XRP HODLers Will Soon Be Getting Another Airdrop ($SGB) From Flare Networks

Flare Network has revealed it’s set to airdrop another token to XRP token holders who participate in the Spark (FLR) airdrop snapshot in December of last year. The new airdrop comes as Flare plans to launch an experimental network as well.

According to a new announcement, Flare Networks will also airdrop the native token of a Canary Network called Songbird. The team behind the project has detailed Songbird’s native token, SGB, which will be distributed in the next six weeks.

The post describes Songbird as critical to test the Flare Network’s architecture and core systems, which include a Time Series Oracle, and F-Asset system. The project’s CEO and founder Hugo Phillion detailed that Songbird will be an operational blockchain and adversarial environment for live testing.

Phillion noted that a Canary network is an operational blockchain with a scarce token supply intended to be used to test features associated with the mainnet. On such a network, users’ balances “cannot be replenished at will.” The announcement reads:

The defined and scarce token supply may confer value to the token, potentially making it attractive to attackers such that testing is as “real” as it can possibly get. This allows for the hardening of the system under testing.

Songbird will over the long term be used to test governance changes on Flare and to incorporate new features. It will also allow for “advanced testing and community building for applications that wish to launch on Flare” and be a way for FLR token holders to familiarize themselves with key network protocols.

For every 1 XRP token at the time of the snapshot, holders will receive 0.1511 SGB tokens. These tokens will have a 15 billion starting supply and initial inflation of 10% a year through the FTSO and validator rewards systems.

As CryptoGlobe reported, Flare detailed its plan to airdrop Spark (FLR) tokens to XRP holders after months of planning the airdrop. Once the network goes live, each eligible holder will immediately receive 15% of their claimable FLR tokens, while being able to claim an average of 3% per month thereafter.

The airdrop will carry on for a minimum of 25 months and a maximum of 34 months to eligible XRP holders. The slow rollout is reportedly meant to avoid users from selling their FLR tokens on the market as soon as they receive them so the price doesn’t plummet right away.

Spark tokens are to be used for governance on the Flare network through voting mechanisms, and token holders will be able to earn a return on their holdings by committing Spark tokens as collateral to secure the trustless issuance and redemption of FXRP, a protocol built to “safely enable the trustless issuance, usage, and redemption, of XRP on Flare.”

The Flare network itself will bring Ethereum-based smart contracts to non-Etheruem Virtual Machine compatible networks like the XRP Ledger. It will also support XLM, LTC, and DOGE.

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Source: https://www.cryptoglobe.com/latest/2021/07/xrp-hodlers-will-soon-be-getting-another-airdrop-sgb-from-flare-networks/