About Songbird (SGB)
Firstly, a word about Flare, a recent entrant into the crowded and competitive "interoperability" space now energizing the entire blockchain industry. This still-in-development protocol aims to bring smart contract functionality to a slew of non-Ethereum-run layer-1 assets, such as Litecoin, Dogecoin, Stellar and XRP, currently lacking it.
Launched in September 2021, Songbird is Flare's "canary," or live beta, network.
SGB is Songbird's native coin.
Songbird is designed to be a permanent breeding ground for Flare, specifically built to be an enabler for those blockchains otherwise incapable of running smart contracts. It’s focusing, to start, on popular, community-supported coins (e.g. DOGE) of/for the people but in need of more functionality, explained Hugo Philion, a co-founder of the Flare Network.
Although often compared to a testnet, a canary network is live, subject to real-world conditions. It’s a fully operational blockchain with a pre-defined token supply. That supply is kept scarce, by design, as features for Flare (main net) are thoroughly tested, the Songbird team has said.
SGB’s "observation mode" phase concluded in late September of 2021. It was instrumental for deploying and testing the underlying network and the Flare Time Series Oracle (FTSO), which is the first of three protocols that'll eventually "combine to enable approximately 65% the value in the crypto industry to be used trustlessly on Flare with highly scalable Ethereum Virtual Machine (EVM)-based smart contracts,” The Daily Hodl said.
In late 2021, SGB was airdropped to XRP holders.
The breeding grounds on Songbird already have produced FlareX, an experimental decentralized finance (DeFi) platform that as of January 2022 had completed an airdrop of 40 million EXFI tokens to SGB holders as well as to holders of Wrapped Songbird (wSGB), Cointelegraph reported.
Numerous DeFi projects, data providers, exchanges, wallets and custodians have expressed their intent to launch and test their applications on Songbird. These include Gala Games, 888 TNW, Trustline, Global Esports Federation, Delchain, Lena Instruments, Flare Finance, Ola Finance, Flare Metrics and more (The Daily Hodl).
The current price of SGB
As of late February 2022, SGB traded at about $0.06, or some 90% lower than its all-time high of $0.71 reached in late September 2021, around the time Songbird launched. As of Feb. 24, 2022, with crypto in a highly volatile state amidst geopolitical tensions, SGB fell to its lowest-ever level, below $0.05. It began 2022 just below $0.20 and steadily continued to decline, according to CoinGecko.
How the price of SGB is determined
On a Canary network users have a balance that cannot just be replenished at will, the Songbird team has said.
This is in contrast to a testnet which generally has an unlimited token supply.
The defined i.e. scarce token supply may confer value to the token; there is some built-in inflation, roughly 10% in the first year. That will decrease in subsequent years.
What the bulls are saying
*"Blockchain interoperability is, without a doubt, a marked trend in our industry," Panther protocol said in November 2021, revealing that a partnership with Flare would be expanding into the Songbird testbed, described by Panther as "taking a unique approach."
*According to PricePrediction, SGB's price is expected to go as high as $0.093 by the end of 2022.
*Songbird could potentially more than double in one year's time, TechNewsLeader said in late February 2022.
What the bears are saying
*"According to our Forecast System, SGB is a bad long-term (12-month) investment," quant-factor-crunching website Wallet Investor said in late February 2022.
*SGB has displayed weak short-term technical attributes while overall its recent trading history suggests that investors are bearish on the token,
Investors Observer said in late 2021.
*A "strong sell." That's how CoinArbitrageBot described SGB in late February 2022.
You should be aware that the risk of loss in trading or holding cryptoassets can be very high. As with any asset, the value of cryptoassets can go up or down and there can be a substantial risk that you lose all your money buying, selling, holding or investing in cryptoassets. Our cryptoasset services are not within the scope of the UK Financial Ombudsman Service and your cryptoassets are not subject to protection under the UK Financial Services Compensation Scheme. You should carefully consider whether trading or holding cryptoassets is suitable for you in light of your financial condition.
Uphold Europe Limited (FRN: 900577) is registered under the Financial Conduct Authority’s Temporary Registration Regime for cryptoasset firms and complies with the Money Laundering, Terrorist Financing and Transfer for Funds (Information on the Payer) Regulations 2017 as amended. The purchase, sale and custody of cryptoassets is regulated by the FCA for anti-money laundering purposes but this does not indicate any approval by the FCA of Uphold’s cryptoasset activities. Uphold Europe Limited is also an EMD agent of Optimus Cards UK Limited which is authorised and regulated by the Financial Conduct Authority to issue e-money (FRN: 902034) pursuant to the Electronic Money Regulations 2011.
The e-money services are regulated by the Financial Conduct Authority. E-money is not a deposit or investment account which means that your e-money will not be protected by the Financial Services Compensation Scheme. User funds will be held in a designated safekeeping account with a regulated financial institution. E-money will not earn any interest. Additional Risk Warning in Uphold’s Terms & Conditions.
This content is correct as of February 2022.
Get more coin for your coin
0% withdrawal fees