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The team of Flare Network ($FLR), an EVM-compatible L1 focused on data-centric use cases, celebrates the anniversary of Songbird (SGB), its "canary network." This milestone is a crucial one for SGB's tokenomics; here's why.
Flare's ($FLR) sister chain turns two: Details
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).
Cheers to 2 years of #SongbirdNetwork, Flare's canary network.
— Flare ☀️ (@FlareNetworks) September 22, 2023
In the landscape of @FlareNetworks, Songbird has played a crucial role, bringing over 130 projects, 480K+ wallet addresses & 88M+ transactions.
This anniversary means that $SGB inflation drops to 5% starting today. pic.twitter.com/6Xt0qomYx2
In total, Songbird (SGB) onboarded over 130 decentralized applications (dApps) of various types. Its community created 480,000 on-chain wallet addresses and authorized 88,000,000 transactions between accounts.
Not unlike Kusama (KSM) for Polkadot's (DOT) parachain ecosystem, technically, Songbird (SGB) acted as a proxy between Coston testnet and Flare's ($FLR) main network.
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.
The Songibrd (SGB) price failed to react to the announcement. By press time, the token is changing hands at $0.004527 on major spot trading platforms, down 1.12% in the last 24 hours.
$FLR inflation to be reduced in July 2024
Flare ($FLR) mainnet, a key blockchain of the Flare/Songbird ecosystem, will also undergo inflation reduction in the coming months. Starting from July 2024, $FLR inflation will also plunge to 5% annually.
As covered by U.Today previously, the Flare ($FLR) network is set to undergo a hardfork in the coming weeks. The blockchain will switch to a more community-centric rewards mechanism with increased payouts to nodes.
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.