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Flare's IOUs Add Almost 50% Overnight Ahead of Songbird (SGB) Release

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Mon, 08/16/2021 - 15:04
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Vladislav Sopov
Demand for Flare's IOUs on XRP-centric exchange Bitrue (BTR) is on fire, here's why
Flare's IOUs Add Almost 50% Overnight Ahead of Songbird (SGB) Release
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"IOUs" on Spark (FLR), a core native utility and governance asset of much-anticipated blockchain Flare (FLR), remain the only option for Flare's supporters as its blockchain has not launched yet.

FLR/USDT hits multi-week highs

According to the Flare Community, the unofficial account of Flare's enthusiasts, the price of FLR IOUs has rocketed on Bitrue (BTR) exchange over the last few hours.

Today, Aug. 16, 2021, FLR/USDT rates spiked from $1.05 to the local high of $1.53. As such, FLR IOUs revisited eight-week highs: the asset has not touched the $1.50 level since mid-June.

At press time, Flare IOUs slightly retraced to the $1.44 level. The price of the asset printed an all-time high in late April 2021, amidst the altcoin euphoria: FLR/USDT traded close to $2.30.

XRP-centric Bitrue (BTR) was the first exchange to allow trading on Flare's IOUs. However, as Flare is not live in mainnet yet, its distribution did not take place. As such, all offers to buy/sell "real" Spark (FLR) tokens are blatant scams.

Songbird (SGB) rollout is in the cards

Such an impressive price move may be attributed to the approaching release of Songbird (SGB), a Flare "canary network." This sandbox environment with tokens of limited supply is set to stress test all of the mainnet features of the Flare (FLR) blockchain.

Related
Flare (FLR) Introduces Canary Network Songbird for Pre-Mainnet Stress Tests

As covered by U.Today previously, Songbird (SGB) will be activated in the coming weeks. Flagship Flare-based DeFi ecosystem Flare Finance (DFLR) is going to deploy its mechanisms to Songbird (SGB).

Flare (FLR) tokens will be distributed between XRP holders—participants of the snapshot that took place on Dec.12, 2021. The first batch of tokens will be transferred shortly after the inception of Flare's mainnet operations.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)