Binance, the cryptocurrency exchange, will support the airdrop program for the Songbird (SGB) tokens of the Flare Network’s experimental network. The XRP snapshot was taken at 12 December 2020, 03:00 (MSK).
Participation in the airdrop, which will be conducted after token distribution by the project team, will be open to users with more than 10 XRP. Binance accounts for balances on spot wallets, margin and deposit accounts, and Coin-Margined futures wallets (excluding USDT-Margined).
For every XRP on balance, participants will receive 0.1511 SGB.
The Flare Network team is developing a solution to enable smart contracts to be integrated into ecosystems whose blockchains do not support such functionality. In an interview with The Defiant, co-founder Hugo Filion called it “Ethereum for the remaining Layer-1 networks”.
According to him, Flare Network will interact with the blockchains of four cryptocurrencies — XRP, Dogecoin (DOGE), Stellar (XLM) and Litecoin (LTC). In the future, this list is planned to be expanded.
The Songbird launch that took place on September 16 will allow developers to test the project’s capabilities. The number of native tokens, SGB, is capped at 15 billion, and tokens are freely tradable and exchangeable. The developers noted that they borrowed the concept of an experimental network from the Polkadot team.
After the mainnet launch, Songbird will be used to test updates and verify the project’s operability when integrating new blockchains.
Back in December 2020, XRP price fell to a two-week low amid the upcoming Flare Network airdrop. The tokens will be distributed among participants of the distribution after the mainnet launch.
In June, the project raised $11.3 million in a funding round, led by the Hong Kong blockchain company Kenetic Capital.