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How to earn rewards and delegate Songbird (SGB) tokens in Bifrost Wallet?

How to earn passive income and delegate your SGB tokens in the Bifrost wallet?

Category: Cryptocurrency / Blockchain    Date: September 2021    Keywords: Ripple, XRP, xRapid, blockchain, cryptocurrency  

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What is a Bifrost wallet?

Bifrost Wallet is a non-custodial software wallet, a digital keychain for blockchains, that provides you with a secure and easy way to manage your crypto assets on an Android or iOS device. Bifrost Wallet currently supports Ethereum (ETH), Songbird (SGB), XRP (XRP) as well as various ERC20 tokens.

 

Frequently Asked Question

1) What does it mean „reward epoch“ and how long does it last?
A reward epoch lasts 1 week (network parameter)

2) When will I receive the first rewards?
After the first reward epoch it will be claimable

3) Will I receive the rewards of the FTSO as WSGB or SGB?
Rewards will be in SGB

4) How many rewards will I get when I delegate for example 1000 SGB?
Dependent on the performance of the signal provider, its configured fee, how many rounds it provided good enough prices estimates etc.

5) What is the APY?
Not available yet, we must see how the network behaves in the first few reward epochs

6) For how long SGB is staked? Does it auto restake or not?
You can undelegate and delegate at any time but you must do it before the next reward epoch begins for it to update for that epoch

7) How many FTSOs can I choose when delegating our SGB tokens?
You can delegate to 2 different providers (network parameter)

8) Will Bifrost wallet support the FLR/SFLR airdrop?
Bifrost Wallet will support any token on Songbird


⚠️IMPORTANT NOTES⚠️

1) 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.

2) SGB Rewards have to be claimed within (30 days) or they are forfeited and put back into the Rewards Pool.

Sources: Bifrost wallet

 

DISCLAIMER
This guide is for informational purposes only.

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