Disclaimer: As of March 5, 2024, the information presented in this report reflects the latest data available at the time of writing. The cryptocurrency market is dynamic and ever-changing, so readers should perform their own research before making any investment decisions.

Project Introduction and Brief Summary:

Songbird (SGB) is the canary network for Flare, a blockchain designed for universal connectivity. Songbird serves as a testing ground for Flare’s features and functionalities before they are implemented on the main network. It aims to introduce a new level of interoperability to the blockchain space through Flare’s State Connector, a unique feature that facilitates seamless integration with both on-chain and off-chain data sources. This integration helps address the “oracle problem,” which is the challenge of acquiring and using reliable data in a decentralized manner.

Project Release Date & Token Release Date:

• Songbird Network launched on September 3, 2021.
• SGB tokens were initially distributed on September 6, 2021, through an airdrop to holders of XRP, the native token of the Ripple blockchain.

Market Capitalization:

• $238,335,742 (as of March 5, 2024) (https://coinmarketcap.com/id/currencies/songbird/)

Current Price:

• $0.015938 USD (as of March 5, 2024) (https://coinmarketcap.com/id/currencies/songbird/)

Exchanges:

• Songbird is currently listed on several cryptocurrency exchanges, including DigiFinex, Bitrue, Gate.io, Kraken, and MEXC. (https://coinmarketcap.com/id/currencies/songbird/)

Competitors:

• While Songbird occupies a unique niche in the blockchain space with its focus on interoperability and the Flare State Connector, some projects share similar goals:
  1. Cosmos (ATOM): Market Cap – $2.56 Billion (https://coinmarketcap.com/currencies/cosmos/)
  2. Polkadot (DOT): Market Cap – $5.94 Billion (https://coinmarketcap.com/currencies/polkadot-new/)
  3. Avalanche (AVAX): Market Cap – $7.65 Billion (https://coinmarketcap.com/currencies/avalanche/)

Use Cases:

• SGB tokens serve various purposes within the Songbird network:
  • Governance: SGB holders can participate in network governance by voting on proposals related to upgrades, fee structures, and other important decisions.
  • Transaction Fees: SGB is used to pay transaction fees on the Songbird network.
  • Staking: Users can stake SGB to earn rewards and contribute to the security of the network.
  • Liquidity Provision: SGB can be used to provide liquidity on decentralized exchanges (DEXs) built on Songbird.

Technology:

• Songbird utilizes the Byzantine Fault Tolerance (BFT) consensus mechanism, similar to the one employed by Flare. This mechanism ensures high performance and security for the network.

Smart Contracts and Audits:

• Songbird leverages Flare’s smart contracts, which are written in the Solidity programming language. While there is no dedicated audit report for Songbird’s smart contracts, the Flare network underwent a security audit by Runtime Verification in August 2021 (https://flare.network/fyeo/).

Investors or Partners:

• Flare Networks, the team behind Songbird, has secured partnerships with various organizations in the blockchain industry, including:
  • XRP Ledger (XRPL)
  • Algorand
  • Chainlink
  • UMA
  • Ocean Protocol

Amount of Money Raised:

• Songbird did not conduct an Initial Coin Offering (ICO) or similar fundraising event. Instead, SGB tokens were distributed through an airdrop to XRP holders.

Token Distribution:

• The total supply of SGB tokens is 15 billion, with the following distribution:
  • 30% – Community Airdrop (distributed to XRP holders)
  • 25% – Flare Delegation Rewards (distributed to users who delegate XRP to the Flare network)
  • 20% – Flare Foundation (used to support network development and ecosystem growth)
  • 15% – Team & Advisors
  • 10% – Long-term Incentives

Detailed Token Economics and Use Cases:

• SGB tokens have several use cases within the Songbird network, as mentioned previously. The token distribution highlights the focus on rewarding community participation and incentivizing network growth. However, there is no detailed information available regarding a specific token vesting schedule.

Roadmap:

• The Songbird