An under-the-radar altcoin is surging in price this week as its associated network nears a long-delayed token giveaway.
Songbird (SGB), the “canary network” of Flare Network, is up more than 88% this week.
The 153rd-ranked crypto asset by market cap is trading at $0.0189 at time of writing.
“A canary network is an operational blockchain with a defined token supply that allows new features to be tested under production conditions, before they are deployed on the main network. This is in contrast to a testnet, which generally has an unlimited token supply.”
SGB’s huge gains come as Flare nears its long-awaited FLR token distribution on January 9th.
? 5 days until TDE.
FLR token distribution will begin January 9th at 23:59 UTC. Join us here to celebrate.#Flare #ConnectEverything pic.twitter.com/y2LGOuJZt0
— Flare ?? (@FlareNetworks) January 4, 2023
FLR will be distributed to XRP holders based on a snapshot of the network taken in late 2020.
Flare Network, with its native FLR token, aims to essentially bring smart contract capabilities to various blockchain networks, starting with XRP and then Litecoin (LTC).
The company previously said that each eligible holder will immediately receive 15% of their claimable Spark tokens, and then claim an average of 3% per month, carrying on for a minimum of 25 months and a maximum of 34 months.
Top US crypto exchange Coinbase announced last month that it would support the FLR airdrop. At least 55 other exchanges, including Binance, have also confirmed their intention to distribute FLR to their customers within 2 weeks of the airdrop.
Featured Image: Shutterstock/VECTORY_NT
Generated Image: Midjourney
Read the full article here