The landscape of digital assets, including social tokens and NFTs, is constantly evolving. As a result, many crypto coins are making their name in the market. And RLY by Rally Network emerges as a key player among all.
Built on intricate mechanisms, this digital currency serves as a bridge between creators and communities, allowing them to engage with more fluidity. There’s much more to Rally that you must know when seeking investment in this landscape.
That said, let’s explore the deeper side of Rally and $RLY, along with some comprehensive details that are worth knowing.
What is Rally (RLY)?
Being an ERC-20 token, Rally (RLY) powers a multi-chain network known as Rally Network. Besides that, you can also obtain it on other blockchains via canonical swaps and official bridges. Users can tap into endless possibilities presented by RLY through its consumer applications.
The network has four major goals to fulfill with this approach that includes:
- Enabling token economy
- Fostering a thriving community
- Driving growth
- Promoting a reward-centric model
The Genesis of Rally: A Backstory
The Rally platform was founded on 15 October 2020, backed by the support of a team rich in various expertise. This included computer games, social media, network security, virtualization, etc.
The idea of Rally was basically proposed by two talented individuals, Kevin Chou and Mahesh Vellanki. When it came to the debut of Rally’s digital currency ($RLY), it was introduced through an initial coin offering (ICO) on 28 April 2021. This marks a significant milestone in Rally’s journey.
Purpose and Functionality of RLY
Some primary functions of Rally are listed as follows:
- Using Rally, creators and communities can launch their own social tokens.
- Fans can use the tokens to access exclusive content or merchandise of their idols. Similarly, creators can leverage Rally as a significant source of revenue.
- Communities can benefit from a reward-centric model as creators award $RLY to the most active one.
- The Rally System allows peer-to-peer (P2P) transactions.
- Since RLY, the main utility token of Rally, is based on ERC-20, it can easily be stored in any Ethereum standard-compatible wallet.
- Besides creation, Rally also facilitates safe transactions through social tokens.
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The Mechanics of RLY: How Does It Work?
Rally, for now, functions on an invitation-only system with a capacity limitation.
This is implemented so every creator’s coin gets its due success. If you are a fan, it’s required to create an account first to interact. Besides your email, you can also use your existing Twitch account to sign up.
Now, to buy Creator Coins, you have two basic options:
- Purchasing RLY tokens on any exchange platform like Bitget, Gate.io, Upbit, Bithumb, or HTX. In this case, bridging between the purchased token and the Rally sidechain is required, and it comes with gas fees.
- It’s also possible to purchase the Creator Coins using your credit card or cryptocurrency. However, there’s a catch: with each credit card transaction, you can only use $500.
Explaining Blockchain Association
RLY was initially built on a private Ethereum sidechain. However, its crypto protocol is now expanded, supporting Solana as well. This facilitated the launch of a bridged version of the RLY token on Solana, known as sRLY. It, therefore, led to the development of new liquidity and rewards functionality for social token app developers.
Decentralization and Creator Coins
Since Rally operates as a side chain to the primary Ethereum blockchain, the ERC-20 tokens are easily convertible to Ethereum and other currency forms. This eventually promotes a decentralized creator economy.
How Rally Empowers Content Creators
Rally allows creators to launch their social tokens called Creator Coins.
No technical expertise is required for this process, and the coins come with a wide range of programmable features, including:
- Unlockable content
- Targeted loyalty programs
Similarly, creators can also mint and issue custom NFTs. These Non-Fungible Tokens can be designed with a variety of core features that serve as engagement enhancers focusing on utility and collectability.
Monetization Opportunities
Besides allowing the development of Creator Coins, Rally empowers content creators by offering monetization opportunities.
- As the fans and followers use Creator Coins to purchase their favorite artist’s services, it provides a direct financial incentive for creators.
- When more people invest in a Creator Coin, its value potentially increases, adding more to the creator’s revenue through this stream.
