Read

Edit

History

Notify

Share

Songbird (SGB) Token

The SGB Token, serving as the native within the Songbird network, fulfills essential roles, including covering transaction fees, participating in network governance decisions, and facilitating interactions with Songbird's applications.[1][2]

wikiToken Distribution

The SGB Token, with a total supply of 15 billion tokens, operates independently of Governance and follows an inflation schedule: 10% in the first year, 8% in the second year, and 5% from the third year, capped at 750 million tokens annually. In December 2020, a snapshot captured XRP holdings, with users receiving 0.1511 SGB for every 1 token and a corresponding amount of . In September 2021, the entire SGB supply was airdropped to eligible users. SGB's value is expected to gradually decouple from and within the Songbird network.[1]

Utility

Distributed to all recipients, this token assumes a crucial position in governing matters, particularly with regard to the integration of additional chains, pricing mechanisms, and FAssets within the FTSO and FAsset protocols.[1][2]

Governance

Songbird serves as the lower chamber in 's bicameral governance system, allowing community proposals and voting. Approved Songbird proposals can be considered for implementation on the network by the Foundation. To streamline decision-making and prevent overwhelming the community, Songbird acts as a filter for governance proposals. There are four governance proposal periods annually on Songbird, where candidates can be submitted. Users stake SGB on these candidates, and the proposal with the most stake becomes an FIP if valid, subject to holder voting.
Songbird Test Proposals (STPs) are automatically approved unless specific conditions are met. Initially, the Foundation proposes STPs, with future provisions for community participation. Proposals undergo a notice period, followed by a voting period. After voting, results can be automatically implemented. Different proposal types with unique acceptance criteria are supported by the portal, intended for future use.[3][4][5]

See something wrong? Report to us.

Songbird (SGB) Token

Commit Info

Edited By

0xf32ECD5c8f5633212f1a25A3931aDDc0CEc42938
0xf3...2938

Edited On

October 20, 2023

Feedback

Average Rating

No ratings yet, be the first to rate!

How was your experience?

Give this wiki a quick rating to let us know!

Twitter Timeline

Loading...

Loading

Media

REFERENCES

Join the IQ Brainlist

Sign up for the IQ Brainlist to get early access to editing on the IQ.wiki site!

Join Now

Subscribe to our newsletter

The IQ Ecosystem Report will keep you updated on everything IQ.

Subscribe

IQ.wiki

IQ.wiki's vision is to bring blockchain knowledge to the world and knowledge onto the blockchain. A part of Brainfund group

https://twitter.com/IQWIKIhttps://www.reddit.com/r/Everipedia/https://t.me/everipediahttps://www.instagram.com/iqwiki_/https://github.com/EveripediaNetworkhttps://discord.gg/x9EWvTcPXthttps://www.facebook.com/iqdotwiki

IQ

What's IQ?StakingBonds

Company

About usCareersBrandingIQ GPTIQ Dashboard

© 2024 IQ.wiki Powered By BrainDAO & IQ