What is Songbird (SGB) crypto and why did it zoom 76%?

Highlights

• Songbird is the canary network for Flare.
• Flare, a distributed network, enables secure interoperability between chains by integrating with the Ethereum Virtual Machine (EVM).
• The Songbird (SGB) token has a current market capitalization of US$308.5 million.

The Songbird (SGB) token rose 75.80% to US$0.03071 at 6:30 am ET on Tuesday after its latest updates. Songbird (SGB) announced that it is now supported by Rabby, an open-source crypto wallet for Ethereum. It offers users a multi-chain experience. 

Flare on Tuesday also updated users about its roadmap ahead. Flare said it started an audit process before its launch on July 4. The auditing is expected to continue for three weeks.

Trail of Bits, which is conducting the audit for Flare, helps safeguard organizations and their products through high-end security research and fortifying codes. 

Video: What is Songbird crypto?

What is Songbird?

The Songbird blockchain is the canary network for Flare, which is a distributed network that integrates with the Ethereum Virtual Machine (EVM) and enables secure interoperability between chains and scaling up the use of blockchain. Flare, which created the Songbird blockchain, is a scalable, low-cost, low-carbon, and decentralized smart contract platform.

The Canary network is an operational blockchain with a limited or defined token supply. The tokens are used for testing features for a related main net. Polkadot was the first to conceive the Canary network concept with its Kusama Network.

Also Read: Global cryptocurrency regulatory body on the anvil, says top official

Songbird’s purpose is to test features of the Flare network, Flare architecture, Flare Time Series Oracle (FTSO), the StateConnector, and the F-Asset systems. 

Post-Flare's launch, Songbird won't be discarded. According to Flare's official blog, Songbird will remain the long-term network for testing any governance-led changes to Flare, such as changes to FTSO and the F-Asset system on the Flare network.  

Songbird would be used for advanced testing of new dApp launches, community-building for applications, etc., before launching on Flare. So, Songbird will be the testbed for any application that wants to launch on Flare.

Also Read: Why Ampleforth Governance Token’s (FORTH) trading volume surged 2000%?

Data Source: coinmarketcap.com

Also Read: Why Beefy Finance (BIFI) crypto volume surged 3000%?

SGB Token:

The Songbird (SGB) token performs a governance role. Its current market capitalization is US$308.5 million. The token’s trading volume rose by 215.51% to US$9.57 million in the last 24 hours. SGB’s self-reported circulating supply is 9.99 billion, and the total supply is 15.97 billion.

SGB is available for purchase at MEXC, Bitrue, Gate.io, and DigiFinex crypto exchanges.

Also Read: Bitcoin (BTC) dips below US$30,000, sliding for seventh straight week

Bottom line:

The crypto market may seem complex for the newcomers with various DeFi, GameFi, TradeFi, and metaverse products. Moreover, it is not regulated, making it vulnerable to scams and abrupt fluctuations. Last week’s stablecoin-led crypto market crash is a case in point. Thus, investors should apply due diligence before investing in digital assets.  

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