SongbirdPrice

(SGB)

Songbird operates as a 'Canary Network,' a concept first popularized by Polkadot's Kusama. Unlike a valueless testnet, Songbird possesses a fixed token supply ($SGB) with real economic value. Its primary purpose is to rigorously test new features, such as F-Assets and the Flare Time Series Oracle (FTSO), under actual live market conditions. This testing ensures that these functionalities are robust and stable before they are deployed onto the main Flare blockchain, serving as a vital proving ground for new developments.

Songbird and Flare are distinct, independent blockchains. Songbird was launched first to thoroughly test the network's architecture and features. While Flare is designed for stability and institutional-grade use, Songbird maintains its role as the 'bleeding edge' environment. New updates and experimental features are initially launched on Songbird, and some may even reside there permanently. This makes Songbird a dynamic playground for innovation within the ecosystem and for governance-led changes.

Eligibility for the $SGB airdrop was based on the same snapshot taken for the Flare ($FLR) airdrop. Anyone holding XRP in a participating exchange or a self-custody wallet on December 12, 2020, was eligible. The tokens were distributed at a ratio of 0.1511 SGB for every 1 XRP held at the time of the snapshot. Users can typically check their allocation by entering their XRP address on blockchain explorers like XRP Scan, looking under the 'Flare' or 'Assets' tab.

The most popular method for earning rewards with SGB is through FTSO Delegation. This involves 'wrapping' your SGB into WSGB and then delegating these wrapped tokens to chosen data providers. In return for your delegation, you receive additional SGB as rewards, which are typically distributed every few days. Beyond delegation, you can also explore decentralized finance (DeFi) protocols on Songbird that offer 'Stability Pools' where you can deposit SGB to potentially earn further yield.

$SGB is the native gas token of the Songbird network, used primarily to pay for transaction fees. In contrast, $WSGB, or Wrapped Songbird, is an ERC-20 compliant version of SGB. This wrapped form is essential for participating in key network functions such as voting, delegating your tokens to FTSO data providers, and engaging with various decentralized finance (DeFi) applications on the Songbird blockchain. Users have the flexibility to wrap and unwrap their SGB to WSGB, and vice-versa, on a 1:1 basis at any time.

To manually add Songbird to a wallet that supports custom network settings, you need to input specific RPC details. You would typically add a 'Custom Network' using the following information: The Network Name should be 'Songbird', the RPC URL is `https://songbird-api.flare.network/ext/bc/C/rpc`, the Chain ID is '19', the Symbol is 'SGB', and the Block Explorer URL is `https://songbird-explorer.flare.network`. Providing these details allows your wallet to correctly connect and interact with the Songbird network, enabling you to view and manage your SGB assets.