What Is Songbird (SGB) How It Works & Where To Buy It?

Songbird is a testing ground for the Flare network’s decentralized applications. Essentially, Songbird functions as the Canary Network for the Flare Network.

SGB is the native utility token of the token protocol and was airdropped to all eligible XRP holders in July 2021.

The SGB token is currently the 154th largest cryptocurrency by market capitalization.

 

How Songbird (SGB) Works

Several issues are addressed by Songbird (SGB). Testing new features before they go live on Flare’s mainnet is the only purpose of this network. This strategy improves the stability and security of the user. Building trust in the Flare environment also helps. Developers may use this approach to build up a testing network.

Smart contracts can now be implemented on first-generation blockchains because of Songbird. Before smart contract technology, there were only traditional blockchain projects like Bitcoin. Developers can build on popular blockchains using Songbird which provides an extension to the functionality we saw in the past. A large portion of projects on the market don’t have the ability to enable complex smart contracts. Those blockchain networks rely on Songbird’s services.

Because the Songbird network can function as an L2 protocol, it can offer these services. In addition to the mainnet, L2 protocols provide additional processing power. This strategy has several advantages. This enhances the overall performance of the application. It also improves scalability by reducing congestion on the blockchain.

Essentially, the Songbird network addresses the issue of a lack of programmability. The L2 provides an extension of both utility and functionality to blockchains that have yet to enable smart contracts.

Furthermore, Songbird plays a vital role in the Flare ecosystem because it is inherently responsible for acting as a testing ground for decentralized applications being built. Canary networks are the testing grounds for blockchains, similar to how the Kusama blockchain is the test network for the Polkadot blockchain.

Individuals who want to learn more about how Songbird operates and the role it plays in the Flare ecosystem as well as the crypto market as a whole can refer to the Songbird documentation.

 

What Is Songbird (SGB) Used For?

Songbird is used as a test net for Flare protocols. Projects can test features, perform upgrades, and more because Songbird acts as a sped-up version of the Flare network. The protocol has drawn a lot of attention in the media because it is providing immensely beneficial value proponents of the Flare network.

Songbird reduces potential losses by allowing developers to perform tests in a live environment without being exposed to potentially crippling factors. The network is leveraged by developers who want to deploy decentralized applications but want to do so in a safe and secure live environment.

Additionally, some individuals swing and arbitrage trade SGB tokens on various exchanges. These types of traders can make lucrative profits but are subject to a high level of risk.

 

Where To Buy Songbird (SGB) Token

SGB has become very well-known because it leveraged off the XRP community – XRP holders were airdropped SGB tokens.

SGB tokens are traded on the most reputable centralized crypto exchanges. Before purchasing SGB, users will need to use fiat money to purchase it from the crypto exchange; sequentially, SGB tokens will then be sent to the users’ digital wallets on the exchange.

Here are some of the most secure places to purchase, sell, and hold tokens.

1. OKX
2. HTX
3. KuCoin
4. Binance

The majority of the time, owners of crypto tokens will transfer their tokens into a digital wallet. Holders would then simply be able to connect their wallets to a variety of decentralized platforms to make use of lucrative DeFi products.

It is strongly suggested that users withdraw their tokens from centralized exchanges since doing so grants them complete custody of their crypto tokens and private keys. Users can then utilize this ownership to their advantage.

None of the abovementioned information is investment advice.

 

About Songbird (SGB)

How long has Songbird (SGB) existed?

Songbird made the decision to distribute its tokens for free to XRP holders (at the same distribution ratio of 1:1) on September 16th, 2021. Following the airdrop, on September 28th, 2021, it was listed on CoinMarketCap at $0.29, making the cryptocurrency one of the more recent additions to the crypto market.

The Songbird price reached an all-time high of $0.71 shortly after its listing but has recently seen a major decline. SGB is currently trading at $0.02.

What’s controversial about Songbird (SGB)?

The blockchain and crypto space has yet to achieve regulation in most countries. Individuals should always be cautious before investing and ensure that they have done a sufficient amount of research.

