Key Points:
- GMO Coin announces a unique airdrop for XRP holders, distributing Songbird tokens converted into Japanese yen.
- Eligible users are those who held XRP on GMO Coin as of December 12, 2020, during the snapshot.
- The Songbird network plays a crucial role in testing Flare’s ecosystem, making this airdrop highly anticipated.
GMO Coin, the cryptocurrency trading subsidiary of tech conglomerate GMO Internet, has exciting news for its XRP token holders. They have revealed plans to distribute Songbird ($SGB) tokens to those who held XRP on the exchange when a snapshot was taken.
Interestingly, this airdrop comes with a unique twist – instead of receiving SGB tokens directly, eligible users will receive the equivalent value in Japanese yen. To qualify for this airdrop, users must have been holding XRP on GMO Coin as of December 12, 2020, when the network was snapshot for the $FLR token airdrop.
It’s important to note that SGB is the native token of the Songbird network, which serves as a Canary blockchain for Flare. The Songbird network plays a critical role in testing various aspects of the Flare ecosystem, including the Flare Time Series Oracle, the StateConnector, F-Asset systems, and network architecture.
Read Also: XRP Surpasses Solana and Dogecoin to Lead the Way on US Crypto Exchanges
The Flare Network initially aimed to establish itself as a decentralized finance application and introduced Ethereum Virtual Machine (EVM) compatibility to the XRP Ledger. Over time, it has evolved into a layer-1 blockchain and oracle service.
GMO Coin users who held XRP during the snapshot period will receive 0.1511 SGB for each XRP token they held, with the value converted into Japanese yen. This distribution is expected to take place by September 29. Additionally, users who were utilizing GMO Coin’s lending product during the snapshot period are also eligible for this airdrop.
GMO Coin’s decision to support this airdrop aligns with several other trading platforms, including Kraken, Nexo, KuCoin, OKX, Bitfinex, Bitstamp, Poloniex, and Binance, all of which have previously distributed these tokens to their users in January.
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