![]() Another snapshot took place that day as well, for an EXFI airdrop. ![]() It peaked again on 12 December 2021, when Binance took the snapshot for its SGB airdrop. It climbed above $0.50 again on 3 December 2021 as Huobi Global completed the Songbird airdrop and allowed SGB withdrawals on the platform. Flare tweeted: “This phase of the partnership will establish cross-chain interoperability for both projects and networks, as well as lay the foundation for the implementation of other solutions.”Īfter the announcement, SGB settled back to the $0.40 mark for the rest of the month. This came as a partnership between Allianceblock and Flare was unveiled and would start taking place on the Songbird network. Songbird climbed even further on 1 November 2021, hitting a peak of $0.64. The snapshot for the airdrop, when the list of eligible XRP holders would be created, was taking place on 12 December. It saw a surge hitting $0.56 on 28 October 2021 after Binance supported the airdrop for XRP holders. SGB managed to start rallying again at the end of the month. The cryptocurrency fell over the following week, however, stooping below $0.40. By 6 October 2021, SGB was trading around the $0.59 level. The trading platform Uphold revealed it was listing Songbird on its exchange and would airdrop the token on 29 October. The price of Songbird corrected to the $0.43 mark on 2 October 2021, but soon jumped again. This came as a decentralised exchange named FlareX was launched on the Songbird network, according to the Flare Community Twitter. The token got off to a good start and surged over the next two days, reaching its all-time high of $0.71. It was then listed on CoinMarketCap at $0.29 on 28 September 2021, making it a relatively new addition to the crypto market. Songbird decided to airdrop its tokens to XRP holders on 16 September 2021. But will investors prefer the testbed or the real network? SGB’s past performance There is a clear utility to the Songbird network. Aside from testing Flare, SGB can be used as a governance token for key decisions, such as the addition of F-Assets or new blockchain compatibility. It will have the same distribution ratio as the Flare (FLR) token, and has a starting supply of 15 billion SGB with inflation of 10% every year. Songbird (SGB) is the native token of the canary network. This could result in the canary network being more advanced, while the Flare network offers more stability. After the launch of Flare, its aim is to test new features and updates to the mainnet. Songbird has a longer-term purpose as well. This will include checking F-Asset and FTSO functionality, with hopes of improving stability for the actual launch of Flare. The Flare network is yet to launch, so the priority for Songbird at the moment is the testing of Flare’s architecture. ![]() Meanwhile, an F-Asset is a new token standard that represents assets from another blockchain. The Flare Time Series Oracles (FTSO) gives external information to the Flare network using a decentralised method. Songbird is a canary network for Flare, which is building a type of consensus protocol that does not rely on mining or staking. Its purpose is to be a testing ground for the mainnet, allowing developers and users to stretch the boundaries of the blockchain without worrying about repercussions. The concept of a ‘canary’ network – as in a canary in the mine, warning of dangers – was pioneered by Polkadot with its Kusama blockchain. However, a recent rally has seen some forecasters make bullish predictions for Songbird. SGB has seen its value plummet over the previous months. This is in the hope that Songbird will improve the development of another network, named Flare.Īs Flare gears up for the launch of its network next month, Songbird has begun taking a sideline. ![]() There are few projects like Songbird (SGB) in the crypto world, where the purpose is to expose flaws and be pushed to the limit. ![]()
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