Let’s take a look at the top controversy surrounding Songbird (SGB):

• Price Decline – Many individuals believe that Songbird was overvalued and, unfortunately, many people bought the SGB token when it was trading around its all-time high. Most people were incredibly excited at the prospect of the Songbird network and decided to buy in without considering that it might be overvalued.

  The SGB token is nearly 35x lower than its all-time high, which has led to many people speculating that the token was incredibly overvalued. Some individuals are confident that the token will return to its previous high when we see the next bull run. Other individuals aren’t as confident and are worried that they’ve wasted money by investing in Songbird.

How many Songbird (SGB) Tokens are there?

At the time of writing, Songbird (SGB) has a circulating supply of 8,239,369,232 

The total supply of Songbird (SGB) is 16,216,438,356

Can Songbird (SGB) be mined?

SGB tokens can’t be mined. Songbird uses a consensus mechanism that neither relies on mining nor staking.

There are a large number of websites that claim that they provide SGB mining services. It is not feasible to mine SGB; nevertheless, it is possible to stake SGB and obtain SGB tokens via the process of staking.

For customers to make use of these DeFi products, they are required to store their SGB tokens in a digital wallet that enables a seamless connection to the decentralized platform of their choosing. The Build-and-Build network that Binance uses is the foundation for several prominent decentralized cryptocurrency exchanges, like PancakeSwap. Users prefer this DEX because it facilitates transactions securely and at a much cheaper fee than competitors.

Some centralized exchanges let users earn returns by staking SGB tokens.

What is the market cap of Songbird (SGB)?

The market cap of Songbird (SGB) is: the total amount of coins in circulation x the current market price of SGB.

Songbird (SGB) Market Cap = 8,239,369,232 x $0.0259 = $214 million (154th largest market cap)

SGB is currently one of the top 200 cryptocurrencies by market capitalization.

Biggest Competitors Of Songbird (SGB)

Songbird, from a blockchain infrastructure perspective, has no competition because it is specifically built for the Flare network. It is one of a few canary networks that exist, but it has a very specific role in aiding the Flare ecosystem.

From a cryptocurrency perspective, the SGB token has several competitors. Every token that has a higher market cap than the SGB token can be deemed a competitor.

SGB’s biggest competitors are:

• DOT
• KSM
• BTC
• ETH
• ADA
• SOL
• AVAX

 

What Are The Future Plans of Songbird (SGB)?

Songbird will actively work on improving its functionality, security, and usability for Flare protocols. The project aims to provide developers with a safe and easy-to-use environment where they can deploy their dApps and test upgrades in a live environment.

From a cryptocurrency token perspective, the team will aim to increase its exposure and actively work at being listed on more crypto exchanges. The native token will also likely see enhanced utility in the coming months.

 

Pros And Cons Of Songbird (SGB)

Pros:

• Canary Network– The Songbird network acts as a testing ground for flare protocols. It enables developers to utilize a live test environment when deploying their decentralized applications. This is incredibly beneficial because it provides a safety net for developers.
• Enhanced Programmability – Songbird caters to the majority of blockchains that have yet to enable smart contracts. Songbird can enhance the programmability of these blockchains and essentially extend their functionality.
• Reduces Potential Losses – By allowing developers to utilize a live testing environment, Songbird aids in reducing the project’s exposure to potential losses. If there are any vulnerabilities in the project, developers will be able to see this in a test environment and won’t run the risk of being exploited.
• Listed On Major Exchanges – The vast majority of centralized exchanges now support SGB coins for trading. On exchanges like Gate.io, Kraken, and Bitstamp, users can trade SGB tokens easily with one another. When a project is listed on many reputable cryptocurrency exchanges, the majority of people have a higher level of faith in the initiative. In addition to this, it lends credibility to a project.

Cons:

• Restrictive – The Songbird Network is catered to Flare protocols, and many individuals see that as restrictive.
• Price Decline – SGB was trading at $0.71 and is now almost 35x lower than its all-time high. Many individuals are concerned and don’t think the project will return to its previous highs.