Ethereum’s rival Solana is growing, with its rising cryptocurrency price and rising NFT and decentralized financial activity – and now also a crypto-powered music service focused on Audio.
Audius is an emerging streaming music service that provides an alternative to space heavyweight players such as Spotify and Apple Music, through a decentralized approach to tune distribution centers that reward customers for supporting the network. Like most late crypto projects, Audius has also adopted NFTs.
Although, the platform does not attempt to sell valuable cryptocurrencies. It has added support for users to display their own NFT collections on their own profile pages. Until now, users could only display NFTs printed on Ethereum, the only flagship platform for tokenized collections.
While Audius being a hybrid between the streaming music service like (Spotify) and the music sharing platform similar to (SoundCloud). Administration and audio stacking are currently taking place on Ethereum, but Audius has announced plans to begin migrating the network to Blockchain Solana in October 2020, which will compete with the service “Hyper Scale“.
“As we continue to move pieces of Audius to Solana, it is important to integrate deeply and locally with that broader user base,” said Forrest Browning, the co-founder and chief product officer of Audius. “For a project like Valuable Audius we have the best user experience, the Phantom experience is a mile better than you get in Metamask.”
According to data from DeFi Lama, about $1.2 billion to about $3.5 billion of funds were locked into Solana DeFi protocols in early August. Ethereum currently has $126 billion worth of assets locked in DeFi protocols.
Meanwhile, operations around the Audius platform have made huge strides since announcing its integration with the social media app TikTok last month. According to CoinGecko, the value of the audio token has doubled in one day, now 137% in the last 30 days. Audius says it has added nearly a million users since the August 16 news, and today announced a new milestone of six million monthly active users.
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