Token Rally (RLY) recorded a gain of 83.73% yesterday before retracing.
RLY rallied from a low of $0.0149 to a high of $0.045. At the time of writing, the altcoin price is hovering around $0.023. The coin has returned 108.96% and 121.61% on the weekly and monthly timeframes, respectively.
RLY/USD chart. Source: TradingView
The future of rally racing
Rally’s price surge was recorded after the project team posted a message on Twitter on March 1 to disclose its treasury holdings and future plans.
The Rally team stated that they felt compelled to reassure the community about the future of the protocol after the failure of the RallyIO sidechain. The team noted that RallyIO is one of many clients of the RLY Token Bonding Curve Protocol, a fundamental technical service of the RLY Protocol. The team stated that the suspension of RallyIO will not affect the strength of the RLY ecosystem, given the number of applications built on top of the protocol.
“Going forward, the RLY Network Association will soon announce new additions to the RLY open source software to support and grow the RLY community and ecosystem.”
RallyIO’s shutdown has raised concerns about the project’s solvency. Team Rally says:
“RallyIO is one of many applications built on top of the RLY protocol, and the shutdown will not affect or change the viability of the entire ecosystem. Financially, the community coffers have significant funds to continue innovating and supporting the ecosystem.”
According to the project party, the treasury currently holds more than 20 million USDC and more than 7 billion RLY. The Treasury’s two main wallets hold the majority of these tokens.
- RLY price drops over 7% as Rally abandons Ethereum sidechain leaving users in limbo
- $210 million was liquidated within 1 hour, and the total market value of cryptocurrencies lost $50 billion
According to Cryptoslate