GMO Coin, the cryptocurrency trading arm of tech giant GMO Internet, intends to distribute Songbird ($SGB) tokens to eligible XRP holders on its platform. Notably, this airdrop will not be in the form of actual SGB tokens. Instead, recipients will get their share in Japanese yen.
For context, the eligibility criteria are centered on a specific event: an XRP holder must have had their tokens on GMO Coin at the time of the snapshot on December 12, 2020. This snapshot was initially taken for the $FLR token airdrop.
Delving into the technicalities, SGB is the flagship token of the Songbird network. Songbird serves as the Canary blockchain for Flare. It plays a pivotal role in the ongoing testing of several critical features of Flare, including the Flare Time Series Oracle, the StateConnector, F-Asset systems, and the overall network architecture. The Flare team envisions Songbird as a persistent network designed to test significant governance-driven Flare network changes, from introducing new F-Assets to modifying existing systems or other network adjustments.
Initially, the Flare Network’s ambition was to emerge as a decentralized finance application, adding Ethereum Virtual Machine (EVM) compatibility to the XRP Ledger. However, it has evolved to become a primary blockchain and oracle service.
Returning to the airdrop, the conversion rate set for GMO Coin users is 0.1511 SGB for each XRP token they possessed during the snapshot. The conversion will be in Japanese yen, and the distribution is expected to be completed by September 29. Moreover, even those who availed of GMO Coin’s lending service during the snapshot period qualify for this airdrop.
This decision by GMO Coin is in line with several prominent trading platforms that have supported the airdrop. Some notable names include Kraken, Nexo, KuCoin, OKX, Bitfinex, Bitstamp, Poloniex, and Binance. These platforms disbursed the airdropped tokens to their users earlier in January.