Q3 2024 marked a period of growth and strategic developments for Music Protocol as we continued to build the future of music royalties within the DeFi ecosystem. Here’s an overview of our key achievements and milestones from the quarter.

$RECORD Token Launch: Liquidity Bootstrapping Pool on Fjord Foundry

In July, we launched our $RECORD token through an LBP on Fjord Foundry, adopting a fair and transparent approach to token distribution.

• Fundraising Milestone: Raised $642.5K with a total trading volume of $1.03M despite challenging market conditions.

• Community Rewards: Distributed 30 million $RECORD tokens through an exclusive airdrop to LBP participants.

Our decision to utilise the LBP model ensured a fair price discovery process while giving participants a level playing field to be part of the Music Protocol vision.

$RECORD Listed on AerodromeFi: Expanding Liquidity

Following the LBP, $RECORD was officially listed on Aerodrome. This listing allowed users to explore the $RECORD/$WETH liquidity pool and engage with the Aerodrome voting mechanism for rewards. Listing on a major DeFi platform increased $RECORD’s accessibility, positioning it for long-term liquidity and engagement.

Strategic Partnership with Kima Network: Unlocking Cross-Chain Payments

We formed a strategic partnership with Kima Network to enhance cross-chain and fiat-to-crypto payment solutions, making it easier for investors to interact with Music Protocol.

• Seamless Payments: Music Protocol will now accept stablecoin payments across EVM and non-EVM chains, making transactions more flexible for users.

• Global Accessibility: Kima’s on/off ramp services will allow payments in Euros and Dollars, further broadening accessibility and opening up new global investor channels.

Our partnership bridges multiple financial ecosystems and provides a more frictionless experience for both retail and institutional investors. It also enhances the liquidity flow into Music Protocol, making it easier for participants to invest in music royalties from any platform or currency.

Partnership with Plume: A Successful Testnet Campaign for Music Bond

In Q3, we collaborated with Plume to launch a successful testnet campaign showcasing our Music Bond token. The campaign allowed participants to experience firsthand how music royalties can be tokenised, traded, and managed onchain. With over 76,000 unique holders and more than 216,000 transfers of Music Bond on the Plume testnet, this initiative demonstrated the strong potential and scalability of music royalties in the DeFi space. This strategic partnership with Plume sets the foundation for further integration of music royalties into Web3, paving the way for the future of tokenised music investments.

ApeBond Partnership: Long-Term Token Engagement

In line with our objective to expand token distribution and community engagement, we partnered with ApeBond. The initiative encourages new token holders to engage with $RECORD through discounted bond offerings with longer vesting periods.

This strategic collaboration is designed to incentivise long-term participation within the Base ecosystem, aligning with our focus on creating lasting value and a more dedicated token community.

Growing the Ecosystem: 25+ New Web3 Partnerships

Q3 was a period of significant ecosystem growth, as we secured over 25 new partnerships across the Web3 space. These partnerships are essential to our mission of turning music royalties into a tradable and accessible DeFi asset class. Each new collaboration strengthens the Music Protocol ecosystem, unlocking further liquidity and investment opportunities.

What’s Next?

As we look toward Q4 and beyond, Music Protocol will continue to scale its $RECORD token ecosystem, bringing more music catalogues onchain and building deeper liquidity. Our next phase includes expanding partnerships and finalising preparations for the platform’s full-scale launch in early 2025.