Feb 15
Songbird Delegation — How To Put Your $SGB To Work
Introduction:
Songbird tokens (SGB) have been distributed to wallets and exchanges holding an XRP token balance at the December 12th 2020 snapshot. For every 1 XRP held at the time of the snapshot, 0.1511 SGB have been allocated and distributed. SGB are also available to buy on exchanges such as Bitrue and Gate.io.
With more and more users joining Flare’s ecosystem, we wanted to provide clear guidance on how to earn weekly rewards by delegating your SGB tokens to the FTSO.
FTSO Recap:
FTSO is the Flare Time Series Oracle. This is the ‘heartbeat’ of the Flare network, bringing applications to life through the provision of rapidly updating, accurate price data via a network of decentralized data providers.
The FTSO is the key to Flare Network’s participation incentives and network decentralization functions. For more detailed information on the integration of Flare Network’s infrastructure components, we recommend reading the FTSO breakdown blog post.
The FTSO design is based upon three integral factors:
- Data Providers are rewarded by the network for delivering the most accurate prices. Rewards are distributed according to their accuracy and the volume of a Data Provider’s delegated SGB tokens.
- Data providers share distributed network rewards with their SGB delegators on a weekly basis.
- SGB holders can delegate their tokens to their own choice of Data Providers; they can research Data Providers here.
When combined together, these factors ensure data providers optimize their price feeds for data accuracy.
SGB Delegation:
“Songbird has basically created a fun game where you can bet on who can provide the best price feeds to the network at no cost to yourself.” @brianwalden
Delegating SGB comes with no risk to holders as the tokens never leave the user’s wallet. The delegation process involves wrapping SGB to create WSGB (wrapped SGB). This ‘wrapping’ formats the tokens for allocation to smart contracts and is required for delegation to Data Providers in the FTSO.
The detailed process for delegating SGB and claiming associated rewards is outlined in this document. There are also instructions for claiming airdrop tokens.
Note: Some wallets support native delegation of SGB (such as BiFrost and D’cent).
Happy delegating!
