift occurs at an awkward time. The current price of SAGA is $0.01373, down 99.8% from its historical high.
Two years ago, the project launched under the highest halo of Binance Launchpool, attracting over $13 billion in staking in pre-launch mining, setting a historical record for Binance Launchpool. On the first day of the token's launch, it peaked at $7.60, reaching a fully diluted valuation of nearly $8 billion.
It precisely hit a complete market narrative, and after this narrative failed, it stepped into the next round. The issues for Saga have thus become sharper: now that the company has shifted to AI Labs, what can SAGA token holders gain from the new story?
Top Narratives and Harvesting Texts
Looking back at the reports from Binance Research, Saga's positioning was very clear. It is a Layer 1 that helps developers quickly launch dedicated chainlets, also known as An L1 to launch L1s.
Developers can automatically launch dedicated chains that are compatible with different virtual machines, can run in parallel, and are interoperable through Saga. The uses of SAGA include paying for Chainlet, staking, and governance.
This design nearly hit all the keywords that the market is willing to pay for in the first half of 2024.
Layer 1, modularity, AppChain, gaming, shared security, infinite horizontal scalability – these terms together compose the valuation language of Saga. Developers will need their own chains, games will require cheaper block space, applications will turn from DApp to AppChain, and modularity will make launching chains as simple as deploying cloud services.
Public information shows that Saga has reached 350 ecosystem projects within less than two years, with 80% being games, and has established partnerships with Polygon, Avalanche, Celestia, Com2uS, among others.
This makes Saga look less like an early infrastructure project and more like a future platform that has already gained ecosystem entry.
This has also given Saga a not-so-cheap valuation pricing power. Binance Research revealed that Saga has completed three rounds of financing totaling approximately $15 million, with investors including Placeholder, Maven11, Longhash, Samsung, Com2uS, Polygon, Merit Circle, Figment, Chorus One, and others.
Image source: RootData
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