An under the radar altcoin is rising in price this week as its partner network nears a long overdue token giveaway.
Songbird (SGB), the “canary network” of Flare Network, is up over 88% this week.
The 153rd-ranked crypto asset by market capitalization is trading at $0.0189 as of this writing.
explains Flare,
“A canary network is a working blockchain with a defined token supply that allows new features to be tested under production conditions, before rolling them out to the mainnet. This is in contrast to a testnet, which typically has an unlimited supply of tokens.”
SGB’s massive gains come as Flare nears its long-awaited FLR token distribution on January 9.
? 5 days until TDE.
FLR token distribution will start on January 9 at 23:59 UTC. Join us here to celebrate.#Flare #ConnectAll pic.twitter.com/y2LGOuJZt0
– Flare?? (@FlareNetworks) January 4, 2023
FLR will be distributed to XRP holders based on a network snapshot taken in late 2020.
Flare Network, with its native FLR token, essentially aims to 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, for a minimum of 25 months and a maximum of 34 months.
Coinbase, the leading US cryptocurrency exchange. Announced last month that he would support the FLR airdrop. At least 55 other exchanges, including Binance, have also confirmed their intention to distribute FLR to their clients within 2 weeks of the airdrop.
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