Rally - $RLY, Asset Review
Web3 has taken the internet by storm with unique protocols and platforms. Rally has stepped in with their ecosystem on how a DAO(Decentralized Autonomous Organization) and eventually all of the community will be voting to operate the RLY network. $RLY token holders will have the right to say on building or enhancing the ecosystem. This will then allow them access to participate in Rally.io, Unite.io, and upcoming Superlayer projects.
Content:General Information-What is Rally
Rally Background
Rally Funding/Collaboration
Token Information-Tokenomics
Governance
Additional Information-
Extras
Technical Analysis
Conclusion
General Information-
What is Rally?
Rally’s mission is to become a decentralized network that allows for creators, artists, athletes, brands, or anyone interested in monetizing and aligning themselves with the community. The current landscape to monetize content may become complex. Rally has made monetizing simpler by allowing users to create their own “Creator Coin” that increases in value as the fan base grows. As the fan base grows, the tokens may be utilized for premium content, buying NFTs, and can act as an accolade of commitment to the creator.
2. Rally Background
Rally is a project based out of San Francisco founded by Kevin Chou, Mahesh Vellanki, Michael Li, and Weiwei Geng in 2018. Rally launched its Creator Coin beta in early August to revolutionize how content creators and streamers earn a living whilst interacting with fans. By April 2021 Rally shared its activity rewards and its plans for continuing to strengthen the decentralized governance of the protocol.
3. Rally Funding/Collaboration
Rally has been through funding rounds which include the following firms: A16z Crypto, Coinbase Ventures, Battery, Altos Ventures, Kenetic, and more. It is interesting to note that Rally also collaborates with creators. “The platform, which launched in October 2020, said it has 212 creators, of which 74% have built six-figure mini economies with their tokens, and five have built worth more than $1 million.”(Coindesk, 2021) Creators are incentivized to grow their fanbases and fans may receive $RLY tokens as rewards in return for supporting their favorite creator.
Token Information-
Tokenomics
$RLY token has a total supply of 15,000,000,000 billion tokens with a current circulating supply of 2,730,000,000. $RLY is an ERC-20 token built upon Ethereum’s blockchain. The network will release all tokens over eight years from August 2020. $RLY tokens are dispersed through the network by a reward system built for creators and their fans. The remaining 50% disperses through the team, seed investors, and the community for future developments to push forward the adoption of $RLY.
2. Governance
The governance mechanism allows $RLY token holders to submit proposals through the Decentralized Autonomous Organization (DAO). Token holders have the right to propose several changes like Managing the Rally Community Treasury, Proposing all RLY grants, Directing all future network upgrades, and Approving/Removing/Moderating Rally Creators. Rally’s team’s eventual goal is that the network is fully run by the community through its DAO. This makes $RLY both a governance token and a functional protocol token for the overall network.
Additional Information-
Extras
On January 26th, 2022, Rally’s team expanded their network into Solana’s(SOL). Due to scalability issues on Ethereum's main net, Solana seemed to be a solution as it was added to Rally’s network via a side chain. As for liquidity, Rally has a cross-chain function that allows both networks to interoperate seamlessly. Rally’s team wants to push the adoption of their network to millions of people which is possible on Solana’s main net as it is more scalable, and cheaper to transact on.
2. Technical Analysis
$RLY’s all-time highs hit $1.40 and since then have been mainly down-trending. Due to $RLY’s tokenomics, it is my personal view that the price is making lower highs and lower lows. When something is mainly down-trending like $RLY, it is best to wait and let the dust settle as bottoms take a long time to form. Currently, there is no support and the price is at an all-time low. So it's best to be sidelined until more data presented.
Conclusion
Rally has created a brilliant way for creators to get involved with their communities. Creators who are not familiar with cryptocurrencies and NFTs can connect with a member of the Rally’s team who will guide them on the network. Once they are on the network, it allows the fans to receive rewards via tokens. As the creator's fan base goes up, the value of the token goes up with it as well. I think Rally did an amazing job by resolving monetization for creators through the blockchain. Lastly, I believe that the $RLY tokenomics will keep the token value in a downtrend unless the DAO amends the tokenomics.