Audius stands as a competitor to Spotify, one powered by cryptocurrency. In its latest move, Audius has retroactively distributed 50 million AUDIO tokens, the native token of its platform, to its respective listeners and artists.
Celebrating Mainnet Launch With Airdrop
This distribution occurred in tandem with the AUDIO governance token’s launch within the mainnet of Audius. To celebrate this, Audius has opted to distribute 5% of its initial supply of 1 billion to the top 10,000 fans and artists of the platform.
Audius is planning to reward both the listeners and content creators by way of its governance token. Through doing so, these users are capable of gaining voting rights in regard to how the protocol will evolve as time goes on. Through the use of blockchain technology, the project aims to reduce middle-men and boost transparency all across the musical supply chain.
Staking Or Discord Privileges Allowed
It should be noted, however, that AUDIO holders can only get two uses out of their token. The first, obvious boon is that staking is allowed for it, with 1.4 million in AUDIO already locked up in staking as is. The second use is access to the exclusive Discord channel of the platform.
As it stands now, the team at Audius will celebrate the launch of its mainnet by way of a Twitch stream, featuring prominent names in the music industry such as RAC and deadmau5.
Merit-Based Airdrop Distribution
As one would imagine, the algorithm that determined the distribution of tokens had shown a heavy favor towards artists over listeners. As such, 75% of the tokens issued were allocated to creators, basing it on the number of streams they had generated. Another 10% of the tokens were allocated to follower counts. From there, 5% of the allocation was determined by the number of songs reposted, with the same amount given to the number of favorite playlists as well as the number of songs.
A sizable portion of the token supply, 40.6%, was allocated to the advisors and team for Audius itself, which includes RAC and deadmau5. Another 36% were dedicated for distribution to the investors of the platform, and 17.8% of the tokens were designated to a treasury governed by the community.
The token will see its supply inflated by 7% a year, with the idea behind that being for user distributions in the future.
As it stands now, the AUDIO token is trading for around $0.16, making the airdrop worth around $8 million. The token itself sports a 24-hour volume of $6.6 million, with Binance taking the lion’s share of that volume: 86%.