Rally, a social token platform, said on Tuesday that it is discontinuing usage of its Ethereum sidechain, threatening the portability of users’ crypto assets. These users include content producers and their communities of token-holding admirers. The Rally sidechain’s decommissioning was announced in an email addressed to the Rally community on January 31.
As most of you are aware, 2022 was a challenging year not only for the platform, but also for the entire crypto industry. The team has worked relentlessly to try to find a path forward, however, the challenges and macro headwinds are too overwhelming to overcome in the current environment.Rally explained in the announcement
Rally.io is a platform that is built on Ethereum that allows creators to create social tokens. This platform gives social media celebrities, bands, and esports teams the ability to interact with and profit from their audiences. On Rally, notable creators include the actress and creator Felicia Day, the singer BT, and Brandon Powell, who plays wide receiver for the Los Angeles Rams.
Users have claimed across several social media platforms that Rally has said that the platform’s sidechain would “begin to sunset” after the 31st of January, meaning that users will no longer be able to access NFTs once the site has completely gone down. The developers of the website did not explicitly state that they would provide another route ahead in the near future; however, they did allude to the possibility of developing leaner web3 experiences and/or goods on mainnet.
Creators and artists were able to more easily build their own social token initiatives and develop autonomous communities directly on the Rally platform. Users had the ability to basically monetize themselves via the usage of “creator coins,” which provided extra cash.