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Saga Launches Mainnet 2.0 to Transform Blockchain Economics, Partners with Uniswap

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[PRESS RELEASE – USA, USA, December 17th, 2024]

Saga, the Layer 1 blockchain protocol to launch Layer 1s, today announced its Mainnet 2.0, setting the stage for a fundamental transformation in how the blockchain industry approaches liquidity. The growing number of independent blockchains has created unprecedented challenges for liquidity management and cross-chain operations. This major upgrade lays the foundation for the Q1 2025 launch of Saga’s Liquidity Integration Layer (LiL), which will create a unified liquidity environment across all blockchain ecosystems. Combining LiL with a novel token economic design, Saga will be able to automate bridge and routing transactions and eliminate gas fees for users interacting with DeFi products on Saga.

Uniswap v3, the world’s leading decentralized exchange (DEX), is deployed on Saga’s natively multichain protocol in a historic first – marking their inaugural app chain. Uniswap v3 is deployed on a Saga Chainlet and will enable a completely gasless trading experience, removing one of the primary barriers to mainstream crypto adoption and demonstrating Saga’s new economic model to make decentralized finance accessible to everyone. Saga’s LiL will enable easy and automated asset movement from any ecosystem to the Uniswap

“Blockchain’s promise of financial accessibility has been held back by fragmented liquidity and prohibitive gas fees,” said Rebecca Liao, Co-Founder and CEO at Saga. “Today’s fractured landscape of appchains and L2s forces users to navigate complex bridges, manage multiple tokens, and pay unpredictable fees just to complete basic transactions. With Mainnet 2.0 and our Liquidity Integration Layer, we’re creating a unified environment where liquidity flows freely between chains and applications, users never pay gas fees, and developers can finally build without constraints.”

“Deploying on Saga represents a strategic evolution for Uniswap, allowing us to explore new possibilities in multichain environments historically plagued by liquidity fragmentation,” said Joe Bjornsen, Head of Uniswap Growth Program. “This integration advances our mission to make decentralized trading accessible to everyone while opening up unprecedented opportunities for the future of DeFi.”

Saga represents a radical departure from traditional blockchain economics. Instead of charging per-transaction gas fees that create barriers for users and developers, Saga’s model generates potential revenue by capturing a percentage of the total value flowing through the network. This approach enables:

  • Completely gasless transactions for end users
  • Elimination of complex bridge systems and token management
  • Seamless movement of assets between different chains and applications
  • True interoperability between blockchain ecosystems

To support the Mainnet 2.0 upgrade, Saga is working with two infrastructure partners:

  • Evmos is providing the Ethereum Virtual Machine (EVM) runtime for Saga’s chainlets, enabling native support for EVM tokens
  • Squid Router is extending its token swapping and routing services to Saga’s EVM environment

These partnerships support Saga’s development of the Liquidity Integration Layer, designed to eliminate gas fees for users while creating new opportunities for developers.

With Mainnet 2.0 now live and supporting the Uniswap deployment, Saga is on track to launch its Liquidity Integration Layer in Q1 2025. The LiL will build upon Mainnet 2.0’s foundational infrastructure to deliver a comprehensive solution for unified liquidity across blockchain ecosystems. Developers interested in leveraging Saga’s infrastructure can begin building on Mainnet 2.0 immediately, with seamless integration into the LiL environment when it launches next year.

For more information about Saga and its upcoming Liquidity Integration Layer, users can visit www.saga.xyz.

About SAGA

Recognized as a leading developer ecosystem in crypto and web3 gaming, Saga is creating the developer environment of the future. Its mission is to help creators unblock themselves and build where blockspace is at its most plentiful and simple. Saga was founded in 2022. Early seed investors include Placeholder, Maven11, Longhash, Samsung, Com2uS, and Polygon. Originally built on Cosmos, Saga has furthered its presence by bringing typically disparate but the best ecosystems into its Saga Multiverse through ongoing strategic partnerships.

Saga Origins is the Saga game publishing arm. Launched in March 2024, it aims to build a portfolio of games that will make players think and feel in new ways. Creatively, Saga Origins projects are provocative, like web3, and the titles will push the envelope on what’s considered gaming on all fronts.

To learn more about the Saga protocol, users can check out the website, litepaper, and developer documentation. Joining Saga’s Discord and Telegram and follow Saga on Twitter for the latest news and updates.

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Ripple Taps The Oldest US Bank to Custody RLUSD

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The Bank of New York Mellon Corporation (BNY Mellon) continues to serve as a global partner for different cryptocurrency-related initiatives, and the latest involves Ripple and its recently launched stablecoin.

According to a press release by the company, the oldest bank in the US will serve as a custodian for RLUSD.

The statement reads that both parties are “jointly committed to paving the way for digital asset adoption at institutional scale, and together, are bridging the gap between traditional finance and crypto.”

RLUSD saw the light of day at the end of last year when the New York Department of Financial Services (NYDFS) gave the green light. It’s now one of the few global stablecoins issued under the agency’s Trust Company Charter.

It is pegged to the US dollar at a 1:1 ratio, and it is backed by “high-quality liquid assets,” the company stated. Unlike other stablecoins, RLUSD is not focused on retail engagement. Instead, it has been “purpose-built for enterprise utility, particularly in improving the speed, cost, and efficiency of cross-border payments.”

