- Audius decentralized platform AUDIO token for streaming at the Ethereum DeFi records 1000% gain
- Binance leads extension round for Audius platform worth $1.25 million.
Attention in the DeFi sector has recently been shifted. Data from the platform CoinGecko show a different picture in the Ethereum DeFi sector than in the main cryptocurrencies. Most of the main DeFi tokens register losses in the last 24 hours. However, there are still tokens that present an opportunity for investors to make high profits in a short time.
The token AUDIO of the decentralized platform for music streaming, Audius, is one of the biggest winners of the last few hours. After Binance announced that it was going to list AUDIO, it went up by more than 1,000% in a short time. Since then, the token has recorded losses of -17.31% and is trading at $0.22.
Ethereum DeFi token receives funding from Binance
However, AUDIO could prolong its upward trajectory. Part of the Binance announcement indicates that Binance’s investment arm, Binance Labs, has made a “strategic investment” in the decentralized Audius platform. Therefore, they have led an extension round for Audius with an estimated value of $1.25 million.
Audius is a decentralized protocol that allows any user to upload music content, distribute it, and make a profit. The platform has been built to give more power to musicians and make them less dependent on record labels. Unlimited content can be uploaded to the platform and users are provided with metrics and other features, “free forever“. Binance adds:
With 750,000 monthly active users (MAUs) and over a million streams each month across more than 100,000 tracks, Audius has teamed up with top artists like deadmau5, 3LAU, and RAC to help crypto cross the chasm. Audius features a native platform token – AUDIO – that is staked for security, feature access, and governance. AUDIO is earned by users to shape future iterations of the protocol, creating a community dynamic in ownership unique to a music industry full of middlemen.
The platform is still in its early stages and should gain greater adoption and users. The support of Binance Labs is key. However, a report by The Verge notes that Audius is “a copyright nightmare”. On the platform, it is possible to find unlicensed music by Ariana Grande, Ed Sheeran, and other artists. In theory, the content cannot be removed by Audius or any other entity.
Therefore, the platform is already facing potential demands from record companies. The report indicates that Audius could protect itself from legal consequences by appealing to the decentralized nature of the protocol. But the capital of the company behind the platform could still be at risk. For now, the future of Audius and its token is uncertain.