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$APL is an IPRWA (Intellectual Property Real-World Asset) fungible token backed by a portfolio of real-world IP assets. The current $APL assets are partial rights to 48 songs performed by various iconic artists, acquired by Aria to date. $APL enables token holders exposure to various royalty streams associated with the works, ranging from digital streaming, synchronization, mechanical and / or public performance revenues.

Users must stake $APL to receive $stAPL and earn a share of those royalties, distributed on a regular cadence via buybacks. $stAPL becomes exchangeable for more $APL over time as a result.