The Songbird network
$SGB and $WSGB explained
How to earn rewards with $SGB delegation
The Songbird network
Songbird is the Canary Network for Flare, a highly scalable distributed blockchain network designed to supercharge the XRP Ledger ecosystem. While Flare is not yet live, Songbird is a fully operational blockchain created for:
- advanced testing and community building for applications that will launch on Flare. Ideally all applications that launch on Flare, especially those that utilize the Flare Time Series Oracles (FTSO) and F-Asset systems will initially test on Songbird;
- letting FLR token holders familiarize themselves with key Flare protocols, such as the delegation to the FTSO, minting of F-Assets and usage of applications that build on Flare without putting their FLR tokens at risk.
The use of Songbird as the testbed for potential updates to the Flare Network means that between Flare and Songbird, Songbird will often be the more advanced network. Innovations and new dApp launches will happen first on Songbird and then may be rolled out on Flare after testing.
$SGB and $WSGB explained
The native asset of the Songbird network is the Songbird ($SGB) token. The Songbird network has a built-in system with the so-called FTSOs, signal providers that submit price data to the Songbird network and receive rewards if their estimates meet certain quality criteria. Hex Trust launched their own FTSO, enabling customers to delegate their SGB tokens and start earning rewards.
The Flare Oracle acts as an inflation mechanism for the network, increasing the SGB token supply by rewarding FTSOs who provide good estimates and those who delegate to them.
The mechanism acts as an equivalent of mining and an incentive for SGB token holders to act honestly, transferring value from people who do not participate in the system or who participate in a malicious fashion, to people who provide utility to the network.
How to earn rewards with $SGB delegation
The Songbird network leverages FTSOs that submit price data to the Songbird network and receive rewards if their estimates meet certain quality criteria.
FTSOs need $WSGB delegations in order to achieve high price data quality. To incentivise delegations, FTSOs pay rewards to those who delegate $WSGB to them.
Besides facilitating $SGB wrapping, delegation and auto-compounding, Hex Trust has its native FTSO where customers can delegate to.
Please contact support@hextrust.com if you would like to learn more about opportunities with $SGB.