From sinfonia.zone

Sinfonia is live: Discover the dedicated Fan Token platform launched by BitSong

By ifiwasfrank | In the mood for crypto | 14 Jul 2022


For cosmonauts who have been following Bitsong over the past few months, it was a highly anticipated event. After the success of the incentivized testnet, which enabled many users to earn a nice nest egg in BTSG, the mainnet of the portal dedicated to Fan Tokens from the music world, Sinfonia, was launched on July 11. In this article, in addition to introducing the artists and labels that first joined the project, I will briefly explain how to use the platform.

Sinfonia is the first platform dedicated to artists and operators in the music world who want to have full control over royalties and income from their music production. This is possible thanks to BitSong, a blockchain belonging to the Cosmos ecosystem and dedicated entirely to music. Thanks to the Tendermint consensus, the Cosmos SDK framework, and the inter-blockchain communication protocol (IBC), Bitsong has long been a pillar of the Cosmoverse. If you would like to learn more about it, I refer you to this previous article.

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The portal runs on Osmosis blockchain, Cosmos’s DEX par excellence, which, by its nature, has proven best suited to host the pools of liquidity needed to exchange Fan Tokens. With this tool, artists have the opportunity to directly fund their work, offering exclusive benefits to their fans in return, as well as the chance to see the value of the token and thus the investment grow.

For the time being, to list a token, it is necessary to make contact with the team, but at a later stage of development, Sinfonia will become completely permissionless, meaning that any artist will be able to decide to launch their token independently through the platform.

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The network has recorded a whopping 100K transactions in the first twenty-four hours since launch. To give you an idea of how many there are, before Symphony, in total BitSong had recorded 220K tx, so we are talking about a crazy increase in volumes, which is sure to catch the attention of investors and industry experts. But let’s quickly see how to trade on Sinfonia.

How to use Sinfonia

To use Sinfonia, you will need to connect with your Keplr wallet, which supports all networks in the ecosystem, so that includes Osmosis and BitSong. For an installation guide, you can refer to this article. If you are familiar with other DEXs such as Osmosis, it will not be difficult to get the hang of Symphony. In the menu on the left you will find:

  • The Swap section, through which you can exchange your Fan Tokens, BTSGs, and ATOMs. Always remember that we are on the Osmosis network, so any ATOMs purchased on Sinfonia will then eventually have to be transferred via interchain to Cosmos. If, on the other hand, you intend to purchase BTSG or fan tokens with the ATOMs in your possession, remember to transfer them from Cosmos to Osmosis always via IBC;

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  • The Fan Token section, where you will find all tokens listed. By clicking on the individual token, we will have an overview of Market Cap, tokens in circulation, active Liquidity Pools, social channels, and airdrop;
  • The Pools section, in which you can provide liquidity for all available token pairs and bond your LP tokens to receive token rewards and a percentage of commissions on trades. Liquidity is vital in DeFi, and Symphony is no exception: the greater the liquidity for a token pair, the smaller the impact on the price of a single trade;

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  • The Assets section, witch allows us to monitor the tokens in our wallet and through which we can move tokens from the BitSong network to the Osmosis network. Keep in mind that to trade or participate in Pools on Symphony, you must have the assets deposited on Osmosis network. If you have them on Bitsong, you can easily transfer them from this section;

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  • The Airdrop section, where incentivized testnet participants who have gone to rewards will be able to claim BTSG and Fan Tokens awarded in rewards (considerate that by making the token claim, a small portion will be deducted for network fees);
  • The Transactions section, which will redirect us to BitSong’s mintscan, where we can check transactions on the network.

The Fan tokens listed at launch, as was to be expected, are fluctuating greatly in price (most are appreciating). Consider this factor if and when you decide to contribute to a pool, because the risk of Impermanent loss is just around the corner, although APRs are extremely attractive and may partially offset it.

First Fan Tokens

Those who participated in the testnet know that some Fan Tokens appreciated enormously more than others. One among them was Adam Clay’s CLAY token, the first artist to launch his token on Sinfonia. To pay tribute to these forerunners of music 3.0, here is the complete list of artists listed on Sinfonia:

If you take a look at the articles dedicated to individual realities prepared by the team, you will discover that among the first fourteen realities to land on Sinfonia there is almost everything, not only artists but also producers, labels, and even a magazine dedicated to fashion and entertainment. This proves that Sinfonia can accommodate across the board a multitude of projects belonging to the art world that aspire to cut out the middlemen and establish a direct relationship with their audience.

Airdrop and conclusions

For those who missed the incentivized testnet, don’t despair, Bitsong’s airdrop is coming and you still have a few weeks to prepare. Back in late March, in fact, the team announced that following the launch of Sinfonia there would be a distribution of Fan Tokens for all users who meet the established eligibility requirements.

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According to some rumors, the wallet snapshot will not happen until late July so if you are interested, make sure you meet at least one of the following requirements:

  • Stake at least 400 BTSGs to any validator in the BitSong network;
  • Stake OSMOs to one of the indicated validators (find the list here);
  • Stake JUNOs to one of the indicated validators (list here);
  • Provide liquidity on Osmosis in one of the following pools: BTSG/OSMO — BTSG/ATOM;

Find the official announcement here. This additional airdrop is an unmissable opportunity for Cosmos investors and a further gesture of recognition by BitSong to the entire Cosmos community that has supported the project since its inception.

In addition to the staggering increase in the number of transactions, Fan Tokens and BTSG itself also seem to have embarked on a positive trend, despite the turbulent market. With this article, I do not want to offer financial advice of any kind, but I will never stop repeating how decentralization and the elimination of superfluous intermediaries can breathe new life into a market, the music one’s and art in general, which has been severely penalized by the oligopoly of a few majors and hit hard by the pandemic.

Revolutions always start from the bottom. With Sinfonia, BitSong kicked off what could be the biggest revolution in the music industry. As we await the arrival of NFT and airdrop, do your own research, you will be pleasantly surprised.

 

 

More articles on Bitsong:

https://www.loop.markets/bitsong-launches-incentivized-sinfonia-testnet/

https://www.loop.markets/bitsong-presents-sinfonia-the-first-platform-dedicated-to-fan-tokens-for-the-music-world/

https://www.loop.markets/bitsong-launches-its-multichain-wallet-for-the-cosmos-ecosystem/

 

Resources:

https://bitsongofficial.medium.com/

https://app.sinfonia.zone/fantokens

https://sinfonia.zone/

 

 

I originally posted this article here.

 

 

 

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ifiwasfrank
ifiwasfrank

I'm an Italian crypto holder with a degree in "International cooperation, development, and human rights". Co-Founder Bull&Bear ITA | #CryptoAddicted / #NFTcollector / #DeFiDegen / #Cosmonaut | Contact me on Twitter for collabs and articles (@ifiwasfrank)


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