Rally is a social token-oriented protocol that allows creative communities to launch their tokens and build a digital economy around their work. This way, creators, including artists, brands, influencers, or general content creators, can monetize their fans in various ways, from providing access to new content and offering benefits and perks to selling merchandise and events. The social tokens could represent an individual, brand, or community.
The project’s native ERC-20 Rally token (RLY) is a collateral and governance token.
Even though the crypto market looks bearish due to the global conditions such as an ongoing pandemic, wars, high rate of inflation, impending recession, etc., one should understand that this might be the right time to invest as you may never see prices as low as this for a long time to come. However, this article is for educational purposes only, and nothing in this article is a piece of financial/investment advice, so always do your own research before investing in cryptocurrencies.
Read on to learn everything there is to know about the Rally network, how it works, and most importantly, how to buy Rally (RLY) in a few simple steps.
Let’s get right to it!
What Is Rally
Rally is a platform created for creators and their communities to build their own independent digital economy that expands their brands. 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. It combines the demands of a developing creator economy with the essential ideas of successful cryptocurrency initiatives. In so doing, Rally opens up a whole new avenue for creators, giving them more freedom and autonomy. It enables them to profit from their work by creating their own digital economy around their coins, thereby creating a direct connection between creators and their communities.
With Rally, creators can issue their own fully customizable branded cryptocurrency called Creator Coins, a unique digital brand that provides value and utility to their fans. Creators will then have access to an easy-to-use Creator Coins-powered blockchain suite of tools to create scarce collectibles and content (non-fungible tokens or NFTs), loyalty programs, and a healthy tokenized economy. Rally enables every creator to build a business model that will outperform any other high-tech platform.
Fans can benefit from purchasing and holding social tokens, i.e., they can access unreleased and non-public content, unlock exclusive access to merchandise, and get early access to tickets and events. The Rally protocol offers community activity rewards as an incentive to reward creator communities that actively participate on the platform. Both creators and fans receive weekly community network rewards in RLY.
Unlike traditional media platforms where creators can monetize their content by paying platform fees, Rally operates without transaction and platform fees. The network mainly relies on funds generated from token sales or yield farming through yearn.finance vaults.
Some of Rally’s highly successful creator coins feature:
- HLTH Community: A coin that brings the most innovative minds in healthcare and crypto together 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.
The protocol was founded in 2020 by a team of media professionals, with Bremmer Morris serving as the company CEO. Morris previously worked as head of global go-to-market and revenue for Patreon, a web 2.0 media company and a creator-focused donation platform. He built partnerships and oversaw the company’s international expansion.
Nick Millman is vice president of creator partnerships, while Kurt Patat is the head of communications. Millman was previously the COO and founding member of BratTV, a Gen-Z entertainment company. 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. RLY token holders can participate in governance, deposit RLY into a liquidity pool to earn rewards, and use it to convert to and from Creator Coins. The Rally token reached an all-time high of USD 1.3 on April 3rd, 2021. Check the token’s current price here: Rally Price.
The RLY token distribution is as follows:
- Seed investors (15.3%)
- Team (14.2%)
- 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. An additional 22 million USDC was raised through a CoinList distribution.
How Is Rally Network Secured
The Rally (RLY) token is an ERC-20 token and is backstopped by the security of Ethereum. While all the $RLY liquidity is on the mainnet, the Rally daily interactions happen on a private sidechain operated by Rally. Users can use $RLY to “bridge in” and “bridge out” of the sidechain at any time.
Creators coins are issued based on a token bonding curve, with a starting price of 1 percent of the current RLY price for the newly launched token. This mechanism uses the Rally (RLY) price to back the creator coin with a maximum token supply of 21 million creator coins available. Users can use their Rally (RLY) token to bridge in and out of the sidechain. To bridge their Rally (RLY) tokens back to Ethereum, users need to complete KYC, which usually takes between 2-3 business days for US users and more for non-US users. However, even the KYC verified users can only bridge 50000 RLY daily, with a global network maximum of 1,000,000 RLY per day.
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).
Buy Rally on Coinbase
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 offers investors access to crypto trades with the major cryptocurrencies and alternative crypto coins on the market. To buy RLY on Coinbase, follow the steps given below:
- Create a Coinbase Account
The first step is to create an account on Coinbase using a valid email address. Proceed to complete your KYC verification and set up 2-factor authentication.
Depending on your location, Coinbase allows you to deposit funds with the payment method of your choice, ranging from bank transfers to wire transfers, debit/credit cards, etc. 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. There is a small fee for wire transfers, but you can immediately withdraw the crypto.
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.
How to Buy Rally on Huobi Global
1. Create a Huobi Global Account
You need a valid email address and a strong password to create an account. The platform requires users to complete KYC verification, including valid identity proof, along with a live photograph to activate all its features. Once you’ve completed the process, your account should be active within a few minutes.
2. Deposit Funds into your Huobi Global Wallet
You can choose different ways to fund your Huobi Global wallet, among them bank transfers, P2P transfers, credit/debit cards, third-party payments, etc. After selecting a payment method, add the funds to your “Fiat Account” under the “Balance” tab. Your deposited USD will show as HUSD in your wallet.
3. Buy Rally
To buy RLY, you must purchase USDT first, as RLY/USDT is the only trading pair available on Huobi Global. You can choose the HUSD/USDT trading pair and move your HUSD from your Fiat Account to your Spot Account to buy USDT. Once you’ve done that, go to RLY/USDT and enter the amount you want to buy RLY for. The market order will be filled instantly, and RLY tokens will be reflected in your Spot Wallet.
With Rally, creators now have the opportunity to leverage the benefits of Web3 technology to monetize their work and build their loyal audience. Social tokens are going to play a huge role in the creator economy as more and more creators demand autonomy over their earnings and communities. As such, the social token protocol Rally, allowing creators to launch their own token and build a digital economy around their work, will play a huge part in it.
Check the Rally (RLY) current price, market cap, total supply, circulating supply, 24-hour trading volume, historical statistics, etc., along with in-depth information on several of the biggest and fastest-growing cryptocurrencies on CoinStats, one of the best crypto platforms around. Get the latest crypto news and latest trading insights with the CoinStats blog. You can also learn more about What Is DeFi, Crypto Portfolio Trackers, and securely storing your cryptocurrencies in the CoinStats Wallet.
Investment Advice Disclaimer: No part of the content that CoinStats provides constitutes financial advice, legal advice, or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyze and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses; please, therefore, consult your financial advisor before making any decision.