Flare Network's Songbird (SGB) Celebrates Second Anniversary: Accomplishments and Tokenomics

Read about the achievements and tokenomics of Flare Network's Songbird (SGB) canary network. Discover the impact of the network's 130+ dApps, 480K+ wallet addresses, and 88M+ transactions. Explore the reduced annual inflation rate of SGB and upcoming changes to FLR inflation.

Posted 8 months ago in Blockchain


Image description: A visual representation of Flare Network's Songbird (SGB) logo with the two-year anniversary milestone.

The team of Flare Network (FLR), an EVM-compatible L1 focused on data-centric use cases, celebrates the anniversary of Songbird (SGB), its 'canary network.' This milestone is a crucial one for SGB's tokenomics; here's why.

Songbird (SGB), a 'sister chain' or 'canary network' of Flare (FLR), celebrates two years of mainnet operations. Songbird (SGB) used to be a testbed for all tech designs that were planned to be released on Flare (FLR).

In total, Songbird (SGB) onboarded over 130 decentralized applications (dApps) of various types. Its community created 480,000 on-chain wallet addresses and authorized 88,000,000 transactions between accounts.

Starting from today, the mechanism of validator rewards on the Songbird (SGB) network is adjusted. The annual rate of inflation for SGB, a core native token of Songbird, drops to 5%, which is the lowest since the network kicked off in 2021.

Flare (FLR) mainnet, a key blockchain of the Flare/Songbird ecosystem, will also undergo inflation reduction in the coming months. Starting from July 2024, FLR inflation will also plunge to 5% annually.

The Flare Network (FLR) team scored an array of partnerships in 2023. It teamed up with Google Cloud to start offering RPC endpoints via its marketplace to customers. It also entered into a long-term collaboration with Level Finance fork aiPX.

Last updated 9/23/2023, 9:24:24 AM

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