“As primary custodian for RLUSD, we’re proud to support the growth of digital assets by providing a differentiated platform, designed to meet the evolving needs of institutions in the digital assets ecosystem,” commented Emily Portney, Global Head of Asset Servicing at BNY.

In addition to the collaboration for RLUSD custody, Ripple will also utilize BNY’s transaction banking services to “underpin its operations and continue delivering seamless solutions for its customers.”

BNY was one of the first US banks to dip its toes in the cryptocurrency market years ago, well before the country’s political and regulatory landscape became as favorable as it is now. Since the early COVID days, the institution has launched several BTC and crypto-related products and provides custody to certain digital asset firms, such as Grayscale.

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Ripple (XRP) Eyes Breakout After 32-Week Hold Pattern

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TL;DR

  • XRP completes a 32-week consolidation, matching the 2017 pattern that led to an explosive breakout.
  • Futures open interest hits $5.17B, with traders betting big on near-term XRP momentum.
  • Tight Bollinger Bands suggest volatility ahead; the past setup led to a 600% price pump.

XRP Price Trends Higher Amid Low Volume

Ripple (XRP) was trading at $2.34 as of Wednesday, posting a 2.4% gain in the last 24 hours. This follows a rise from $2.26 and extends the asset’s weekly gain to 6.48%. Its total market capitalization now stands at approximately $137.4 billion.

Meanwhile, trading volume has dropped 42.4% in the same period, with $2.58 billion in tokens changing hands. Lower volume during a price rise can signal weaker conviction, though the overall trend remains positive. The 24-hour trading range sits between $2.26 and $2.34.

Technical Setup Mirrors 2017 Pattern

According to trader @Ripplesinwales, XRP’s price has completed a 32-week consolidation period. This pattern matches a similar formation that occurred in 2017, which preceded a sharp breakout in week 33.

Chart data confirms the token is moving out of a long-term symmetrical triangle, a structure that often leads to a directional move. Volume has shown small signs of picking up. This has led traders to monitor the next few sessions closely as a potential breakout window.

Futures Market Open Interest Nears Record

Open interest in XRP futures reached $5.17 billion, marking a 3.07% increase and the highest reading since January. This surge brings XRP’s open futures positions near their previous all-time high. The metric has risen 33% since the June 22 low, showing stronger interest in derivatives markets.

In addition, Coinglass data indicates that open interest peaked at 800 million XRP before settling slightly lower at 743 million. Futures open interest reflects how much capital is deployed in active positions, and growth in this area suggests that traders are positioning for possible larger moves.

As previously reported by CryptoPotato, Steph Is Crypto pointed out that XRP’s Bollinger Bands have recently tightened. The last time the asset saw this setup, it resulted in a 600% price move.

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Why Is AAVE Pumping? $1T Borrow Target Fuels Rally

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TL;DR 

  • AAVE gains 14% in 7 days as cumulative borrows edge toward the $1 trillion mark.
  • Aave dominates DeFi with 22% of total TVL, surpassing Lido in protocol share.
  • The price nears $300 as technical indicators show strength, trading above the Bollinger midline with rising volatility.
  • Analyst says AAVE’s timing aligns with monthly pivot pattern, keeping bulls on alert.

AAVE Approaches Major Borrowing Threshold

Aave (AAVE) was trading at roughly $300 at press time, reflecting a 6.41% increase in the past 24 hours. Over the last 7 days, the price has gained 14.16%, with a market capitalization of approximately $4.54 billion based on a circulating supply of 15 million tokens.

Trading volume has also picked up, with $494.6 million recorded in the last 24 hours. The current daily range is between $280.39 and $300.84, showing sustained interest and strong upward movement from traders and investors.

Consequently, Aave’s total cumulative borrow volume has reached $775 billion, according to a recent update from the protocol. “Trillions next,” the Aave account posted on X, suggesting continued growth and borrowing activity on the platform.

DeFi analytics platform DefiLlama reports that Aave now represents 22% of total DeFi TVL and 46% of TVL within the lending sector. The current TVL across all DeFi platforms stands at $26.426 billion. Aave leads with the largest share, overtaking Lido, which has seen a decline in its dominance within the staking category.

Technical Setups Show Bullish Strength

Looking at the daily chart, AAVE is currently trading near the upper Bollinger Band. The bands are expanding, indicating increased volatility and the possibility of a continued trend. The price remains above the midline of $266.38, a sign that bullish pressure is still active.

AAVE 1-Day Price Chart | Source: TradingView
AAVE 1-Day Price Chart | Source: TradingView

Chaikin Money Flow (CMF) is at +0.10, pointing to mild positive inflows. A reading above zero reflects buying activity, though current strength remains moderate. If CMF rises further, it could support a stronger move upward.

Analyst Sees Monthly Timing Patterns Align

Crypto analyst Jip Molenaar noted that AAVE often forms its first monthly pivot in the first six days. 

“Around 58% of months the last 5 years form the first pivot early,” they said. 

The second pivot usually appears during the final nine days, which could align with the current market setup.

Meanwhile, with more than two weeks left in the month, traders are watching closely. The price action around this timing window may help define the next direction as AAVE edges closer to key resistance at the $300–$310 zone.

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