Much more than for their use cases, Altcoins are beginning to gain the recognition and trust of former Bitcoin bullish investors. These recognitions do not stand aloof and are fuelled by an onslaught of trends on social media platforms, celebrity endorsements, and the ever-increasing demand for cross-chain bridges.
According to the Redot, DeFi tokens have a large share of this price hype, and it is unknown whether their feats of community-centered governance are what drew investors to them above their centralized counterparts. Avalanche, Celery, and Audius are among the DeFi tokens benefitting from this hype.
Superstars investing in Audius
What does Audius promise that has made some of the world’s superstars part with their money for a share of its growth?
The music streaming industry has seen a massive revolution in recent years. Streaming giants such as Spotify and Apple music have changed how fans access their favorite artists and how the artists connect more with their existing fans and their future ones. As a result, the massive chasm that existed in times past between artists and music lovers has been shortened, and in a bid to bring back that trend and a lot more, Audius has taken the music arts into blockchain technology.
For a new streaming platform to gain this much trust from investors, it has to be doing something different from others. In simple words, Audius is Spotify on a blockchain. It runs on both Ethereum and Solana (most of its core functions are done on Ethereum, so its token, the audius coin (AUDIO), is an ERC-20 token).
This three-year-old company with less than 40 staff has gained the admiration and monetary support of famous artists like Nas, Chainsmokers, Katy Perry, Jason Derulo, among others. The last time artists rallied together to pool investment in a streaming platform was for Jay-Z’s Tidal.
Is it that they see something special about Audius that didn’t exist on other platforms? Will we see a repeat of Goliath killing David like In Tidal’s case? If not, what makes Audius unique?
A few of the things that differentiate Audius from other streaming services are:
- The Audius protocol is decentralized, such that it is run by artists and fans.
- There are alternative ways the platform can use to help artists monetize their works.
- Aspiring artists can share their progress and, later, their final work on the platform; hence it is a cheaper and easier way for them to get valuable feedback from their listeners and other professionals.
- You can run your own fan page, do remix contests, sell concert tickets, and build that artist-fans relationship that many other platforms lack.
- Audius is redefining NFTs, making it easier for non-technical users to get a jump start. You can release your unique audio even if you’re not an artist.
- Audius can also be used to create music lessons as artists can teach their fans a thing or two relating to music.
Avalanche benefits from a $230 million investing round
Avalanche is an open-source DeFi platform and also a token that aims to take a dig at Ethereum smart contracts. It majorly acts as a blockchain platform where Decentralized Applications can be built.
The news about China’s Evergrande coupled with the government’s total crackdown on cryptocurrency and cryptocurrency-related payments caused a double-figure dip in the price of significant tokens. But, surprisingly, Avalanche rallied back in the same period following the news of a $230 million investment round from its token sales, making some dollar gainers out of a crypto-wide bear season.
Two things drew massive liquidity into the Avalanche network.
- The launch of a new incentive program called “Avalanche Rush.”
- Its low fees (much lower than Ethereum).
From being a promising venture, Avalanche has, in one year, delivered a lot of real-life value to gain the $230 million avalanche score from venture capitalists (headed by Polychain group and Three Arrows Capital). Just like dollar king, it couldn’t have come into the limelight at a better time. Following Ethereum’s current network issues bordering around congestion and huge gas fees, many platforms are rising to offer a better alternative to Ethereum. Avalanche seems to be one of the leading candidates. Avalanche already has 270 projects built on it, with SushiSwap, Chainlink, and The Graph being the major ones.
The investment round will be directed towards improving the blockchain technology, providing grants, improving security, getting more valuable for future avalanche scores, and various other technological advancements.
Celer Network sees a Surge from its Bridge to Arbitrum.
Not to be confused with the popular celer music, celer network is a blockchain platform that aims to be the blockchain of blockchains. So perhaps its only similarity with celer music is that they are both blockchain platforms.
Is there a layer-2 scaling platform that cuts across blockchain, interoperability, and gaming? Yes. Celer Network does that, and at the time of this writing, no platform/company does it more advanced than the Celer Network.
Aiming to provide fast, safe, and easy to navigate blockchain applications to increase mass adoption of blockchain, Celer Network uses multi-blockchain support and off-chain transaction handling to improve the overall functionality of the network.
There was a massive surge in demand for Celer as its newly formed Celer bridge proved to be an intelligent option for inter-blockchain migration, including Arbitrum, a freshly launched token.
To withdraw money from Arbitrum, you’ll need at least a 7-day waiting period for your transaction to be verified against fraud and money laundering. After the waiting period is over, you’ll need to return to the Arbitrum bridge to check if your payment status has changed from ‘pending’ to ‘completed.’ Once it is completed, you can click the ‘claim’ button to get your ERC-20 tokens to your wallet. However, this process is not free as you’d still need to pay the gas fee.
The Celer Bridge offers a work-around solution to this arduous process by providing a quick withdrawal option. To achieve this on Arbitrum and other platforms, Celer uses the CELR token to provide massive liquidity, connectivity, and dispute resolution for its Off-chain scaling platform. Interested in trading crypto? Try redot.com as a new platform with the highest security for each transaction.