Rally Network: Multiverse of Creative Spaces

What Is Rally? Crypto for Social Tokens

Launching mass market social token products that involve thousands or even millions of user-, creator-, or community-level tokens is very difficult today due to scalability issues, network fees, and liquidity challenges. While the process of token minting is technically simple, creating a large number of social tokens that can be integrated within a usable consumer product is economically very difficult. The RLY crypto protocol was launched to address this problem.

Rally.io Creator Coins and NFTs

Rally Creator Coins

Rally’s founding mission is to help creators engage with their fans on their own terms and enable more rewarding and immersive brand experiences. To that end, Rally grants creators the ability to launch their own “social tokens” – customizable cryptocurrencies that underpin their issuer’s entire online ecosystem.

These social tokens can be imbued with a wide range of programmable features such as unlockable content, targeted loyalty programs, and other exclusive benefits. These tokens are designed to enable more authentic and unique interactions between creators and their communities, thereby allowing artists and brands to tap into new forms of expression and revenue streams.

Creators can customize and issue their own creator tokens without any technical expertise or prior cryptocurrency experience, and Rally’s “Dashboard” tab lets creators view their token’s on-chain activity and analytics in real time. On the flipside, fans are free to engage with their favorite creator’s tokenized ecosystems or use the platform’s “Discover” page to search for new inspirations; the page features an ongoing series of featured Rally creators and lets users filter creator search results based on their creator coin’s transaction volume, price, and rewards structure. Each Rally creator coin’s holder count and circulating supply are publicly viewable, and Rally does not charge user fees for any of its services.

As of February 2022, the collective economy holdings across all creator coins is nearly USD 110,000,000 for 280 creators. Of those, 59% have collective economy holding of more than USD 100,000 and 10% have collective holdings of more than USD 1,000,000.

Rally NFTs

Rally was founded on the belief that the creator economies should involve multiple asset types that enable different forms of value and creative expression. To that end, in August 2021 the platform rolled out a new feature that allows users to mint and issue custom non-fungible tokens (NFTs). 

Any creator who has a social token on the Rally network can easily spin up their own NFT collections. In order to encourage thoughtful NFT design and discourage spam, a creator must deposit a set amount of Rally creator coins to mint their NFTs. From there, the creator is free to define their NFT’s core features, such as its title and description, quantity, and royalty split, in addition to a wide range of custom features. For instance, a Rally NFT can be designed to grant its owner access to discounted merchandise or exclusive events. Creators also decide how their NFTs will be sold or distributed. For instance, creators can use the platform’s “Buy Now” option if they want their NFTs to be available indefinitely at an initial purchase price of their choosing. Alternatively, users can release “Open Edition” NFT collections that are only available for a limited amount of time or set up free NFT giveaways or auctions using Rally’s handy Discord bot. 

Rally is achieving parity with other NFT platforms while building out a different kind of NFT ecosystem. Unlike the expensive artwork NFTs popular on many of today’s popular market platforms, Rally’s NFTs are meant to serve as engagement enhancers focused on utility and collectability. Additionally, Rally doesn’t charge users any fees for minting and buying NFTs. The platform also utilizes an eco-friendly sidechain. This has wide-ranging benefits beyond appealing to eco-conscious creators and consumers and aligns with Rally’s vision of a world in which NFTs are mainly used to spread goodwill, explore new creative mediums, and forge new connections.

How Does the Rally Crypto Ecosystem Work?

The Rally network ecosystem began its journey with backing from leading investors such as Andreessen Horowitz, Battery, Canaan, Coinbase, 1confirmation and others (USD 57,000,000 in funding publicly disclosed). Over the past year, the RLY ecosystem has rapidly decentralized and split up into various entities — RLY Network Association, Rally.io, Unite, SuperLayer, and RLY Ecosystem DAO. The RLY Network Association is responsible for core protocol development and treasury management. Rally.io, Unite and SuperLayer are application developers building atop the RLY protocol, while the RLY Ecosystem DAO is responsible for developing new use cases for the RLY token.

The Rally crypto protocol was initially built on a private Ethereum sidechain with a mainnet bridge, and has more recently expanded to Solana. The project has launched a bridged version of the RLY token on Solana (sRLY) and is actively developing new liquidity and rewards functionality for social token application developers.

Economics of RLY Token

RLY is a multi-functional ERC-20 governance token. The RLY token supply is capped at 15 billion, and the entire supply was minted during a RLY token generation event (TGE) in October 2020. Roughly 30% of these tokens were allocated to the project’s team members and investors, and the remaining supply will be gradually released over the next several years through various community reward and grant programs. Half of the total RLY token supply is earmarked for programmatic network rewards set to last through at least 2028. For example, Rally.io earns rewards from the RLY crypto protocol and then distributes these tokens to its power users that are active participants in growing creator coin economies.

RLY serves as the reserve currency for all sub-tokens leveraging the RLY protocol’s token bonding curve (TBC) smart contracts — this includes creator coins on Rally.io and Unite, as well as any network tokens or social tokens launched from SuperLayer. The amount of RLY crypto staking in these TBCs grows (i.e. deflationary) as demand for sub-tokens on the network grows. This is a core economic design of the RLY protocol — as network demand grows, so too does the value of rewards, which in turn fuels more application development and demand.

RLY token holders can vote on community updates and development proposals. These holders also have access to exclusive Discord groups, where they can obtain special community roles through active participation. RLY tokens can also be transferred and traded like any other ERC-20 token and used for liquidity farming and more within Ethereum’s decentralized finance (DeFi) ecosystem.