Flare Finance has announced that a snapshot of all balances holding Songbird and wrapped Songbird will be taking place on 5th November 2021 at 7pm CET. All the Songbird and wrapped Songbird holders will receive ExFi tokens, originally named $SFLR at this time. ExFi token is used as a secondary governance token and primary fee replacement token on the ExFi platform. With such a development in light, it might help to know how to claim songbird token. Let’s find out.
Following the snapshot of all Songbird and Wrapped Songbird balances on 5th November, ExFi will arrive on all wallet addresses that held Songbird and wrapped Songbird within 8th November.
ExFi “Gamma” will begin the launch of FlareFarms version 2 and FlareLoans version 2 between 9th and 15th November.
This will reflect new rewards in the form of $SFIN, which supports $ExFi in yield farming and minting of Canary dollars with $ExFi.
The releases scheduled between 15th to 18th October are of Halborn Audit, waving secure launch for Flare Network’s Mainnet Launch and internal audits from TrailOfBits and CertiK reflecting change from initial stage of development to current status. Starting from 18th November, ExFi will operate on Songbird Network, renamed to “Songbird Finance” as the main point for deploying experimental finance modules. These new modules are expected to be redubbed from Songbird Finance into Flare Finance.
There is lots of chaos existing about the distribution of Songbird on exchanges. It is recommended that owners may move their Songbird assets from an exchange to a hardware or software wallet like Metamask. This will prevent any distribution hiccups with exchanges distributing ExFi tokens. There will be no issues in getting the ExFi tokens if the Songbird is claimed on a hardware wallet or software wallet with keys.
The Experimental Finance Phase 1 has been launched with the launch of ExFi Songbird Finance Phase 1 platform. This includes the decentralized USD pegged stable coin minting protocol, FlareLoans with which Songbird holders can participate in on-chain stablecoin Canary dollar minting. ExFi will roll out in three phases, Minting Phase, Liquidity Phase and Trading Phase. With the Minting Phase Songbird Network users can collateralize their Songbird to mint Canary Dollar, thus enabling them to begin bootstrapping the ecosystem with liquidity. The Liquidity phase enables new Canary dollar and Songbird holders to start bootstrapping the FlareX Liquidity Pools and Trading phase enables Flare Network or Songbird Network users to easily swap between Canary dollar and Songbird at any time on the FlareX.
How To Claim Songbird token from Hardware device
claim songbird token from a ledger device by plugging in the ledger device and opening the Ledger Live software. The ledger device should be ensured to be updated with the latest firmware as well as the latest version for Ledger Live software. The next step is to manage the apps and once it loads, search for “songbird” and install the Songbird app on the ledger hardware wallet.
On finishing the installation, the user has to go back to Metamask and add a hardware wallet. The hardware wallet can be either Ledger or Trezor, as both have generally similar processes. After allowing the device for the session, the Ethereum address has to be exported and an account with balance has to be selected so that Songbird tokens will be claimed from the hardware wallet.
Add Wrapped Songbird Token to Metamask Wallet
The first step to add wrapped Songbird tokens to the Metamask wallet is to scroll down to the contract address on the FTSO AU website and copy it. Now the “Add Token” option on the Metamask has to be selected and the address has to be added to the “Token Contract Address” field and the wrapped Songbird tokens will be added to the main wallet.
Add Songbird to Metamask Wallet
Songbird tokens can be added to Metamask Wallet by going to Exodus, clicking on the three dots on the top right. The user has to select the option “View Flare Spark Private Key” and after entering the password the private key will be displayed on the screen. The private key has to be copied and pasted in the field under the “Import Wallet” option on Metamask so that the Songbird tokens will be added in the Metamask wallet.
The value of Songbird token has taken off following the announcements of Snapshot and FlareLoans applications to begin minting Canary dollars and start earning DFlare. Flare Finance ExFi is a semi-audit experimental finance platform and Songbird Network is a Canary network for Flare Networks. Developers can launch their applications on Songbird Network to test it with real value before going onto the main network. As Songbird Network is only a testing platform for the main Flare Network, there are some risks associated with using ExFi. These include malicious acts such as hacks or denial of service bugs, undiscovered edge cases that can result in UI/UX issues and liquidations due to low liquidity and high market volatility.