In a surprising turn of events, Japanese cryptocurrency exchange GMO Coin has announced a generous airdrop plan for Ripple’s XRP holders. The airdrop, which involves the distribution of Songbird (SGB) tokens, is set to make waves in the crypto community. This move not only rewards loyal XRP holders but also strengthens GMO Coin’s position in the crypto exchange landscape.

GMO Coin’s airdrop initiative targets XRP holders who have kept their holdings in the exchange’s accounts since December 12th, 2020. However, there’s a twist – even those who have actively used GMO Coin’s crypto asset lending services can partake in this giveaway. Additionally, users who sold their XRP coins immediately after the specified date will also receive a share of the funds allocated for distribution.

The airdrop is structured in a straightforward manner. For every unit of XRP held on the GMO Coin trading platform as of the stipulated time, holders will receive an equivalent of 0.1511 SGB. This means that the amount each GMO Coin user receives will be directly proportional to their XRP holdings at that time. The highly anticipated distribution is scheduled to take place on September 29th, 2023.

What sets this airdrop apart is that GMO Coin is now among the select group of cryptocurrency exchanges supporting the Songbird (SGB) token. Joining the likes of Binance, Kraken, KuCoin, MEXC Global, Bithumb, Cryptocom, and Upbit, GMO Coin has cemented its commitment to the crypto community. These exchanges were previously featured on a list shared by Flare Network, the protocol behind SGB, for supporting the airdrop of both Flare (FLR) tokens and SGB.

The journey to this airdrop has been marked by twists and turns. Originally planned for December 2020, the token airdrops were disrupted by Ripple’s lawsuit with the United States Securities and Exchange Commission (SEC). It wasn’t until January 10th, 2023, that the FLR tokens were finally airdropped to the exchanges, marking a significant milestone. Notably, the airdrop of SGB, a canary network to Flare, had to be postponed due to various factors.

According to a statement from the Flare Network, a total of 4.279 billion Flare (FLR) tokens have already been distributed, representing 15% of the total supply. Just like in the case of GMO Coin, all cryptocurrency exchanges were entrusted with the responsibility of distributing these valuable tokens to eligible XRP holders.

Now, let’s delve deeper into the emergence of Songbird and its significance in the ever-evolving crypto landscape.

The Emergence of Songbird

Songbird was initially conceived as a Decentralized Finance (DeFi) application that leverages the XRP token’s capabilities. It started as an experimental blockchain for the Flare Network but has since evolved into a formidable Layer-1 blockchain with advanced testing functionalities. Launched over two years ago, Songbird embarked on a journey of growth and development, with September marking the completion of its first 10 days in observation mode.

The observation mode represented a crucial phase among the three test phases designed to strengthen the protocols underlying the eventual launch of the Flare Network. Two months after its launch, Panther Protocol, a project already in partnership with Flare, decided to expand its collaboration to include Songbird.

This strategic move meant that Songbird would integrate Panther’s Shielded Pools into its Ethereum Virtual Machine (EVM). This integration aimed to provide on-chain privacy for Songbird’s users, enhancing security and confidentiality. Additionally, Panther committed to deploying its privacy-preserving infrastructure on Songbird for rigorous code testing. This collaboration would, in turn, offer Panther Protocol users seamless access to private transactions on the Songbird network.

The integration of Panther Protocol’s privacy features into Songbird demonstrates the platform’s commitment to innovation and user-focused development. It also highlights the growing importance of privacy and security in the rapidly evolving cryptocurrency landscape.

Conclusion

GMO Coin’s announcement of an airdrop for XRP holders, featuring Songbird (SGB) tokens, is a testament to the exchange’s dedication to its users and the broader crypto community. This move not only rewards loyal XRP holders but also solidifies GMO Coin’s position among prominent exchanges supporting SGB.

Songbird’s journey from an experimental DeFi application to a robust Layer-1 blockchain underscores the ever-evolving nature of the crypto industry. The collaboration between Songbird and Panther Protocol further illustrates the importance of privacy and security in blockchain networks.

As the distribution date of September 29th, 2023, approaches, XRP holders on GMO Coin have an exciting opportunity to benefit from this airdrop. This news serves as a reminder of the dynamic and vibrant nature of the cryptocurrency ecosystem, where innovation and user-centric initiatives continue to shape the future of finance.