Building a Community with RLY
Rally is a community-driven project that empowers creators and artists to build micro-economies. This way, they can establish loyal communities and engage with their fans in a meaningful manner.
Furthermore, Rally’s community-focused approach extends beyond this. It encourages collaboration and participation, allowing members of these micro-economies to have a say in the direction and evolution of the community.
This democratic approach empowers individuals and gives them a sense of ownership and belonging within the community.
Rally (RLY): More Than Just a Cryptocurrency
Rally isn’t just a mere digital currency. Instead, it acts as a technology layer that equips application developers with the power to create large numbers of social tokens. These tokens have an initial liquidity and can be integrated flexibly into consumer products.
The technology layer is also called the RLY Crypto Protocol.
It leverages token bonding curves between RLY and numerous sub-tokens while it also supports multiple blockchain chains, including Solana and Ethereum.
Role and Utility of RLY
RLY facilitates the creation and management of Social and Non-Fungible Tokens, allowing creators to monetize their interactions with communities.
Meanwhile, it also powers on-chain consumer applications, aiding developers in building blockchain features and apps.
Rally supports cross-platform transactions as well, including governance participation and liquidity provision. This enhances the interoperability and functionality of the Rally ecosystem.
Tokenomics and Distribution
When it comes to RLY’s tokenomics, the currency allocates 50% of its total supply for network rewards. The remaining percentage is divided as follows:
- Seed investors receive 15.3%
- The team is allocated 14.2%
- Advisors are granted 0.17%
- Sidechain operations receive 1%
- A treasury fund holds 3.3%
- Liquidity mining is allotted 2.3%
- Advisors and potential collaborators get 3.3%
- The developer ecosystem and technical partnerships receive 5.0%
- Creator, brand, and community partnerships are allocated 6.4%
Ways to Use Tokens
Here’s how you can use $RLY:
- Take part in governance votes using the currency. You can also engage in Rally Discord and Forum discussions while voting on proposals in Rally Snapshot by connecting your Ethereum wallet.
- You can deposit $RLY into specified Uniswap and Balancer liquidity pools to earn more tokens as rewards.
- If you hold $RLY in your Rally.io sidechain wallet, you can convert it to a Creator Coin or change a Creator Coin back to $RLY.
Buy RLY Tokens on Bitget
Bitget allows users to buy RLY tokens with zero trading fees and the best liquidity.
Meanwhile, the security offered on the platform is also top-notch. Here’s a complete guide that explores how to leverage Bitget to purchase RLY tokens seamlessly.
Step-by-Step Guide to Creating a Bitget Account
- To create a Bitget account, click on the link below, which will take you to Bitget’s Registration Page using a special Coin-Labs referral code.
- Fill out the required fields that include your email address, mobile number, etc.
- Also, keep a strong password.
- Complete the verification process by following the instructions you’ll receive via your email or phone.
- Make sure to activate two-factor authentication for added security.
Funding Your Bitget Account
Log in to your Bidget account. Navigate to the Assets section and select Deposit. Choose the fiat currency or cryptocurrency you want to deposit in your account.
Executing Your First RLY Purchase
Next, visit the trading section and select the RLY tokens market. Enter the number of coins you want to purchase and review their market rates. Finally, click on Buy to execute your purchase order.
Storing Your RLY Tokens Safely
When it comes to storing your RLY tokens, choose a secure and compatible wallet. Then, within Bitget, navigate to the withdrawal section and enter the required details, like your wallet address and the amount of RLY tokens you want to transfer. Verify whether the desired amount is sent to your wallet.
The Future Forecast: Prospects of Rally (RLY)
Rally’s future in the crypto landscape appears bright as it stands out with a unique no-fee approach.
Various forecasts suggest a potential for price growth of this digital currency in the long term.
For instance, according to Coinpedia, RLY is predicted to achieve a high of $0.00989 as 2023 finishes. With that, its long-term price may reach up to $0.0757 by the end of 2030.
