Governance & Trust

First-ever participants’ vote: Changes to the Monetary and Governance Model; and introducing Sögur

07 September, 2020

The results of the vote — in favour of the changes outlined below — were made with immediate effect. These were approved by the majority vote, totaling 99.9% of the participating voting power.

  • Monetary Model: The monetary model now departs from the reserve backing faster, exposing holders to carefully modelled volatility — using stabilisation mechanisms to temper risk in fast-changing and unpredictable market conditions, while creating an opportunity for sustainable intrinsic value growth, thanks to the bonding curve model. The previous monetary model was to depart from a reserve ratio of 100% once it achieved 20M’ SDR, however this market cap threshold has been lowered to 2M’ SDR, with the reserve ratio reaching 80% at a market cap of 12M’ SDR.
  • Governance Model: The formation of the Participants Assembly will take place now rather than at the end of 2021, allowing token holders to take greater control of the project.
  • For more changes approved by the vote, please visit

    These changes were proposed with the changing global landscape in mind, to enable Saga to continue on its mission to deliver a truly global and democratically governed currency against this new backdrop. These amendments not only represent the first instance of Saga delivering on its promise of a democratically governed currency, but also a new era of the project. And with this new, amended model, we are also excited to share that we have a new name, to carry us through this new era and beyond: Sögur.

    Taken from the Old Norse for history, our new name is a nod to our history, and the history whose shoulders we stand upon when looking to build the future of currency.

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