Flare Networks update: Songbird token

Revolut Contributor

 · 11/10/2021  · 11/10/2021

Back in December 2020, we released a blogpost to let you know that if you were holding any XRP tokens in your Revolut account at midnight UTC on 12 December 2020, you’d be eligible for the Spark token airdrop.

On 16 September 2021, Flare Networks announced in a tweet that they have launched a new ‘Canary network’ (essentially a test network) called Songbird in order to continue testing in anticipation of the mainnet Flare launch. This network supports a new token also called Songbird (SGB) (essentially a test token) which is also being airdropped to registered addresses.

As we did with the Spark airdrop, we’ve taken all the actions necessary to register eligible customers’ XRP holdings for the airdrop, so you don’t need to worry: that side is all taken care of, and you don’t need to do anything.

What's next?

We want you to know that, before we can proceed with any next steps or decisions on our side regarding Songbird, we’re dependent on the following:

  1. Having the technical questions about Songbird from our blockchain infrastructure providers answered by Flare Networks
  2. Our various trading partners confirming if Songbird tokens will be listed as a tradeable asset
  3. Our various trading partners completing the technical work to list Songbird as a tradeable asset if they decide to do so
  4. Our blockchain infrastructure partners adding support for the Songbird token based on responses they are awaiting from Flare Networks
  5. Regulatory and legal due diligence regarding this token being completed

Once these 6 things happen, we’ll be better placed to give you more information regarding Songbird, and we’ll reach out with more details. Until then, you don’t need to do anything.

Here’s a recap on these airdrops from our original blog post

The number of Spark tokens for each user that holds XRP at the snapshot time will be calculated as:

Number of Spark tokens for User X = (Number of XRP tokens held by user X at snapshot / Total XRP held by Revolut at Snapshot) * Total Spark tokens received by Revolut during the Airdrop

There’s always extreme uncertainty around events like this. Supporting the airdrop does not mean that Revolut will list Spark token as a tradable asset in future. Our default position is we will not list any asset until it has passed Revolut’s Crypto asset selection process and other required regulatory/legal checks. Until that time you won't be able to view, buy, or sell Spark tokens in your Revolut app.