After that, it closed the year at $0.01031, a year on year loss of nearly 95%.Īn early-year rally sparked by excitement about the upcoming launch of FLR saw it reach a high of $0.02107 on 4 January and, on 5 January 2023, it was worth about $0.01945.Īt the time of writing, there were a self-reported 9,988,725,826 SGB in circulation out of a total supply of 16,089,041,096. There was some recovery after this, with it spending some time in the summer above $0.03, but it dropped again in October to a then all-time low of $0.01637 on 24 October.Īfter that, there was some slight recovery, but things got even worse in November when the fall of the FTX exchange sparked a market crash and sent SGB into a downward spiral which culminated in a new all-time low of $0.009807 on 29 December. There was a slow drift back down from that point, which accelerated with the depegging of terrausd (UST) and the collapse of the associated LUNA crypto sent the markets into a tailspin in May, with SGB reaching a low of $0.01651 on 16 May. The token ended up crashing to a low of $0.04744 in the wake of Russia’s invasion of Ukraine on 24 February, although it bounced back to hit $0.09446 the following day. Songbird price historyĢ022 was a poor year for cryptocurrencies and songbird has suffered along with the rest of the market. It is worth pointing out that, on 30 November, Flare announced that FLR could be released at some point around 9 January 2023. This could, potentially, prove to be a problem with potential investors, who might well want to have a proper explanation of how the system works before they decide whether or not to put money into it.Īdmittedly, the Flare Network does have its, albeit jargon heavy, whitepaper, but this particular technical document declines to mention the Songbird protocol at all, leaving people none the wiser. The best thing that it does have is a blog post published in the run-up to the system’s launch. First, Songbird does not have its own whitepaper.
There are a couple of things that we need to point out.
#Songbird price drop software#
These are derivatives manager and CEO Hugo Philion, software engineer and CTO Sean Rowan and chief scientist Nairi Usher. Since Songbird is a de facto offshoot of Flare Network, it shares the same founders. This crypto is used to give holders the opportunity to vote on decisions that have an impact on the network. However, after the launch of Flare – and it is worth pointing out that this particular blockchain’s native coin, spark (FLR) is not yet available – the Songbird system changed its approach and is now being used to test new features and updates.Įvery blockchain-based platform needs to have its own native crypto, and Songbird has the songbird token, also known by its ticker handle of SGB.
#Songbird price drop series#
These are Flare Time Series Oracles (FTSO), which are supposed to provide external information to the Flare network using a decentralised method, and F-Assets, a new token standard that represents assets from another blockchain. First, ahead of Flare’s albeit limited launch in the summer of 2022, it tested the two main features of the blockchain. The platform has, so far, gone through two phases. Created as a de facto testing service for the Flare blockchain, this system is designed to be a “canary network” making sure that everything works as well as the team behind Flare hope that the main blockchain will work. Luckily for some people, the Songbird protocol does just that. Therefore, it makes sense if there could be some kind of system that allows users and developers to check that everything is working properly with a blockchain or blockchain-based platform. While some of these cases have, sadly, been swindles and scams, others have been unintentional but preventable. All too often, we have seen stablecoins become depegged, crypto-lending platforms cancel withdrawals, exchanges collapse and other cryptos lose their support and become de facto deadcoins. The flipside of this is, perhaps inevitably, that cryptocurrencies and blockchains fail. Whether it is the often anonymous people behind a token with no apparent utility hyping up their crypto, or the crypto evangelist counting the days until they can own their Lamborghini, or those excited by the fourth industrial revolution, there is no shortage of optimism around crypto – even in the toughest of bear markets. In the world of cryptocurrency and blockchain technology, something that comes up time and time again is the confidence that people have either in their products, or the overall world of blockchain technology. It aims to prevent problems with another, upcoming crypto, but what is songbird ( SGB)? Let’s take a look and see what we can find out, and also examine some of the songbird price predictions that were being made as of 5 January 2023. Songbird wants to be the canary in the mine for the Flare Network – Photo: Shutterstock
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