详解SAGA经济模型：通往可负担区块之路

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Odaily资深作者

2024-04-08 11:25 (UTC+8)

This article is about 1071 words, reading the full article takes about 2 minutes

SAGA 采用了一种独有的「音乐椅定价」。

AI Summary

SAGA 采用了一种独有的「音乐椅定价」。

Original author: 0x Loki, ABCDE researcher

The essence of SAGAs business model is to distribute block space to downstream demand parties. A key issue involved is how to price. SAGA adopts a unique musical chair pricing:

(1) Assume that there are a = 12 validators in the initial state, and SAGA hopes to select 8 of them for delegated verification;

(2) First, SAGA selects a certain number of validators to enter the bidding process based on the pledge rate ranking. For example, p= 10, then the 11th and 12th ranked validators will be eliminated;

(3) The next 10 validators will make quotations, sorted from low to high, and 8 of them will be selected as delegated validators. At the same time, the price will be determined based on the highest price among the 8 validators. The quotations are US$6 and US$8. No. 2 and No. 7 validators were eliminated, leaving 8 validators shortlisted and agreed to price at $5.

This mechanism seems very complicated, but it can achieve one goal: to provide the cheapest possible block space (or effective pricing) through involution.

Taking the above case as an example, if the verifier wants to obtain rewards, he must ensure that he enters the top 8. The first step is to ensure that your pledge amount is sufficient. This is somewhat similar to EOSs past super nodes. There is a significant difference in the rewards for the 21st and 22nd places.

The second step is to shortlist through quotation. Substituting the perspective of a single node, with a quote of 0.01 and a quote of $5, the final order price obtained is both $5, but $5 requires the risk of being eliminated, so the lowest price is quoted as much as possible.

But gradually, most validators will find that this is an endless involution, and the price will gradually become cheaper than 0. Therefore, if the cost of the validator (including the opportunity cost of the token) is taken into account, a more secure way is to quote a slightly lower price. A price higher than its own cost. Therefore, in the actual process, the pricing will be close to [cost + small profit], and in the long run it will be in a very low range. In this process, high-cost verifiers will continue to be eliminated.

As can be seen from the table below, after the Cancun upgrade, ETH L2 has become much cheaper, but it is still not cheap enough, especially compared to Solana. From a technical perspective, we need the security of BTC/ETH, but from a business perspective, large-scale applications cannot afford the transaction fee of 0.1 U/transaction, so extremely low and stable fees are very meaningful.

In addition, SAGAs charging model is also different from other public chains. Users do not need to pay network fees directly. Applications can decide the charging method on their own (such as subscription, buyout, advertising charging or even completely free), which is more in line with Web2. Business model conventions provide more flexibility.

Another interesting thing is that SAGAs incentivized test network Saga Pegasus currently has hundreds of protocols. As of April 1, 2024, the plan includes 350 projects. 80% of these projects are games. About 10% of the projects are NFT and entertainment, and 10% are DeFi. This data also shows consistency with the economic model - SAGA is more suitable for scenarios with light assets, high number of users, and high user frequency.

The last thing that needs attention is the token distribution. According to the information released by Binance, the initial circulation is only 4.5% of Launchpool and 1.5% of airdrops, while the ecosystem and foundation shares can basically be ignored:

(1) 75% of the chips in Binance Launchpool, the selling pressure is very limited;

(2) Only 1.5% of the total airdrop of 15.5% has been distributed. It is very likely that there will be many rounds later. Considering that there are still hundreds of projects on the incentive test network (possible currency issuance), SAGA is still worth continuing to participate after the currency is issued. (especially staking)