Saga raises $6.5 million to build scalable ‘chainlets’ for web3 developers by RyanJamesWeeks
Investors involved in the fundraise — which was denominated in as-yet-unlaunched tokens — included Maven 11, Longhash Ventures, Hypersphere, Figment, Polygon Studios, Samsung NEXT, Chorus One, GSR, C2X, CRIT Ventures, Akash Network, Unanimous Capital, Strangelove Ventures, Tess Ventures, Merit Circle, Hustle Fund, Polymer, Zaki Manian, Jae Kwon, Garrette Furo, Alex Shin, Nick Tomaino and other angel backers.
“The purpose of Saga as a protocol is to ensure that developers get their own space in which to build because as more users come into web3, particularly in gaming and entertainment, the expectations around developer and user experience are going to grow higher and higher,” Saga’s co-founder and CEO Rebecca Liao told The Block.
Liao says that web3, as it stands, cannot deal with more “experiential” apps — especially those involved in gaming and entertainment. She points to network congestion, performance issues stemming from slow throughput and high gas fees as key limiting factors. Saga’s chainlets, she says, can help developers overcome these.
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