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Blockchain-based music platform Audius celebrated the launch of its AUDIO token on the mainnet by airdropping $8 million worth of the token to artists and listeners on its platform on October 23.
- The team airdropped 50 million AUDIO tokens to 10,000 artists and fans, which is 5% of the initial 1 billion supply
- Users can currently use claimed AUDIO to gain access to an exclusive Discord channel, as well as for staking
- 75% of the tokens have been issued to artists, with popularity metrics such as follower metrics and reports further determining the distribution among artists
- AUDIO serves as a governance token that artists and fans can use to govern the protocol
- Similar to Spotify, Audius hopes to remove intermediaries in the music industry and create a more equitable revenue distribution model
- It has gained attention for its backers, which include Deadmau5 and RAC; Binance Labs also led an $1.25 investment extension round on October 23
- The platform has over 750,000 monthly active users and has generated more than one million streams; the team plans to integrate stablecoins in the future
- The AUDIO token is currently trading for $0.160
