The RLY crypto (Rally) protocol is a layer of technology that facilitates the creation of social tokens with built-in liquidity for applications and their seamless incorporation into consumer goods.
The protocol supports numerous chains, such as Ethereum and Solana, thanks to token bonding curves (TBCs) between RLY and different sub-tokens.
RLY crypto incentives are distributed to developers who build on top of the RLY system and increase its adoption.
There is a robust ecosystem surrounding the RLY token since the RLY protocol has supported many early application developers.
The first of these is Rally.io, a social token network designed specifically for content creators working in the digital realm.
Unite.io is the second venture, and it’s an independent creator tokenization platform explicitly tailored to the Asian market.
Finally, the RLY Association has provided funding to SuperLayer, a Web3 venture studio incubating a wide variety of tokenized applications in social, gaming, retail, and media.
Eventually, the Rally crypto protocol will also be available to outside programmers.
What Is Rally? (RLY)
Rally is a platform that encourages people to rally behind a cause, product, or idea by offering incentives in the form of digital tokens for sharing information and participating in group activities.
Rally combines the best of traditional marketing techniques like word of mouth and influencer marketing with the cutting-edge gamification and community-building tactics that have made cryptocurrency so successful.
Rally aims to make it easier for creators, artists, celebrities, communities, and brands to create and distribute their own social tokens and NFTs, empowering them to create and grow their own autonomous digital economies.
Furthermore, there are no fees associated with using the platform, it has a little ecological footprint, you don’t need any prior crypto knowledge, and the platform’s API allows for effortless integration (application programming interface).
History of Rally (RLY)
The Rally website went up on the 15th of October, 2020.
Rally’s staff has years of combined experience in the fields of computer gaming, hardware, software, virtualization, social media, network security, and customer service.
The Rally concept was established by businessmen Kevin Chou and Mahesh Vellanki. Chou also founded Kabam, a mobile gaming startup, and Forte, a video game economic technology company.
Johnny Tong is in charge of the finances of Rally. Tong’s resume also includes directorships at both Peet’s Coffee and DAYe Capital, where he served as managing director.
The team also includes the communications manager Joe Coufal, the fine arts director Tam Gryn, the director of finance Marc Gonzales, and the controller James Kwon.
Nick Millman has been the vice president in charge of building and leading a productive team since March 2021.
With an initial coin offering (ICO) on April 28, 2021, Rally introduced its token, $RLY. Indicative of the public’s hunger for interaction with artists, over 40 thousand people participated in RLY’s maiden token sale. This resulted in Rally raising $57 million.
How Are New RLY Tokens Created?
The Rally network operates as an offshoot of Ethereum.
Sidechains are supplementary blockchains that are compatible with their mainchain but run independently.
Besides that, sidechains can conduct transactions and enforce regulations independently of the main chain.
To avoid the energy costs associated with proof-of-work calculations, Rally employs a method called the sidechain.
Users who deposit their $RLY into one of the liquidity pools are rewarded with an additional $RLY. We use the term “staking” to describe this operation.
Users are betting using a readily marketable asset, $RLY. Staking generates a yield return ($RLY) directly proportional to the staker’s token supply and staking duration.
The harvested rewards can then be transferred to an Ethereum wallet.
Rally Creator Coins
As a company, Rally was founded on the principle of empowering creators to build meaningful relationships with their audiences and providing consumers with more immersive brand experiences.
Rally enables issuers to develop their own “social tokens,” flexible cryptocurrencies supporting the issuer’s whole digital ecosystem.
These social tokens have the potential to be equipped with a variety of programmed features, including access to restricted material, participation in a personalized loyalty program, and other special privileges.
These tokens facilitate more profound and meaningful connections between creators and their communities, opening up new avenues of self-expression and money generation for individuals and businesses.
Creators can design and distribute their tokens on Rally without specialized knowledge or familiarity with cryptocurrencies.
They can monitor their token’s on-chain activities and analytics by clicking the “Dashboard” option.
Fans, meanwhile, are free to interact with their favorite creators’ tokenized ecosystems or explore the platform in search of fresh ideas via the “Discover” page, which showcases a rotating cast of Rally’s featured creators and allows users to narrow search results based on a creator’s coin’s transaction volume, price, and rewards structure.
The number of holders and the total supply of any creator currency on Rally is viewable by everyone, and there are no costs associated with using the platform.
As of the end of February 2022, 280 creators had a total of almost USD 110,000,000 worth of creator coins. More than half (59%) of these people have over $100,000 in economic possessions, and 10% have over $1,000,000.
The idea behind Rally’s creation was that in creator economies, there should be a wide variety of assets to support all kinds of value and artistic expression.
That’s why in August of 2021, the platform introduced a new function that lets people create their non-fungible coins (NFTs).
With a social token on the Rally network, any creator may quickly and easily launch their own NFT collections.
A creator must deposit a certain number of Rally creator coins to mint their NFTs, which encourages careful NFT design and discourages spam. The designer is then at liberty to define any additional properties for the NFT, in addition to the standard ones like title, description, quantity, and royalty split.
For instance, one use for Rally NFTs is to provide holders exclusive perks like tickets to sold-out events or price reductions on select items.
The creators of an NFT also get to say how the NFT will be disseminated or sold.
For instance, if a creator wants their NFTs sold at a fixed price for an unspecified amount of time, they can use the platform’s “Buy Now” option.
In addition, Rally’s Discord bot allows users to set up free NFT giveaways and auctions; issue time-limited “Open Edition” NFT collections, and more.
Despite its efforts to create a new type of NFT ecosystem, Rally has caught up to and surpassed the functionality of other NFT platforms.
Rally’s NFTs are designed to be engagement boosters focusing on utility and collectability, as opposed to the pricey artwork NFTs common on many of today’s popular market platforms.
As a bonus, Rally does not impose any costs on its customers when they mint or purchase NFTs. The platform also features a sidechain that is gentler on the environment.
This is consistent with Rally’s vision of a society in which NFTs are primarily used to promote kindness, explore new creative media, and establish new relationships.
Its benefits extend far beyond appealing to eco-conscious producers and customers.