Solana had big plans for their mobile phone. However, their initial launch was largely seen as a disappointment. But recently that’s been starting to change.
What’s happening:
- Solana has officially sold out of their flagship mobile phone product Saga in the United States
- Saga devices are also becoming scarce across Europe amidst a new influx of demand
The big idea:
- Saga is a mobile phone that enables users to seamlessly interact with the entire Solana ecosystem on the go, including protocols, NFT marketplaces and more
- Users can also easily onboard their Solana wallet onto their mobile device without and approve transactions instantly
Going deeper:
- While Solana initially unveiled Saga to a lacklustre launch, sales have recently shot up due to the fact that each purchase of a Saga device comes with the ability to claim free tokens
- Bonk tokens, the digital asset associated with Saga purchases, haven risen to popularity in large part due to a highly unique structure in which half of the total token supply is airdropped for free to the Solana community
Market reaction:
- Over the last two months the price of Bonk token has soared more than +9,000%
By the numbers:
- Saga devices were retailing at $599 USD and being resold on secondary marketplaces for as much as twice that amount due to the speculation on the value of the airdropped token
- Only 20,000 Saga devices were ever produced by Solana
Yes, but:
- Bonk token has no underlying utility other than plans to be used as a currency across popular Solana apps
- The recent mania and excitement around Saga has largely been derived from an arbitrage opportunity rather than a desire to use the device
