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- Audius decentralized platform AUDIO token for streaming at Ethereum DeFi records 1000% gain
- Binance leads the extension round for the Audius platform worth $ 1.25 million.
The focus in the DeFi industry has recently been shifted. The data from the CoinGecko platform shows a different picture in the Ethereum DeFi sector compared to the major cryptocurrencies. Most major DeFi tokens have been making losses in the past 24 hours. However, there are still tokens that offer investors the opportunity to make high profits in a short time.
The AUDIO token of the decentralized platform for music streaming, Audius, is one of the biggest winners of the last few hours. After Binance announced it would list AUDIO, it was up more than 1,000% in a short time. Since then, the token has posted losses of -17.31% and is trading at $ 0.22.
Ethereum’s DeFi token receives funding from Binance
However, AUDIO could extend its upward trajectory. Part of the Binance announcement indicates that Binance’s investment arm, Binance Labs, has made a “strategic investment” in the decentralized platform Audius. Therefore, they conducted 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 profits. The platform was built to empower 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 100,000+ tracks, Audius has partnered with top artists such as deadmau5, 3LAU and RAC to help cryptocurrencies cross the chasm. Audius has a native platform token – AUDIO – which is staked for security, access to features and governance. AUDIO is earned by users to shape future iterations of the protocol, creating a dynamic community in the unique property for a music industry full of middlemen.
The platform is still in its early stages and is expected to gain more adoption and users. Binance Labs support is critical. However, a report by The Verge notes that Audius is “a copyright nightmare”. Unlicensed music by Ariana Grande, Ed Sheeran and other artists can be found on the platform. In theory, the content cannot be removed from Audius or any other entity.
Therefore, the platform is already addressing potential requests 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 company’s capital behind the platform may still be at risk. For now, the future of Audius and its sign is uncertain.
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