Rally allows social-token-oriented communities to launch tokens and create an economic ecosystem. Artists, brands and influencers are able to make money from their followers in a variety of ways. These include offering new content access, selling merchandise, events, and other perks. A social token could be a person, brand or community.
The project’s native ERC-20 Rally token (RLY) is a collateral and governance token.
Although the market is looking bearish, due to global conditions like a pandemic and wars, high inflation rate, impending recession etc., you should realize that it might be the best time to invest since prices may not drop as much for many years. This article serves as an educational tool only. It is not intended to be a financial or investment advice. Always do your research on cryptocurrency before you invest.
Continue reading to find out everything you need to know about Rally, its history, and how to purchase Rally (RLY).
Let’s get right to it!
Rally: What is it?
Rally allows creators to create their own digital economies that grow their businesses. The network provides creators with the tools to create a virtual economy and monetize their fans in various ways, from offering community benefits and new economic incentives to secure and publicly transparent interactions with users’ fanbases.
Rally’s main goal is to solve the problem of content creators losing control over how their content is monetized and their fan communities are run. Rally combines the needs of the emerging creator economy and the fundamental ideas of successful cryptocurrency projects. Rally provides creators with a completely new route, giving them greater freedom and autonomy. They can make a profit by creating their own digital currency around their coins. This creates a connection between creators, their communities and each other.
Rally lets creators issue their very own cryptocurrency named Creator Coins. A unique digital brand which provides value to their customers and offers utility, it can be fully customized. Creators have easy access to a Creator Coins-powered suite of tools that can be used to create rare content or tokens (non-fungible tokens/ NFTs), loyalty programmes, and to build a tokenized economy. Rally allows every creator the opportunity to create a business model which will be superior to any other high-tech platform.
The purchase and possession of social tokens is a way for fans to benefit. This allows them to access non-public and unreleased content, get exclusive merchandise access, and early access tickets to events. Rally Protocol offers rewards for community activities as an incentive to reward creator groups that participate in the platform. Creators as well as fans both get weekly rewards from the RLY community network.
Rally is not like traditional media platforms that allow creators to make money from their content. Instead, they can pay platform fees and transaction fees. Funds from token sales and yield farming via yearn.finance vaults are the main sources of funds for Rally.
Some of Rally’s highly successful creator coins feature:
- The HLTH community: This coin unites the top crypto-health innovators to help launch new crypto-health applications.
- Joe Pulizzi: The Tilt is a media company that helps content creators to become entrepreneurs.
- Keisuke Honda: An ex-soccer player, coach and investor from Japan.
Rally History
Bremmer Morris was appointed the chief executive officer of the protocol. The company was created in 2020 by a collective team of media professionals. Morris was previously the head of global revenue and go-to market for Patreon. A web 2.0 media company that focuses on creators, Morris also worked in this role. He built partnerships and oversaw the company’s international expansion.
Nick Millman serves as vice president for creator partnerships. Kurt Patat heads communications. Millman served as the founder and COO of BratTV (a Gen-Z entertainment platform). Kurt Patat is a media and technology communications leader that served as YouTube’s Global Head of Consumer and Entertainment Communications. Rally’s investors include big names such as Coinbase Ventures, Balaji Srinivasan (ex-CTO Coinbase), Fred Ehrsam (Coinbase co-founder), etc.
Rally (RLY), Tokenomics
RLY is the network’s utility and governance token with a maximum supply of 15 billion to be released over eight years. It’s an ERC-20 token that operates on the Ethereum blockchain. Token holders of the RLY token can be involved in governance. You can deposit your RLY into a liquidity fund to get rewards. Then, you’ll have the option to exchange it for Creator Coins. Rally token reached a record high of USD1.3 on April 3, 2021. Check the token’s current price here: Rally Price.
Here is how the RLY token distribution works:
- Seed investors (15.3%)
- Team (14.2%)
- Advisors (0.17%)
- Sidechain operations (1%)
- Rewarding the community (50%)
- Treasury (3,3%)
- 2.3% Liquidity Mining
- Advisors and potential collaborators (3.3%)
- Developer ecosystem and technical partnership (5.0%)
- Creator, brand, community and partnership partnerships (6.4%).
