Ethereum-Based Social Token Platform Rally Is Shutting Down Due To Market Headwinds
On the 31st of January, Rally, a social token platform on the Ethereum network, announced that it was shutting down due to market headwinds. In an email to the Rally community, the social token platform wrote that the Rally sidechain would begin sunsetting on the 31st of January. In the email, Rally explained that, as most of you are aware,2022 was a tough year not only for the platform but also for the whole crypto industry.
However, the team has worked relentlessly to try to find a route forward, but the challenges and macro headwinds are too overwhelming to overcome in the current crypto market condition. According to the 1st of February report from Decrypt, Rob Collier, the CEO of Rob Collier, said that they will start to sunset the platform as of today’s date due to a lack of continued support. The Rally sidechain was very costly to maintain compared to all of the new layer-1 tech stacks, Rob added.
Rally.io is an Ethereum-based platform for creators to launch social tokens, which allow social media individuals, bands, and esports teams to engage and monetize their communities. Some notable creators on Rally are Felicia Day, which is an actor and creator, LA Rams, and Brandon Powell. The creators of the Rally were encouraged to enlist their followers and fans to support them by buying their Rally tokens. But when the ability to withdraw them was interrupted, several users started to rail against the program on Twitter.
Regarding the reason behind this move, Rob said that they experienced trouble withdrawing services in August due to a lack of third-party support. He also said that they gave different notices to help Rally users in this regard. This move of shutting down Rally means that the NFTs hosted there will no longer be supported. After this move, the users will experience a degradation in services, and NFTs can not work.