Conclusion
To wrap up, the RLY token and the network it powers symbolize a leap towards a more collaborative and accessible digital economy. By easing the process of online interactions and transactions, it nudges the virtual world closer to a space where everyone, regardless of their technical know-how, can participate in the digital exchange of value.
The simplicity and inclusivity promoted by the RLY Network underscore the evolving narrative of cryptocurrencies and blockchain technology. It paints a picture of a future where digital and real-world engagements become seamlessly connected.
We Coin-Labs.com provides only objective information about Rally.
Therefore, we are not responsible for the investment decision in Rally and the resulting loss.
Rally Basics
Here are some factors that investors should consider before investing in Rally.
| Cryptocurrency Features | Rally (RLY) |
|---|---|
| Publisher or Developers | Kevin Chou, Mahesh Vellanki |
| Headquarters (Registration Number) | San Francisco |
| Symbol | RLY |
| Platform | Ethereum |
| Published Date (CMC Registration) | 2024-11-01 |
| Max Supply | No limit |
Reliability Score of Rally in 2024
These are indexes mesuring the investment reliability of Rally conducted by Coin-Labs.com.
| Investment Reliability Rating Items | Scores and Current Status |
|---|---|
| Company Activation Rate | / 10.0 CAR |
| Communication Rate | / 10.0 CR |
| Technology Transparency Rate | / 10.0 TTR |
| Development Participation Rate | / 10.0 DPR |
| Listing Status on the World's Top 10 Exchanges | Listed on 4 Exchanges |
| Number of Available Pairs Worldwide | 71 Pairs |
| Market Cap of the Cryptocurrency | 33,433,314 USD (Rank #614) |
The table above shows the result of investment suitability evaluation for Rally.
Check out how we evaluate cryptocurrencies on the crypto rating description page.
Rally Price
Here are the price and recent trading volume of Rally. (Data of 2024-11-02 00:36:00)
| Price Items | Price and Trading Volume of Rally |
|---|---|
| Rally Price | 0.003 USD |
| Price Change 24h | -0.16% |
| Price Change 7d | -15.13% |
| Trading Volume 24h | 1,862,433 USD |
| Trading Volume Change 24h | -2.60% |
Cryptocurrency Metadata
You can check the development status and social media information of Rally through the links in the table below.
| Metadata Source | URL |
|---|---|
| 🌎 Official Website | |
| 📖 White Paper | |
| 🛰️ Source Code (GitHub) | |
| 🎺 Message Board |
Where to Buy Rally
Here are the top ten world crypto exchanges where traders can buy Rally in 2024.
| Top10 Exchanges | Listed Status | Page URL |
|---|---|---|
| Binance | Not listed | |
| Coinbase | Not listed | |
| Kraken | Not listed | |
| KuCoin | Not listed | |
| Bitfinex | Listed | https://trading.bitfinex.com/t/RLY:USD?type=exchange |
| OKX | Not listed | |
| Huobi | Listed | https://www.htx.com/en-us/trade/rly_usdt |
| Bitstamp | Listed | https://www.bitstamp.net/markets/rly/usd/ |
| Bybit | Not listed | |
| Gate.io | Listed | https://www.gate.io/trade/RLY_USDT |
Frequently Asked Questions
What is the current price of Rally?
Rally price today is 0.003 USD. Furthermore, the price of Rally has fluctuated by -0.16% from 24 hours ago, and by -15.13% from a week ago.
Where is Rally listed?
Currently, it is listed on a total of 4 among the world top 10 exchanges.
What is the market cap of Rally now?
Currently, Rally has a market cap of 33,433,314 USD, which is ranking 614 among cryptocurrencies worldwide.
How much is the trade volume of Rally?
Currently, 5,226,298,147 RLY coins are circulating through 71 market pairs. As a result, in the last 24 hours, 1,862,433 USD of RLY coins were traded in the market.