Rally was subject to a community treasure fundraise, which saw the sale of 196 million RLY at almost 35 million USDC. Additional 22 million USDC were raised via a CoinList distribution.
Rally Network Security:
Rally token RLY is ERC-20 token. It is supported by Ethereum’s security. Rally manages the private sidechain that allows for daily Rally interactions. While $RLY liquidity can be found on the mainnet all of the Rally transactions happen there. Users can use $RLY to “bridge in” and “bridge out” of the sidechain at any time.
Creators coins can be issued on the basis of a token bonding formula. The starting price is 1 percent of current RLY prices for newly launched tokens. To back the creator currency, the Rally price (RLY), is used. The maximum supply of creator coins that can be issued at any given time is 21 million. The Rally (RLY), token can be used to cross the sidechain. KYC is required to bridge Rally tokens to Ethereum. This usually takes around 2-3 business days for US users, and longer for non-US customers. Even KYC-verified users cannot bridge more than 50000 RLY daily. The global maximum is 1,000,000 RLY.
Now that we know what Rally (RLY) is and how the social tokens work let’s get into our step-by-step guide on how to buy Rally (RLY).
Rally Markets
Rally (RLY), can be purchased or sold via a variety of crypto exchanges like Coinbase, UniSwap and Huobi Global. Kucoin, Crypto.com and Gate.io. In this article, we’ll cover Coinbase and Huobi Global.
Coinbase: Buy Rally
Coinbase is one of the world’s largest crypto exchanges and the most popular fully regulated and licensed centralized cryptocurrency exchange platform in the US.
Coinbase allows investors to access crypto trades using the most popular cryptocurrencies, as well other cryptocurrency coins. Follow these steps to buy RLY from Coinbase:
- Register for a Coinbase account
First, create an account with Coinbase by entering a valid email address. Next, complete KYC verification.
Coinbase lets you deposit funds using any payment method that suits your needs, including wire transfers and bank transfers. Unlike other cryptocurrency exchanges, Coinbase doesn’t charge any transaction fees on bank transfers, but your funds will be locked on the cryptocurrency exchange for 5 days. Wire transfers incur a fee, however you are able to withdraw crypto right away.
After you’ve deposited sufficient funds into your Coinbase account, you must click on “Withdraw” and enter the amount for which you wish to buy RLY. Next, click on “Trade” and select the market. Suppose you pick RLY-USD, enter the number of RLY tokens you want to buy, and click on “Purchase.” The order will be fulfilled immediately, and your tokens will be reflected in your wallet.
Huobi Global: How do I Buy Rally
Huobi Global ranks among the top cryptocurrency exchanges for trading volume and users. The exchange supports a vast array of trading tools and cryptocurrency options. Here are the steps required to purchase RLY tokens at Huobi Global.
1. Set up a Huobi GlobalAccount
For an account to be created, you need a valid email and strong password. For all features to be activated, the platform will require KYC verification. Once you’ve completed the process, your account should be active within a few minutes.
2. Deposit funds to your Huobi Global Wallet
There are many ways you can fund your Huobi Global wallet. These include bank transfers and P2P transfers. After selecting a payment method, add the funds to your “Fiat Account” under the “Balance” tab. The USD you have deposited will appear in your wallet as USD.
3. Buy Rally
Purchase USDT before you can buy RLY. USDT/RLY is the only trading pair on Huobi Global. For USDT purchase, choose HUSD/USDT and then move HUSD from Fiat Account to Spot Account. Once you’ve done that, go to RLY/USDT and enter the amount you want to buy RLY for. Instantly, the market order will be fulfilled and RLY tokens will appear in your Spot Wallet.
Conclusion
Rally gives creators the ability to harness the Web3 technology and monetize the work of others. As creators seek autonomy in their income and community, social tokens will play an important role in the creation economy. The social token protocol Rally allows creators to create their token and establish a digital economy around it.
The Rally (RLY), current price, market capital, total supply and circulating supply, as well as historical statistics. You can also find detailed information about several of the fastest growing cryptocurrencies on CoinStats. One of the most popular crypto platforms is CoinStats. You can find the most current crypto news, trading tips and more on the CoinStats website. Learn more about DeFi and Crypto Portfolio Trackers. You also have the option to securely store your cryptocurrencies within the CoinStats Wallet.
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