Read more: Songbird Crypto: The Canary Network for Flare How to Store SGB The Flare team co-founders, Hugo Philion (CEO), Sean Rowan (CTO) and Naïri Usher (Chief Scientist), developed Songbird. As a result, the current total supply as of early March 2023 is 16,934,314,905 SGB tokens, with 11,346,662,938 in circulation. Songbird had a starting total supply of 15 billion tokens with an initial annual inflation rate of 10%. FLR token holders can experience the Flare network through Songbird without risking their tokens, while still earning SGB tokens. SGB holders can also delegate their voting rights to others and earn a share of the rewards gained.Īdditionally, SGB is used within the Songbird ecosystem to test key apps and services before being deployed on Flare. It plays a utility and governance role on the platform.Īs a governance token, SGB is used to test governance-led functionalities by facilitating voting on proposals from the user community before they’re moved to the Flare blockchain. SGB is the native token of the Songbird network. SGB has yet to recover from this drop and has stagnated at around $0.01 for many months. SGB wasn’t spared from the Luna crypto crash in mid-May, when it crushed to $0.022 on May 16 following the de-pegging of TerraUSD (UST). The bearish trend continued into 2022, dropping below $0.10 in the last weeks of January 2022. Then in December 2021, SGB experienced a massive drop when it fell from $0.53 on Dec 12 to below its launch price and closed the year at $0.18. The token price rose slightly in the second half of November, but not as intensely as other cryptocurrencies, which were pumping hard in the bullish market. Immediately after, SGB dropped sharply to find support around $0.34 in mid-November. The event drove SGB to its all-time high of $0.71 on Sep 30, 2021.Īfter a slight correction at the start of October that year, SGB continued to rise along with the bullish momentum at that time to hit $0.64 on the first day of November 2021. SGB surged in value at the end of that month as it was distributed in the same ratio to the XRP holders who participated in the Flare (FLR) distribution in December 2020. Songbird token entered the market at around $0.30 in September 2021.
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Songbird is also instrumental in testing key features on Flare, such as the Flare Time Series Oracle (FTSO) and state connector.Īs a token, SGB exists as an independent cryptocurrency from Flare’s FLR token and plays a crucial role in helping users familiarize themselves with the Flare blockchain. Songbird (SGB) is the native token of Songbird, a test network for Flare, which is a project designed to facilitate decentralized data access across blockchains via the cross-chain interoperability of decentralized applications.Īs a canary network, Songbird provides a platform for developers to carry out advanced testing for their applications before they launch them on Flare blockchain.
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