What Is Rally (RLY)?
Rally (RLY) is a social token-oriented protocol that allows creators to launch their own token and build a digital economy around their work. In this way, creators like streamers, artists, musicians, gamers, athletes or general content creators can tap into their communities and offer benefits and perks to recruit, retain and monetize their following in a frictionless manner.
Each creator on Rally receives a fully customizable, branded cryptocurrency they can use however they deem fit. For instance, creators can give fans exclusive access to content, events, and merch, or they can monetize fans directly without paying platform fees like on social media. Fans can show loyalty and support to creators and unlock exclusive access and benefits. Both creators and fans receive weekly community network rewards in RLY.
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Rally prides itself on operating without transaction and platform fees to support the platform’s impact on the relationship between fans and creators. Thus, the platform is not maximizing profit, unlike traditional media and social media outlets.
Who Are the Founders of Rally?
Rally was founded in 2020 by a team of creators and media professionals with deep experience in these sectors. CEO Bremner Morris is a thought-leader in the creator economy that previously oversaw the development of Patreon’s go-to-market organization. At Patreon, a creator-focused donation platform, he oversaw the company’s international expansion, built partnerships, and drove creator adoption on the platform.
Morris is supported by VP Creator Partnerships Nick Millman, previously the COO and founding member of BratTV, a Gen-Z entertainment company, and Kurt Patat, a media and technology communications leader that served as YouTube’s Global Head of Consumer and Entertainment Communications.
Rally’s investors include household names like a16z, Coinbase Ventures, Balaji Srinivasan, the ex-CTO of Coinbase and Fred Ehrsam, the co-founder of Coinbase.
What Makes Rally Unique?
Rally allows each creator to create their own digital economy around their coin, thus creating a direct connection between creator and community that is independent of specific platforms. Creator coins are issued according to a token bonding curve, a linear curve with a starting price of 1% of the current price of RLY for the newly launched token. Using this mechanism, the price of RLY backs the creator coin with a maximum token supply of 21 million creator coins available. 5M are issued as the genesis amount and partially vested for three years.
Rally offers community activity rewards as an incentive to reward creator communities that actively participate on the platform. Each holder of a token earns a proportional share of the community’s rewards, meaning the community as a whole directly benefits from the activity of each individual member. In simple terms, rewards are calculated by comparing a week’s total RLY backing of a coin against the average backing for the last four weeks. Users can participate in several communities and earn rewards across the platform. Creator coins are also subject to flow controls, with only 5% of the total coin supply of any coin over 30 days being eligible for withdrawal.
Some of Rally’s most highly valued creator coins feature:
- HLTH community, a coin bringing together the most innovative minds in healthcare to launch crypto-health applications.
- Joe Pulizzi, founder of The Tilt, a media company focused on helping content creators become content entrepreneurs.
- Keisuke Honda, a former Japanese soccer player, coach, and investor.
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How Many Rally (RLY) Coins Are There in Circulation?
RLY is the network’s utility and governance token with a maximum supply of 15 billion to be released over eight years. Token holders can use RLY to participate in governance, earn rewards by depositing RLY into a liquidity pool, and use it to convert to and from Creator Coins.
The RLY token distribution is as follows:
- Seed investors (15.3%): 4-year vesting and 12-month lock-up, cannot vote in first year
- Team (14.2%): 4-year vesting and 12-month lock-up, cannot vote in first year
- Advisors (0.17%)
- Sidechain operations (1%)
- Community rewards (50%)
- Treasury (3.3%)
- Liquidity mining (2.3%)
- Advisors and future collaborators (3.3%)
- Developer ecosystem and technical partnerships (5.0%)
- Creator, brand, and community partnerships (6.4%)
Rally underwent a community treasury fundraise that sold 196 million RLY for almost 35 million USDC. These are subject to a 12 to 24-month lock-up. An additional 22 million USDC was raised through a CoinList distribution.
How Is the Rally Network Secured?
Creator Coins live on a private sidechain operated by Rally. Users have to bridge their RLY, which are ERC-20 tokens, from the Ethereum mainnet to this sidechain. To bridge back to Ethereum, users must complete a KYC process that can take 2-3 business days for US users and longer for non-US users. Currently, users can only bridge 50,000 RLY per day, with a global network maximum of 1,000,000 RLY per day.
Where Can You Buy Rally (RLY)?
RLY is available on Uniswap (V2), Huobi Global, KuCoin, Coinbase Exchange, nftgamef.com and Hotcoin Global.