Audius, the crypto-based music platform, is all set to bridge its AUDIO tokens to Solana. Originally built on Ethereum, Audius is slowly making its way towards Solana, one among the so-called Ethereum Killers. Although Ethereum started as a revolutionary addition to web3 developments, it soon was met with competition from projects that seemed to leverage its drawbacks like scalability, gas fees, and transaction speed. Following a suite of other projects and applications, Audius is also exploring other options in the crypto space to sustain its business.
On the 16th of February, Audius announced its official bridging to Solana to explore the possibilities of growth in the new ecosystem. This integration will be facilitated by the Wormhole bringing portal. Now, users of the AUDIO token can wrap and send the coins across ecosystems. Wormhole’s smart contracts will convert the AUDIO ERC20 tokens into native Solana tokens during the bridging to be used in the new ecosystem.
Solana is easily one of the most innovative cryptocurrency projects in the world currently. Launched in 2020, this Ethereum Killer reached more than 60 billion dollars in market cap in less than a year and also posted a staggering 12,000% growth. Recently, the ecosystem announced a payment solution that intends to integrate new concepts like metaverse and NFT with fiat and virtual currencies. Popular unbiased SOL price prediction is also optimistic about the coin as a long-term winner, given the predicted growth of ~1000% in the next five years. That is not to say that short-term entry is profitable as SOL could potentially surpass the $150 mark by the end of the year.
Apart from benefits like low cost, scalability, and faster transactions, this shift to Solana will help Audius widen its market into other areas of the crypto space. Solana also offers a suite of DEX platforms like Raydium, Serum, and Orca to enhance the purchase of AUDIO coins in the ecosystem. The music platform will establish liquidity pools on these exchanges to accommodate the wrapped AUDIO coins from Ethereum. According to the official tweet from Audius, users are rewarded AUDIO for activities in-app actions like referrals, listening streaks, profile completion, etc.
As for Solana, this new decision by Audius to explore the ecosystem deeper gives it more credibility in the market. More and more projects from the Ethereum blockchain are choosing Solana, among other Ethereum alternatives, thanks to its focus on affordability, scalability, and eco-friendliness. The new integrations also contribute to Solana’s objective to become an all-in-one ecosystem that could accommodate all emerging markets and projects. Solana also offers one of the best ways to access the NFT market. This aspect will not only help Audius but also help the cryptocurrency project to ensure versatility in the market.