Flare Network’s Songbird to Get Support From Crypto.com
Songbird or SGB is a token that is set to be launched by the Flare Network. The users of the Flare Network tokens (available on the Crypto.com app) who have participated in the FLR distribution and exchange are going to receive these SGB tokens. The tokens will be received in a single drop and the same ratio observed in the FLR distribution. The Flare Network is awaiting the completion of the technical background for the distribution of the SGB tokens.
Songbird is an operational blockchain by Flare. It is, in fact, the Canary network for them. On a canary network, users just cannot replenish their balance at will. It is operational with a defined token supply. Even before the launch of the Flare token, Songbird has served as a testing key for the Flare Time Series Oracle (FTSO), the StateConnector, the Network architecture, and the F-Assets system.
Songbird will continue to be a long-term network for Flare for testing various governance-led changes on Flare, including alterations in FTSO, incorporation of new F-assets, changes in the F-asset system, or other network-related changes.
Now SGB is being launched as Songbird’s own token. For now, the token is being supported by Crypto.com. Therefore, users who have participated in the FLR distribution and exchange on the Crypto.com application will receive the SGB token. The ratio will remain the same as the FLR distribution.
According to their plan, a starting supply of about 15 billion SGB tokens is scheduled. The initial inflation rate associated with these tokens is set to 10% per annum through FTSO and the validator rewards system.
Songbird will be launched as a pure EVM smart contract network. FTSO, F-Assets, and State Connectors will be added with successful testing.