Songbird wrapping and delegation

[RikkiTikki_is_Back]

Hey Just wanted to start this thread to share experience with songbird wrapping and delegation Pro's and Con's .  I  Have delegated to the Bifrost Oracle and Defi Oracles, so far in this short time my experience is neutral but I will keep you updated as things age. Hopefully we get feedback in here that can help someone even myself make good choices on delegation

[brianwalden]

I don't think there's many cons to delegating in and of itself. The only cost is the transaction fees (currently less than 0.1 SGB per transaction). Then there's the opportunity cost of holding WSGB instead of doing something else with it. Unlike staking, there's no risk of losing money if you delegate your vote to a bad data provider and no lockup - if you want to unwrap or spend your WSGB you can at any time.

If you're asking about who to delegate to specifically, I think your best resource at the moment is https://flaremetrics.io/ftso

We're coming up to the end of the first epoch (week) of voting. We can see who's done well, but we don't know how that will translate week to week yet. Still, without any other knowledge, voting for the current top performers is probably a pretty good strategy. The one thing to watch out for is that a data provider's voting power is capped at 10%, once they get past that they don't earn any additional rewards for having more votes, but the rewards that they do earn still get divided among all the voters, essentially diluting your earnings.

If you're concerned about other issues like decentralization, you may want to consider voting for providers who do well but don't have a high vote share. Or vote for the provider you think is doing the most good for ecosystem in other ways - Bifrost created their wallet, FTSO_AU has been particularly good at helping the community, etc. Or if you're really into prices, calculate what you consider to be the most accurate prices and see which providers come closest to those. But if you're going to do all that work, you might as well consider learning how to become a price provider yourself.

I've attempted to create an index of the Top 10 providers (as of Wednesday). I delegated my vote to it, so I'll find out if it's working tomorrow when the new epoch starts. If it does in fact work, I'll post more details about it here in the main forum. But for now, if you're interested you can check it out in the Flare Club: