Bifrost Wallet supports wrapping, unwrapping, and delegating Songbird. This article is for new users unfamiliar with these concepts. It explains why and how you want to wrap and delegate your Songbird to support the network and its participants.
The Songbird network has a built-in system called the Flare Time Series Oracle (FTSO). It's a system that sources externally provided price data for trade pairs such as SGB/USD, XRP/USD, and DOGE/USD in a decentralized manner. The price estimates are made available on-chain to smart contracts and services built on the Songbird network.
Many independent data providers, also known as FTSO signal providers, submit price data at regular intervals to the Songbird network and are rewarded if their estimates meet specific quality criteria. Each signal provider's price estimate is weighted according to how much vote power they have.
Your delegated Songbird tokens count towards a signal provider's total vote power. If the signal provider you delegate your Songbird to provides good price data, you are rewarded with Songbird tokens that are claimable every two weeks and forfeited if left unclaimed for six months. These time constraints are governed by the Songbird network and not determined by Bifrost Wallet.
Songbird (SGB) cannot be delegated directly; instead, you need to wrap your SGB to the utility token Wrapped Songbird (WSGB). You can wrap SGB to WSGB at any time, and you can unwrap WSGB to SGB at any time. You only pay the network fee to wrap or unwrap.
If you want to delegate your Songbird, click on the Songbird asset row in your asset overview. This action will open a more detailed view, where you can see your latest Songbird transactions. You will also find three buttons. Tap the rightmost button, the one with three dots. This action will open a context menu with a few different options. Tap the Delegate option.
In the bottom section of the delegate view, you'll see a notice asking you to wrap some Songbird. Proceed by wrapping some Songbird.
IMPORTANT: Do not wrap all of your Songbird (SGB), you need to save some SGB to pay for network fees. Enter the amount of SGB that you'd like to wrap, make sure to leave a few SGB, and click Continue.
Back on the delegate screen in the statistics section, you'll see the amount of WSGB you hold. Whenever you feel ready to delegate your WSGB, proceed by adding your first delegation. Delegating your WSGB tokens doesn't send them anywhere; instead, their vote power transfers to a signal provider.
When you add a delegation, there will be a list of FTSO signal providers to choose from. They are all run by different teams and entities spread across the globe. The Bifrost Wallet team runs a signal provider named Bifrost Oracle.
You should pick signal providers that you trust will provide the FTSO system with reasonable price estimates. If the signal provider you delegate to provides wrong price estimates or fails to provide price estimates during some periods, you'll miss some rewards. FTSO performance can be viewed at flaremetrics.io/.
Tap on the signal provider that you'd like to delegate to and enter an amount. Delegating WSGB is done by percentage and will automatically update as your balance of WSGB changes. If you wrap additional SGB or unwrap some WSGB, your delegations will update automatically.
In this example and for the sake of simplicity, we'll delegate 100% to Bifrost Oracle. In practice, we encourage you to delegate a portion of your WSGB to two different signal providers. By delegating to two signal providers, you contribute towards a healthier and more decentralized ecosystem.
Once you've continued from the amount screen, you'll see a confirmation screen. Carefully review all details; if all details are correct, tap Confirm. Back on the delegate screen you'll now see your active delegations.
The delegation view is still under development, and coming updates to Bifrost Wallet will add additional statistics and performance-based sorting to the signal provider list. Make sure to keep Bifrost Wallet updated and check the delegation view regularly.
Related Articles
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Now, let's delve into the concepts discussed in the provided article about Bifrost Wallet, wrapping, unwrapping, and delegating Songbird.
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Bifrost Wallet:
- Bifrost Wallet is a cryptocurrency wallet that supports various features related to Songbird and Flare networks. It facilitates the wrapping, unwrapping, and delegating of Songbird tokens.
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Wrapping and Unwrapping:
- In the context of Songbird (SGB), wrapping refers to converting Songbird tokens into Wrapped Songbird (WSGB), which is a utility token. This conversion is necessary for the delegation process.
- Unwrapping is the reverse process, where WSGB tokens can be converted back to Songbird tokens. Both wrapping and unwrapping incur network fees.
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Delegating Songbird:
- Delegating involves assigning voting power to a specific Flare Time Series Oracle (FTSO) signal provider. FTSO is a system on the Songbird network that sources decentralized price data for various trade pairs.
- Independent data providers, known as FTSO signal providers, submit price data regularly. Delegated Songbird tokens contribute to a signal provider's vote power.
- Users are rewarded with Songbird tokens if the signal provider they delegate to provides accurate price data. Rewards are claimable every two weeks and forfeited if left unclaimed for six months.
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Flare Time Series Oracle (FTSO):
- FTSO is a built-in system on the Songbird network that sources externally provided price data for trade pairs like SGB/USD, XRP/USD, and DOGE/USD. It operates in a decentralized manner, and the price estimates are made available on-chain to smart contracts and services.
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Signal Providers:
- FTSO signal providers are independent entities submitting price data to the Songbird network. They are rewarded based on the quality of their estimates and the amount of vote power they possess.
- Users can delegate their WSGB tokens to specific signal providers. The choice of signal provider is crucial as it impacts the rewards users receive.
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Delegation Process:
- Delegating WSGB tokens involves selecting a signal provider and allocating a percentage of the tokens for delegation. Users are encouraged to delegate to multiple signal providers for a more decentralized ecosystem.
- Bifrost Oracle is an example of a signal provider, and users can delegate a portion of their WSGB tokens to it.
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FTSO Performance Monitoring:
- FTSO performance, including signal providers' accuracy, can be monitored at flaremetrics.io. This platform provides insights into the performance of different signal providers.
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Bifrost Wallet Updates:
- The article emphasizes the importance of keeping the Bifrost Wallet updated. Future updates are expected to enhance the delegation view, adding additional statistics and performance-based sorting to the signal provider list.
In summary, the article guides new users through the process of wrapping, delegating, and participating in the Flare Time Series Oracle system on the Songbird network using the Bifrost Wallet. The emphasis on decentralized participation and careful consideration of signal providers contributes to the overall health of the ecosystem.
