Rally.io, the controversial social token platform, will eventually be shutting down its sidechain beginning on January 31st, citing the circumstances of the cryptocurrency market in 2022 as the reason.
Rally wrote the following in an email sent to the community: “As most of you are aware, 2022 was a hard year not just for the platform but also for the whole cryptocurrency market. The team has put forth a lot of effort to attempt to find a way ahead, but the obstacles and the macro headwinds are just too difficult to overcome in the present context.
“We will begin to sunset the platform as of today’s date owing to a lack of continued support,” remarked the Chief Executive Officer of Rally, Rob Collier. The Rally sidechain, which was developed in 2018, has a relatively high cost of maintenance in comparison to all of the newly developed layer-1 technology stacks that were introduced lately.
Rally is a platform that is built on Ethereum that enables producers to build social tokens. This paves the way for social media celebrities, bands, and esports teams to connect with and monetize their audiences.
Rally has declared that it will no longer provide support for the website, which means that users may notice a decrease in the quality of services or the website may simply cease to function.
Due to the fact that terminating the Rally sidechain would essentially destroy all of the digital assets it holds, non-fungible tokens created on the Rally sidechain cannot be moved to the mainnet. Therefore, the NFTs are now inaccessible as well.
Compiled by Coinbold
