The sToadz FTSO began as an idea early in 2022. Initially it was conceived as an excellent way to generate passive income and support operational overhead both for present and future xToadz development. The FTSO, at its foundation, is a data provider and a decentralized solution for providing actionable data to Songbird Network. In return for supporting price accuracy and stability on Songbird Network, xToadz and its delegators would receive rewards proportionate to the quality of data provided as determined by a median calculation of all data submitted by all providers known as the ‘Reward Band.’

Work began on the sToadz FTSO on April 4th, 2022. Fun fact: This was only 2 weeks after the sToadz mint on March 19th, 2022, and 1 week after the development of an airdrop dApp to reward holders of those NFTs. Then on April 16th, 2022 sToadz FTSO successfully completed the whitelisting process on Songbird Network.

Subsequent to whitelisting, an immense amount of work was poured into the FTSO’s algorithm with the goal of achieving the highest reward rate (as determined mainly by price data accuracy). On May 3rd, 2022, nearly 1 month after official work began, sToadz FTSO hit #53 on reward rate. At this time, sToadz was still operating incognito, i.e., with an unbranded delegation address.

On May 11th, 2022, sToadz FTSO made its public debut on Songbird with branding and a Twitter announcement. On May 24th, the signal provider broke into the 25 on reward rate. During epoch 37, the week of June 2, 2022, sToadz FTSO achieved a top 10 reward rate for the first time. Finally, on August 6th, 2022, the signal provider reached #1 on the entire Songbird Network for reward rate and price signal accuracy.

Vote Power, the terminology assigned to volume of delegations per provider rose organically in the wake of sToadz’s success. On August 10, 2022, VP hit 185 million; on August 17th, the signal provider was delegated 300+ million VP for the first time; and on August 25th, sToadz FTSO reached 545 million VP.

sToadz FTSO created a custom dApp to distribute bonus rewards to all delegators meeting a certain threshold delegation. To date, this delegation minimum has been 10,000 wSGB, or roughly $200 USD of Songbird tokens.

Rewards have come in the form of sRIBBITS, a proprietary currency created by sToadz, which will fuel its ecosystem, with the goal of rewarding users two-fold: 1) Utility of purchasing exclusives on both the Songbird and, in the future, XRP side of the ecosystem. 2) Inherent value of the token by scaling demand relative to supply distribution.