Before trading any crypto assets it is important to understand the risks. This overview summarizes certain risks associated with SGB.
No securities regulatory authority has expressed an opinion about SGB, including an opinion that SGB itself is not a security and/or derivative.
Token Description & Project Background
Launched in September 2021, Songbird is the Flare network’s "canary," or live beta, network.
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 is a modification of the Avalanche consensus protocol. The Flare network was founded by Hugo Philion, Sean Rowan, and Dr. Naïri Usher.
SGB is Songbird's native coin. It is used to pay transaction fees, vote on network governance decisions and interact with Songbird’s applications.
In late 2021, SGB was airdropped to XRP holders.
Risks of SGB
Like an investment in other crypto assets, there are some general risks to investing in SGB. These include: (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold’s platform, please refer to thestatement.
In addition to these general risks, an investment in SGB is subject to the following specific risks:
- As Songbird is the Flare network’s canary network, its success is somewhat reliant on Flare’s adoption and technical soundness.
- The Layer-1 space is intensely competitive. Any of the Flare network’s potential success is dependent on the extent of its adoption by enterprises and developers
- The network is decentralized in its operations with the Flare Network managing less than 33% of validator nodes. Any potential success will rely on the efforts of a global community of miners and developers contributing to the network.
We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with SGB. Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.
The SGB community and the Flare Network’s core team are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of SGB have no recourse to the Flare Network’s core team, developers, or Uphold if SGB declines in value for any reason.
Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.
Uphold’s Evaluation Process
Prior to listing SGB on the Uphold Platform, Uphold performed due diligence on SGB and determined that SGB is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following:
- The creation, governance, usage, and design of SGB, including ensuring the source code being open-source, audited and peer reviewed, security, and roadmap for growth in the developer community.
- The supply, demand, maturity, utility, and liquidity of SGB.
- Marketing materials put forward by the SGB social team including, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
- Material technical risks associated with SGB, including any code defects, security breaches and other threats concerning SGB and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.
- Legal and regulatory risks associated with SGB, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of SGB.
Uphold has prepared this Crypto Asset Statement based on publicly available information. Although Uphold has taken steps to obtain information from apparently reliable sources, information contained in this Crypto Asset Statement may be inaccurate, incomplete or out-of-date. This overview is a starting point for you to perform your own research prior to investing in a crypto asset.
Uphold users should read thestatement for additional discussion of general risks associated with crypto assets made available through the Uphold platform.
Canadian residents, please note that Uphold has filed an application for registration in certain Canadian jurisdictions but has not yet obtained registration. Until such time as Uphold obtains registration, Uphold has agreed to abide by the terms of an undertaking available at the following. Please also review the for additional discussion of general risks associated with the crypto assets made available through Uphold Platform. Please be aware that statutory rights of action for damages or rescission in section 130.1 of the Securities Act (Ontario) and, if applicable, similar statutory rights under securities legislation in the other provinces and territories of Canada do not apply in respect of this Crypto Asset Statement or other disclosures on the Uphold website and statement. Last updated on June 2, 2023.
How to buy Songbird (SGB)
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