What is Audius?
Audius is a new streaming platform designed for musicians–they can build a fanbase, share works in progress, and finally share completed tracks with the world. Musicians are using Audius to create, grow, and monetize their work without needing a record label. Audius is built for musicians and fans to enjoy their music together with the highest quality streaming.
Figment will work alongside other node operators to run the Audius network protocol, and to ensure that musicians and fans have a high-quality, uninterrupted music streaming experience.
If you have AUDIO tokens, you can stake them and then delegate your stake to Figment to help back our operations. If you delegate your AUDIO stake, you’ll earn rewards, increasing your AUDIO token holdings and your ownership of the Audius platform.
Ready to Stake?
If you’re ready to stake, the easiest way to participate is with your Ledger hardware device. If you are using a third-party custody solution or would like an introduction, contact sales@figment.io. If you have more questions before staking, we have likely answered your questions below.
Staking & delegation instructions
Figment’s Node Operator ID:
0xc1f351FE81dFAcB3541e59177AC71Ed237BD15D0
- With Metamask ready, head to Figment’s Service Operator in the Audius dashboard: https://dashboard.audius.org/#/services/operator/0xc1f351FE81dFAcB3541e59177AC71Ed237BD15D0
- Click ‘Connect Metamask’ in the top-right corner.
3. Click the ‘Delegate’ button.
*Keep in mind, if you do not see the “Delegate” button, you will have to wait until Figment claims rewards on the operator side. Until the Figment operator claim rewards, the Audius interface does not permit additional delegations. Please contact sales@figment.io with any additional questions.
4. Enter the number of AUDIO tokens to delegate and then follow the prompts to confirm.
Questions? Critical information about staking AUDIO and the Audius Platform
Where can I explore the network and create a Audius wallet?
Metamask software wallet, a Ledger device via Metamask (recommended), and Gnosis Safe multisig are three different ways to stake, delegate, and interact with Audius.
Explorer: https://dashboard.audius.org
What is the name of the asset being staked?
Audius’ native token, AUDIO, is used to stake (to earn fees and rewards), for feature access on the platform, and to participate in on-chain governance.
Do I maintain custody of my AUDIO tokens? Who or what controls my staked AUDIO token?
You will be able to self-custody your AUDIO tokens, ideally using a Ledger hardware wallet. You can use the Audius team’s wallet with (or without) a Ledger device: https://audius.co/dashboard
Figment has partnerships with a number of top-in-class custodians: sales@figment.io
The Audius protocol takes control of your AUDIO tokens while you are staking. If you unbond your tokens, this process will take about 7 days before the protocol returns your tokens to you. While your AUDIO are staked, you may participate in on-chain governance by voting on different proposals.
How long does it take to unstake?
From the moment you initiate the unbonding process, it takes 7 days to unstake. During this time you will not earn rewards. When the process is complete, you can freely transfer/trade your AUDIO tokens.
Can my staked AUDIO be slashed (seized or destroyed)?
Yes, a portion of your staked AUDIO can be destroyed via the governance process if it is decided that a node did something malicious. Examples:
- tampering with the code for a given version agreed upon in governance with malicious intent (eg. to boost search results for a piece of content)
- prolonged downtime (days+) that is not caused by an error in the code
- running under-resourced machines below the spec required (eg. less ram, fewer processors than specified) and refusing to rectify
The Audius community controls slashing via governance and is designed only to be used in egregious situations where 1) malicious intent or extreme negligence can be proved and 2) where the issue cannot be resolved off-chain.
Can I lose potential staking rewards?
Yes. Rewards are eligible to be distributed once per week, and an Ethereum transaction is required for stakers claim to rewards. However, if the rewards are not claimed within one week, delegators to this staking provider will miss their rewards for that period.
There are no consequences for node downtime.
How are changes to the Audius network decided upon and executed? ie. How is Audius governed?
Audius uses on-chain governance, and that voting is based on the number of AUDIO tokens staked.
Everything in Audius is governable, including governance parameters themselves. Examples of parameters that may be changed via governance:
- Feature Integrations
- Royalty Rates
- Token Distribution
- Fee Pool Allocation
- Staking Rewards
The only way that the network can be modified today is via governance or the community multisig override process. Key details about the governance process:
- Stake-weighted AUDIO voting
- Simple majority threshold
- Quorum is 5% of staked AUDIO
Voting lasts 48 hours, followed by a 24-hour enactment delay to allow for a veto via community multisig.
Where can I learn more about Audius?
The Audius whitepaper can be found here.
Audius mainnet announcement and information can be found here.
