Social Token Platform Rally Closes Ethereum Sidechain, User NFT Locked Up

The social token platform Rally dropped a shock bomb without warning on Tuesday, announcing that it will close the Ethereum sidechain from now on, and then delete the official Twitter account, leaving only a bunch of creator tokens with prices approaching zero, locked on the side NFT on the chain, and users who are deeply stunned.

According to CoinGecko data, Rally’s governance token, RLY, has fallen 16.6% in the past 24 hours to $0.01252417 at press time.

Rally stated in an email notification sent to users on Tuesday that the Rally blockchain (self-proclaimed Ethereum sidechain) will be closed on January 31 (the day the letter was sent), and because the NFT on the sidechain cannot be transferred to the main network, once When the sidechain is closed, these assets will not be accessible.

Rally explained in the announcement, “As we all know, 2022 will be a challenging year for the platform and even the entire cryptocurrency industry. The team has been working tirelessly to try to find a way forward, however, in the current environment , extremely challenging economic headwinds are overwhelming and we regret that we will not be able to overcome this.”

Rally CEO Rob Collier pointed out, “Due to the lack of continuous financial support, we will shut down the platform starting today.” He also admitted, “The Rally sidechain was built in 2018, and the maintenance cost is very high.”

Rally is a platform that builds an independent digital economy for creators and their communities, allowing content creators, celebrities and brands to issue creator tokens (Creator Coin) and NFT, while fans can purchase creators through the Rally governance token RLY tokens for support.

Rally has launched, a creator platform based on its Ethereum sidechain, for Asian users in the past, and its governance token RLY was listed on Taiwan’s cryptocurrency exchange MAX last year.