Songbird

Songbird

SGB
$0.008631359%-4.08

Key Metrics

Price$0.008631359
Real Volume (24H)$480,713.02
Marketcap$127,843,125.96
Fully Diluted ValuationN/A
ATH$0.71334
ATH Date9/30/2021, 9:32:35 AM
ATL$0.01010794
ATL Date12/23/2022, 12:06:39 AM
Circulating Supply8.9B
Total Supply17B
WebsiteN/A
WhitepaperN/A
Popularity Rank414
Chart
What is Songbird?

Songbird, or SGB, is a unique blockchain network that serves as a "canary network" for Flare, a distributed network that utilizes the Avalanche consensus protocol and Ethereum virtual machines. The main purpose of Songbird is to test the functionality of the associated mainnet, Flare, before it is officially launched. This includes testing the FTSO (Flare Time Series Oracle), FAsset system, and network architecture.

The FTSO and FAsset protocols run on Songbird, allowing users to mint FAssets, which are trustless representations of tokens from other blockchains on the Flare Network, to be used in DeFi protocols. This process improves the security, stability, and reliability of the final release of Flare.

After the launch of Flare, Songbird will continue to serve as a long-term network for testing governance-related changes to Flare. This includes adding new FAssets, changes to the FTSO and FAsset systems, and other network changes. Additionally, Songbird will be used for advanced testing and community building of applications launched by Flare.

The Songbird network also has its own token, SGB, which is distributed only once, in equal proportions to all recipients of the FLR distribution. SGB tokens can be used for governance roles, such as adding chains, prices, and FAssets to the FTSO and FAsset protocols, which are changes not proposed by Flare Governance. Overall, Songbird serves as an important tool for the development and success of the Flare network.

In summary, Songbird serves as a testbed for the Flare network, allowing developers to test and refine new features and protocols before they are implemented on the main network. The Songbird network utilizes its own token, the SGB, which is distributed equally to FLR token holders and can be used for governance purposes. With the ability to test advanced features such as the FTSO and FAsset protocols, Songbird aims to ensure the stability and reliability of the Flare network for its users.

Additionally, by familiarizing FLR token holders with the network's protocols, Songbird also serves as a tool for community building and education within the Flare ecosystem. As the Flare network continues to evolve and expand, Songbird will play an essential role in ensuring its continued success.

Disclaimer

The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.

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