What is Songbird?Songbird is the Canary network for Flare. A Canary network is used to test features for a mainnet. Typically a Canary network is an operational blockchain with a defined token supply. These tokens are used to test various features. Canary networks differ from testnets in the sense that a testnet have an unlimited token supply that is available in increments. Just like Polkadot has the Kusama Network as their Canary network, Flare has Songbird.
With the launch of Flare on Songbird, the network will have improved security, stability and credibility. In the long term, Songbird will be used to test governance led changes to the Flare network and dApps before it is rolled out onto Flare.
Songbird airdrop for XRP holdersWith the launch of Songbird, Flare Network will airdrop SGB tokens in the next six weeks. Best is you don’t have to do anything to qualify for the airdrop! If you participated in the Spark Token airdrop from December 2020, you are eligible to receive SGB.
In December 2020, XRP holders who participated in the Spark airdrop, were allocated 1:1 Spark Tokens that will be distributed at a later stage. According to a blog post by Flare Network, for every 1 XRP you had at the time of the December snap shot, you will be allocated 0.1511 SGB Tokens.
SGB will have a total starting supply of 15 billion and used to perform a governance role.
The Flare Network was incubated by Xpring, Ripple’s startup accelerator program, in November 2019. The network aims to make Ethereum smart contracts compatible with non-EVM compatible networks such as the XRP Ledger. Flare will support XRP, XLM, LTC and DOGE.
How to earn passive income from SparkAccording to the blog post, Flare is expected to launch at the end of September following successful testing of all systems on Songbird. Until then, check out the various ways you can earn passive income from your Spark airdrop:
1. Vote and earn rewards
There are two ways you can vote:
- Delegate your vote to a data provider of the FTSO and if they are rewarded, so are you.
- Vote on governance issues that may directly or indirectly affect your Spark Tokens.
2. Stake Spark
Use your Spark Tokens to provide collateral as an agent to the F protocols in return for a passive income. You will get paid in the underlying assets that are currently being minted namely DOGE, XRP and LTC.
3. Provide liquidity to Flare Finance
Flare Finance is a decentralized finance (DeFi) ecosystem that will utilize smart contracts on the Flare Network. Flare Finance will feature six products, three tokens and a DEX. Use your Spark Tokens to provide liquidity to Flare Finance and earn additional income.
In conclusion, it is said that Spark will be in high demand and the Flare Network will become the community of communities. For the simple reason that the network has a built-in inflation mechanism that is set at 10% per annum. This 10% is used to incentivise those who actively support the network. At the same time, the community has the power to vote and up the ante.
AltCoinTrader will be supporting Spark when it goes live. Be sure to keep an eye on AlCoinTrader Twitter, Instagram and Facebook for these and other updates.