{"id":518351,"date":"2023-02-01T16:00:53","date_gmt":"2023-02-01T16:00:53","guid":{"rendered":"https:\/\/uniquehot.com\/?p=518351"},"modified":"2024-06-11T11:30:50","modified_gmt":"2024-06-11T11:30:50","slug":"rally-shuts-down-sidechain-native-token-rly-plunges","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/rally-shuts-down-sidechain-native-token-rly-plunges\/","title":{"rendered":"Social Token Platform ‘Rally’ Shuts Down Sidechain, Native Token RLY Plunges 10%"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text]Social token platform ‘Rally’<\/span> announced<\/span><\/a> on January 31 the shutdown of its sidechain blockchain network, meaning that users would not be able to access non-fungible tokens (NFTs) on its sidechain.<\/span><\/p>\n

Rally communicated the shocking message to its users via email that said the Rally<\/a> sidechain would start winding down on Tuesday, January 31, the same day the firm sent the email.<\/span><\/p>\n

Rally Close Down Sidechain Amid Difficult Market Conditions<\/span><\/h2>\n

Explaining the reason behind the unusual move, Rally cities 2022 has been a difficult year. It said the year was not only challenging for the platform but also for the entire cryptocurrency sector.<\/span><\/p>\n

Rally said although its team made attempts to create a new path for the business continuation, the firm<\/a> has been unable to overcome the ongoing challenges and negative macroeconomic factors that began last year.<\/span><\/p>\n

Rally CEO Rob Collier explained that they would start winding down the platform immediately because of a lack of support at work. The CEO admitted that funding was the major obstacle for the company. <\/span><\/p>\n

He said the firm developed its sidechain in 2018, but the mainnet has been extremely expensive to maintain compared to all of the new layer-1 blockchain tech stacks that the firm recently launched.<\/span><\/p>\n

Rally said the sidechain<\/a> is no longer supported, and therefore, users may experience a decline in NFT<\/a> services or may soon become inaccessible.<\/span><\/p>\n

Rally network is an Ethereum-based platform that enables creators to launch their social tokens. It allows musicians, team sports, and personalities to engage with and monetize their independent communities through direct engagements on the platform.<\/span><\/p>\n

Rally has become the latest victim of the ongoing<\/span> crypto winter<\/span><\/a>, which has so far led several crypto firms to announce bankruptcy protection and impose massive layoffs.<\/span><\/p>\n

The new year started with several challenges brought forward by the previous one. The crypto winter is still causing troubles and has shown no signs of slowing down. Over the past months, there have been cases of job cuts, companies announcing losses, and regulators heightening their oversights.<\/span><\/p>\n

Several adverse crypto events have defined the beginning of 2023, with crypto lending firm Genesis laying off<\/a> 30% of its workforce, crypto exchange Huobi cutting 20% of its workers, and crypto-focused bank Silvergate Capital Corp. letting 40% of its staff go.<\/span><\/p>\n

Rally price action<\/span><\/h2>\n

Following the announcement, the value of the native token RLY went down by about 10% to $0.01353. At the time of writing, Rally trades at $0.012498.<\/span><\/p>\n

Related Reading: Blockstream CEO Adam Back: How Bitcoin Sidechains Could Destroy Altcoins<\/a><\/div>\n

The token is down 17.09% in the last 24 hours, with a trading volume of $9,342,835. Its market cap sits at $58,222,590, and the token is currently ranked number 354 amongst all cryptocurrencies, according to<\/span> Coinmarketcap<\/span><\/a>.<\/span><\/p>\n

\"Rally
Rally (RLY) price is moving sideways on the 4-hour chart. Source: RLY\/USDT on TradingView.com<\/figcaption><\/figure>\n

RLY is currently down 28.62% from its 7-day record high of $0.01812. Perhaps, this has been triggered by the current slight bearish sentiment in the market. <\/span><\/p>\n

Featured image from Unsplash, Chart from TradingView<\/div>\n

[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"

