3 million active users help lift Audius (AUDIO) to a new all-time high

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As blockchain know-how more and more turns into a part of the mainstream dialog, its integration with right now’s most used applied sciences is sure to extend. Because of this it is solely a matter of time earlier than video streaming, digital music and social media see gradual blockchain integrations happen. 

Audius (AUDIO) is one undertaking that’s chasing the first-mover benefit within the music streaming sector. The music-sharing and streaming protocol facilitates transactions between creators and listeners, making it comparatively easy for customers to distribute and monetize audio content material. 

The undertaking has obtained growing consideration for its method to decentralizing the music business and on March 2 the crew celebrated reaching 3 million month-to-month energetic customers. 

Information from Cointelegraph Markets and TradingView reveals that the worth of AUDIO surged 108% because the begin of March from a low of $0.38 to a brand new all-time excessive of $0.79 on March 4 because the altcoin’s buying and selling quantity spiked from $3 million to a report $55 million.

AUDIO/USDT 4-hour chart. Supply: TradingView

Staking incentives drive person adoption

The primary main enhance in customers adopted the undertaking’s October 2020 launch and the activation of staking on the Audius platform in December. This enabled AUDIO holders to earn a 7% yield for tokens that have been staked on the community whereas they listening to music and interacted with the protocol.

By the top of January, the platform had 1.8 million energetic customers and a complete of 122 million AUDIO tokens staked on the community. These figures have since elevated to three million customers and a complete of 182.5 million staked AUDIO because the platform continues to combine new options that incentivize neighborhood involvement.

VORTECS™ information from Cointelegraph Markets Pro started to detect a bullish outlook for AUDIO on Feb. 28, previous to the latest value rise.

The VORTECS™ rating, unique to Cointelegraph, is an algorithmic comparability of historic and present market situations derived from a mix of information factors together with market sentiment, buying and selling quantity, latest value actions and Twitter exercise.

VORTECS™ Rating (inexperienced) vs. AUDIO value. Supply: Cointelegraph Markets Pro

As seen within the chart above, the VORTECS™ rating for AUDIO hit a peak of 69 on Feb. 28, simply earlier than the beginning of a protracted uptrend in value which was additional recognized by a VORTECS™ rating of 80 on March 1. After pulling again over the following 3 days the rating once more spiked to 70, simply hours earlier than a big rise within the value of AUDIO.

On March 5, the undertaking revealed its plans to combine non-fungible tokens (NFT) into the protocol as a part of its effort to supply a full-service decentralized platform and increase its person base.

NFTs have develop into a sizzling subject within the cryptocurrency sector in latest months, and their integration into the AUDIO platform is prone to convey a renewed wave of interplay from customers.

As blockchain know-how continues to develop into extra outstanding in mainstream society, Audius seems well-positioned to develop into a pacesetter within the streaming music house because of a quickly increasing person base and a rising listing of incentives that entice customers to remain energetic on the platform.

The views and opinions expressed listed below are solely these of the creator and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer entails threat, it’s best to conduct your personal analysis when making a choice.