Blockchain technology has given rise to many projects and products that move away from a centralized authority. Decentralization is the theme of crypto-based projects that want to reach an audience irrespective of geographies and intermediaries.
One such project is Audius, which was formed in 2018. It is a music streaming platform for all the musicians and not just the labels.
The platform is where musicians can share their work-in-progress, build a fanbase, publish completed tracks for everybody to hear. On Audius, musicians can create, grow, and monetize their music efforts without signing a record deal.
Why did its token rise more than 50% in one week?
Last week on Sunday, March 13, BeatPort ReConnect, partnered with Audius and Pioneer DJ for a music marathon of more than 30 hours to raise funds for Ukraine’s people. Many solo artists’ performances were streamed, including Chris Liebing, Nicole Moudaber, etc.
Beatport’s ReConnect is an initiative, started in 2020 during COVID-19, to bring together the music community and charities to connect people while benefiting worthwhile causes.
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According to the Streamlabs charity portal, US$58,494.37 was raised in the campaign. All these funds raised by Beatport’s ReConnect is to benefit Choose Love Ukraine, a non-profit organization, to provide vital aid and services to the people fleeing Ukraine by providing emergency medical care, food, clothes, shelter, support for the LGBTQIA+ community, and more.
Audius has contributed US$20,000 for this campaign, and the token has gained around 50% in the last seven days.
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What Is Audius (AUDIO)?
Audius is a decentralized music streaming protocol on Solana, a layer one blockchain with a proof-of-stake consensus mechanism with partial Byzantine fault tolerance.
Audius aims to remove the music industry’s inefficiencies by offering a platform to align the interest of artists, fans, and node operators.
The platform claims to reward its content creators by featuring them in the weekly trending list, and in future, it plans to integrate stablecoins for artists to offer paid content.
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Data Source: coinmarketcap.com
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AUDIO token details:
AUDIO is its native token used for governance, power and securing the network, and unlocking access to features. These can be staked as collateral of value-added services.
Audius’s (AUDIO) price was 2.40% up to US$1.06 at 4:22 am, ET, Monday.
The token witnessed a rise in interest, and volume soared 73.18% to US$134.5 million in the last 24 hours, and market capitalization reached US$652.4 million.
AUDIO has a circulating supply of 614.56 million AUDIO, and the total supply is 1.085 billion.
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Bottom line
Binance, Mandala Exchange, Bitget, Hotcoin Global, and Bybit are the crypto exchanges offering this token.
The crypto market is volatile and risky, and investors must exercise due diligence before investing in the digital asset segment.
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