[vc_row][vc_column][vc_column_text]Social token platform ‘Rally’ announced on January 31 the shutdown of its sidechain blockchain network, meaning that users would not be able to access non-fungible tokens (NFTs) on its sidechain. Rally communicated the shocking message to its users via email that said the Rally sidechain would start winding down on Tuesday, January 31, the same day the firm sent the email. Rally Close Down Sidechain Amid Difficult Market Conditions Explaining the reason behind the unusual move, Rally cities 2022 has been a difficult year. It said the year was not only challenging for the platform but also for the entire cryptocurrency sector. Rally said although its team made attempts to create a new path for the business continuation, the firm has been unable to overcome the ongoing challenges and negative macroeconomic factors that began last year. Rally CEO Rob Collier explained that they would start winding down the platform immediately because of a lack of support at work. The CEO admitted that funding was the major obstacle for the company. He said the firm developed its sidechain in 2018, but the mainnet has been extremely expensive to maintain compared to all of the new layer-1 blockchain tech stacks that the firm recently launched. Rally said the sidechain is no longer supported, and therefore, users may experience a decline in NFT services or may soon become inaccessible. Rally network is an Ethereum-based platform that enables creators to launch their social tokens. It allows musicians, team sports, and personalities to engage with and monetize their independent communities through direct engagements on the platform. Rally has become the latest victim of the ongoing crypto winter, which has so far led several crypto firms to announce bankruptcy protection and impose massive layoffs. The new year started with several challenges brought forward by the previous one. The crypto winter is still causing troubles and has shown no signs of slowing down. Over the past months, there have been cases of job cuts, companies announcing losses, and regulators heightening their oversights. Several adverse crypto events have defined the beginning of 2023, with crypto lending firm Genesis laying off 30% of its workforce, crypto exchange Huobi cutting 20% of its workers, and crypto-focused bank Silvergate Capital Corp. letting 40% of its staff go. Rally price action Following the announcement, the value of the native token RLY went down by about 10% to $0.01353. At the time of writing, Rally trades at $0.012498. Related Reading: Blockstream CEO Adam Back: How Bitcoin Sidechains Could Destroy Altcoins The token is down 17.09% in the last 24 hours, with a trading volume of $9,342,835. Its market cap sits at $58,222,590, and the token is currently ranked number 354 amongst all cryptocurrencies, according to Coinmarketcap. RLY is currently down 28.62% from its 7-day record high of $0.01812. Perhaps, this has been triggered by the current slight bearish sentiment in the market. Featured image from Unsplash, Chart from TradingView [\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"author":580,"featured_media":518356,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,1558,3584,87755],"class_list":["post-518351","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-cryptocurrency","tag-rally","tag-rly"],"acf":[],"yoast_head":"\nSocial Token Platform 'Rally' Shuts Down Sidechain, Native Token RLY Plunges 10% %<\/title>\n<meta name=\"description\" content=\"Social token platform 'Rally' announced on January 31 the shutdown of its sidechain blockchain network, meaning that users would not be able to access Social token platform Rally announced on January 31 the shutdown of its Sidechain Blockchain network, 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. 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Edyme","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/uniquehot.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/0740dd47da0842fb4beb4895ce9022b4?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/0740dd47da0842fb4beb4895ce9022b4?s=96&d=mm&r=g","caption":"Samuel Edyme"},"description":"Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/uniquehot.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Social Token Platform ‘Rally’ Shuts Down Sidechain, Native Token RLY Plunges 10%","url":"http:\/\/uniquehot.com\/news\/rally-shuts-down-sidechain-native-token-rly-plunges\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/rally-shuts-down-sidechain-native-token-rly-plunges\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/Rally.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/Rally.jpg?fit=1920%2C1280"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoins","cryptocurrency","rally","rly"],"dateCreated":"2023-02-01T16:00:53Z","datePublished":"2023-02-01T16:00:53Z","dateModified":"2024-06-11T11:30:50Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Social Token Platform ‘Rally’ Shuts Down Sidechain, Native Token RLY Plunges 10%\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/rally-shuts-down-sidechain-native-token-rly-plunges\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/rally-shuts-down-sidechain-native-token-rly-plunges\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Rally.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Rally.jpg?fit=1920%2C1280\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoins\",\"cryptocurrency\",\"rally\",\"rly\"],\"dateCreated\":\"2023-02-01T16:00:53Z\",\"datePublished\":\"2023-02-01T16:00:53Z\",\"dateModified\":\"2024-06-11T11:30:50Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/Rally.jpg?fit=1920%2C1280","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/518351","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=518351"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/518351\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/518356"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=518351"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=518351"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=518351"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}