Your three step guide to earning quick rewards

October 6, 2021 - @useyourspark

Songbird

So, hopefully by now you've heard all about the Songbird Network and understand its role within the Flare ecosystem. If you need more information or a quick recap, then head to over to our FAQs page to get up to speed.

There are three simple steps to follow, to get up and running to start quickly earning rewards, by putting your tokens to work: Wrap, Delegate, Claim.

Let's break them down.

Wrap

SGB is the native token of the Songbird network, and is used to pay for network transactions. WSGB is a 'wrapped' version of SGB, that comes with a detachable vote. WSGB must be used in the vote delegation process and therefore you'll need to go through the wrapping process in order to participate.

But fear not, the process is fairly trivial; there are already a number of wallet and Signal Providers offering this service, as noted below.

It's worth noting that SGB and WSGB will always have a 1:1 ratio and can be redeemed at any point. Your tokens are not at risk when you perform this action.

Wrapping options:

Here at Use Your Spark we have built our own web application, to offer the wrapping service. You can access it here, or from any of the main links on our website.

The team at Towo Labs have built a great mobile app, that supports the wrapping of SGB tokens. The process is very simple and secure - head over to the App/Play store to download.

Another great option is at over at FTSO AU. You will need to connect up your MetaMask account, follow the steps and away you go.

D'cent also support wrapping, via their mobile FTSO portal. You can download the app here.

An important point to remember: never wrap 100% of your SGB tokens. You will need to keep a few in reserve, to pay for transaction/gas fees when delegating, un-wrapping and moving tokens around. On our delegation app we prevent you from wrapping all of your SGB balance, for this reason.

Delegate

Okay, so you’ve now got your WSGB and are ready to delegate your vote to a Signal Provider. What next?

Firstly, you’ll need to choose a Signal Provider to delegate your vote to. Of course, we’d love it if you delegated your vote to us, however there are various options available, and there's a great resource over at Flaremetrics, where you can check out live and historic performance for each Signal Provider.

Once you've chosen your preferred provider, the delegation process is simple. Again, as with the wrapping, we offer a delegation service through our delegation app. And for the more tech savvy amongst you, you could also try delegating directly through the Songbird explorer.

The process that happens here is quite straightforward. When you delegate your vote, you are simply instructing the network, via a smart contract, to provide your voting power (as a token holder) to another address; in this case a Signal Provider. The provider will then compete, on your behalf, for the portion of the rewards on offer.

Some points to consider:

You can only delegate to a maximum of two providers per wallet.

Your tokens never leave your custody; they will remain in your wallet at all times.

You can delegate either a fixed amount of tokens, or a percentage of your wallet. If you choose the latter, any additional tokens added to your wallet will be auto-delegated, based on the agreed percentages.

As long as you leave your tokens in your wallet and do not un-delegate your vote, your delegation will roll over to each consecutive epoch automatically.

You can only delegate to a maximum of two providers per wallet.

Your tokens never leave your custody; they will remain in your wallet at all times.

You can delegate either a fixed amount of tokens, or a percentage of your wallet. If you choose the latter, any additional tokens added to yourwallet will be auto-delegated, based on the agreed percentages.

As long as you leave your tokens in your wallet and do not undelegate your vote, your delegation will roll over to each epoch automatically.

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Claim

You've wrapped your tokens and delegated you votes to a Signal Provider. So what happens now?

Your chosen Signal Provider is now fighting on your behalf to win a portion of the 4.1m SGB that are on offer every day, to those who provide the most accurate price feeds.

You can watch the results come in, in real-time throughout the week, again via the Flaremetrics site. Here you you can see the return rates each provider is delivering for their delegators. You can also check the rewards that you yourself are accruing, as the week plays out. Claiming rewards is not an automatic process, it requires your involvement; more details below.

Some points to consider:

Each set of voting rounds is grouped into a larger, week-long rewards epoch.

Rewards have to claimed within 90 days, or they will be automatically allocated back into the inflation pool. 

The claim process should be very straightforward and will be offered by whichever service you used for your vote delegation, including via our delegation app. You can also claim your rewards directly via the Songbird explorer.

If you do nothing after an epoch has finished, your previous delegations will remain in place. This will only change if you actively un-delegate your vote, change your delegation amounts, un-wrap your tokens or move tokens out of your wallet.

Any changes made during an epoch will not take effect until the next one. This includes un-wrapping and switching providers.

Rewards are accrued throughout the epoch and can only be claimed once the next epoch has started. Checkout this post from the team at Flare, for a little more detail around the distribution timings.

Epochs always begin on a Saturday at 08:41 UTC and run for one week.

Vote delegations for an epoch are locked on a random block, anytime between Thursday at 14:41 UTC and Saturday at 08:40 UTC. This block is picked in arrears, at the end of the reward period. To ensure you don't miss out, be sure to delegate your votes to your chosen provider before 14:41 UTC each Thursday.

We hope you found this useful and if you have any questions at all, then please reach out to us on Twitter or via email.

Thanks!

@useyourspark