Music app

Crypto Music Audius App Links Ethereum’s AUDIO Token to Solana

In short

  • Music platform Audius has launched a Solana-wrapped version of its Ethereum AUDIO token.
  • Audius is expanding its Solana footprint and teasing more Solana-centric features to come.

music streaming service Audius was originally built for use on Ethereum network, but it gradually adopted the rival blockchain Solana as a way to scale to meet growing demand. Today, the company announced the final step in this process: bridging its Ethereum-based AUDIO token in Solana.

Starting today, any AUDIO token holder can move the ERC-20 token from Ethereum to Solana using Wormhole Portal, a cross-platform bridge that allows users to “wrap” an asset from one blockchain for use on the other. When bridging, native Ethereum tokens are locked in Wormholesmart contractwhich then produces new native Solana tokens to use instead.

What is the value? Audius says this transition process is an important step in bringing more functionality to Solana’s burgeoning ecosystem, with one release claiming it “paves the way for future Solana-based features on Audius”. The platform also now offers new token rewards to users for actions such as downloading the mobile app or inviting friends.

Audius adds that it sees this as another potential entry point for new users to onboard the blockchain-based music platform. A representative from Audius said Decrypt than Solana “low cost, faster and more environmentally friendly block chain“will help the company” create a gateway accessible to users embedded in the Web3 ecosystem “.

To support the bridged and wrapped AUDIO token, Audius will establish liquidity pools on the Solana decentralized exchanges Raydium, Serum, and Orca, along with the Wrapped Token will be available for purchase through Serum.

The plan to bring AUDIO to Solana was executed through a series of governance proposals, which were proposed by the Audius core team and approved last week by community members. Audius has token-based governance through a decentralized autonomous organization (CAD), which was created when the platform dropped 50 million free chips to artists and fans in October 2020.

Audius is a decentralized music streaming and sharing platform that’s billed as a hybrid of services like Spotify and SoundCloud, with the added benefit of token rewards for users and creators. Musicians Deadmau5, Linkin Park’s Mike Shinoda, Weezer and Skrillex released songs through the site, which attracted over 5.3 million unique users over the past month, according to the site’s own analytics.

The platform began its entry into the Solana ecosystem in October 2020, announcing its intention to use the platform to develop its service to potentially millions of additional users. Last September, Audius added the ability for some users to present their own Solana NFTs via an integration with the popular Phantom walletjoining the previously added support for Ethereum NFTs.

Audius has announced a Star-studded $5 million investment round last September, with artists like Katy Perry, Nas, Steve Aoki, Shinoda, Jason Derulo, The Chainsmokers, Pusha T and Disclosure. Some of these artists are deeply involved in the crypto space through other endeavors, such as NFT collectibles or additional investments.

Today’s news comes shortly after Wormhole’s widely publicized hack earlier this month, which saw $320 million worth of ETH stolen via an exploit. Chicago-based investment firm, Jump Capital finally bailed out Wormholereplenishing the stolen ETH with its own funds as a bet on the future of the cross-chain bridge.

https://decrypt.co/93018/audius-audio-token-ethereum-solana

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