What is Rally (RLY) crypto?

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What is Rally (RLY) crypto?

© Alexanderushkevich | Megapixl.com
Image source: © Alexanderushkevich | Megapixl.com

Highlights 

  • Rally (RLY) is a social token-oriented protocol. 
  • Rally is a user-friendly platform and charges no fees for using it.
  • The Rally network’s governance token is RLY, used for voting.

The global crypto market was up 1.80% to US$1.78 trillion in the trailing 24 hours to Thursday morning, unswayed by the Reserve Bank’s half a point hike in the interest rate the day before.

The Rally (RLY) crypto surged, buoyed by strong gains in other major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Binance (BNB). 

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What Is Rally (RLY) crypto?

Rally (RLY) is a user-friendly platform and charges no fees for using it. The protocol allows artists, musicians, athletes, gamers, streamers, and content creators to launch their tokens and build a digital economy around their work. They can monetize their work effortlessly. The social token could represent an individual, brand, or community. 

In addition, Rally requires no prior crypto experience since it is user-friendly.  It also claims to be environment-friendly. The protocol can seamlessly integrate with other platforms and apps.

The platform provides creators with a fully customizable, branded cryptocurrency to monetize their work. The creators can offer fans exclusive access to their content, events, and merchandise. All newly launched tokens are linked with RLY value, giving support to the coins. 

On the other hand, fans can show their loyalty to the creators by unlocking the exclusive benefits. The platform offers weekly rewards to creators and fans. Rally was founded in 2020. Its investors include Coinbase Ventures, a16z, Balaji Srinivasan, and Fred Ehrsam.

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The creator’s token value is determined by a token-bonding curve designed by the Rally team and Delphi Digital. Rally uses a linear token-bonding curve.

When demand for the creator’s token increases, its supply also increases. After the supply increases, which can go up to 21 million, only the RLY price can impact the creator’s token price, giving it stability. The creator coins are also subject to flow control, and only 5% of the total supply of any coin over the last 30 days is allowed for withdrawal. 

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Data Source: coinmarketcap.com

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RLY token:

RLY is the governance token of the Rally network. It is used for voting on network-level proposals and policies. The ERC-20 token bridges the Ethereum mainnet and Rally sidechain. 

Rally (RLY) rose 2.44% to US$0.1416 at 4:43 am ET on Thursday.

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The token can be traded on exchanges like MEXC, Bitget, BingX, DigiFinex, KuCoin, etc. The social tokens can be traded outside the Rally network, such as Uniswap, Coinbase, etc. 

RLY has a total supply of 15 billion and a circulating supply of 2.73 billion. Its market capitalization is US$386.2 million.

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Bottom line:

With the advancement of Web3 technology, more creators can leverage its benefits to monetize their work and build their loyal audience. However, the crypto market is volatile. Hence, investors should exercise due diligence before investing in digital assets. 

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