The crypto-powered Spotify competitor Audius has retroactively distributed 50 million of its native AUDIO tokens to artists and listeners utilizing the platform.
The distribution got here alongside the launch of the AUDIO governance token on the Audius mainnet, with 5% of the token’s preliminary one billion provide distributed to its “prime 10,000 artists & followers.”
Audius seeks to reward content material creators and listeners utilizing its governance token, affording them voting rights over how the protocol will evolve in future. The challenge plans to make use of blockchain expertise to extend transparency and scale back middle-men throughout the musical provide chain.
Nevertheless its native token at present solely has two makes use of. It permits AUDIO holders to entry an unique Discord channel and the token might be staked, with 1.4 million AUDIO at present locked up.
The crew is celebrating its mainnet launch with a Twitch stream that includes deadmau5 and RAC.
The algorithm figuring out token distribution closely favored artists over listeners, with 75% of the issued tokens allotted to creators based mostly on the variety of streams they generated. Follower counts have been used to allocate one other 10% of tokens, whereas favorited playlists, variety of songs reposted, and variety of songs favorited, have been used to find out 5% every.
A slightly giant 40.6% of the token’s provide has been allotted for the Audius crew and advisors, together with fashionable artists deadmau5 and RAC, with 36% set for distribution among the many platform’s buyers, and 17.8% of provide allotted to a community-governed treasury.
The token’s provide is ready to inflate by 7% every year for future distributions to customers.
With AUDIO at present buying and selling for $0.16, the airdrop was valued at roughly $8 million. The token has a 24-hour quantity of $6.6 million, practically 86% of which modified fingers on Binance.
In its whitepaper, Audius criticizes the prevailing dominant constructions within the music trade, and claims it seeks to leverage blockchain expertise to pay rewards to content material creators and to extend transparency relating to payouts to artists, constructions of publishing rights, and different licensing points prevalent within the sector.
Since launching in September final yr, Audius has attracted greater than 750,000 month-to-month lively customers and generated a couple of million streams every month.
The platform intends to help third-party stablecoins in future. Audius additionally plans to facilitate content material creators minting “artist tokens” on Ethereum (ETH) to supply distinctive utilities for followers.