The cryptocurrency trading subsidiary of the tech conglomerate GMO Internet, GMO Coin, has announced it’s set to distribute Songbird ($SGB) tokens to its XRP token holders who had tokens on the exchange at the time of the airdrop’s snapshot.
The planned airdrop, interestingly, will not be in the form of SGB tokens, but will instead be denominated in Japanese yen. Users eligible for the airdrop are those who held XRP on it back on December 12, 2020, when a snapshot of the network was taken for the $FLR token airdrop.
SGB, it’s worth noting, is the native token of the Songbird network, a Canary blockchain for Flare that is “instrumental in the continued testing of the Flare Time Series Oracle, the StateConnector and F-Asset systems and the network architecture.”
According to the team behind Flare, Songbird is “ intended to be a long term network for testing governance led changes to Flare, such as the incorporation of new F-Assets, changes to the FTSO, F-Asset systems or any other network change.”
The Flare Network initially aimed to become a decentralized finance application, bringing in Ethereum Virtual Machine (EVM) compatibility to the XRP Ledger, and has been gradually transitioning into a layer-1 blockchain and oracle service.
GMO Coin users who held XRP at the time of the snapshot are to be awarded 0.1511 SGB per each XRP token they held, converted into Japanese yen, by September 29. Those who were using GMO Coin’s lending product also qualify for the airdrop.
The move sees the exchange join a number of other trading platforms supporting the airdrop, including Kraken, Nexo, KuCoin, OKX, Bitfinex, Bitstamp, Poloniex, and Binance. The airdropped tokens were sent to users back in January.
Featured image via Pixabay.
