On Thursday (October 28), crypto exchange Binance announced how it is going to support Flare’s Songbird (SGB) Airdrop Program for XRP (XRP) holders on its platform.
On July 20, Flare Networks introduced Songbird, which is the canary network (i.e. ” an operational blockchain with a defined… token supply that is intended to be used to test features for a related main net”) for the Flare blockchain.
Here is how Flare described Songbird in a blog post published on that day:
“Songbird is the Canary network for Flare, it will have two distinct phases. Prior to the launch of Flare, Songbird will be instrumental in the continued testing of the Flare Time Series Oracle, the StateConnector and F-Asset systems and the network architecture. The FTSO and F-Asset protocols will be live on Songbird with F-Assets generated from the underlying tokens.This will improve the security, stability and credibility for the ultimate launch of Flare.
“Post Flare launch, Songbird is intended to be a long term network for testing governance led changes to Flare, such as the incorporation of new F-Assets, changes to the FTSO, F-Asset systems or any other network change.
“In all periods Songbird has two other core uses. First, advanced testing and community building for applications that wish to launch on Flare. Ideally all applications that launch on Flare, especially those that utilize the FTSO and F-Asset systems will test initially on Songbird. Second, as a way for FLR token holders to familiarize themselves with key Flare protocols such as delegation to the FTSO, minting of F-Assets and usage of applications that build on Flare without putting their FLR tokens at risk.“
And this is what Flare said about Songbird’s native token $SGB:
“Songbird will have its own token, Songbird ($SGB), which will be distributed once only and in the same ratio to all the same recipients of the FLR distribution. Total starting supply will be 15 Billion with initial inflation of 10% per annum through the FTSO and validator rewards systems. This means for every 1 XRP that was held at the time of snapshot 0.1511 SGB will be allocated.
“There will be no pre-defined minting rewards pool, instead that supply will remain with the Flare Foundation. If you claimed FLR through self custody, you will use the same Ethereum style address but with a different chain ID to access Songbird. If you claimed your FLR through an exchange they will receive SGB on your behalf. You will need to ask them to distribute it to you.”
On September 16, Flare announced that Songbird had been launched.
Well, yesterday (October 28), Binance announced that it will be supporting the Songbird Airdrop Program for $XRP holders:
“Snapshots were taken at the first validated XRP ledger index number with a timestamp greater than or equal to 2020-12-12 00:00 (UTC). The airdropped SGB amount for each user holding XRP will be calculated based on the ratio: XRP : SGB = 1 : 0.1511.“
It is worth pointing out that:
- “XRP borrowed from Margin or Crypto Loans, or XRP transferred to Spot wallets from these accounts, would not be eligible for the airdrop.“
- “Supporting this airdrop does not guarantee the listing of SGB.“
- “US persons, entities and sanctioned countries are not eligible to receive this airdrop.“
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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