Rally is a platform for creators and their communities to build their own independent digital economies. That's the pitch on the front page of Rally. Yesterday we learned that in Rally's case, independent means your creator tokens will forever live independently on the Rally sidechain, and nowhere else.
Rally made an abrupt announcement that they are sunsetting their entire protocol. To date, Rally has raised $108M for its treasury, and I would be shocked if they spent it all. As usual in crypto-land, they've deleted their Twitter.
Rally gave users one day's notice and told them that the site will no longer be supported by the end of the day. Tokens on the Rally sidechain are not transferable to mainnet, and are likely stuck forever with no outgoing bridges live. At the end of the day, there's not much difference between a social token platform rugging creators, and creators rugging their fans. I, for one, am not interested in a world where every Instagram influencer launches their own token.
In other news, dYdX continues its moon mission, up 30% in the last 24 hours. In typical crypto fashion, Andrew Kang said, "The only reason I'm long dydx is because chart looks good, there are funds buying a lot of spot and you're shilling it hard. I didn't read any of the thesis." There is value to trading crypto while being on the left side of the curve.
All eyes are on the FOMC press conference. Keep an eye out for any sign of hawkishness from Powell that December's rate forecast is still accurate despite target rate probabilities on the CME show traders betting on a peak in rates in September at 4.75%-5.00%, before decreasing to 4.50%-4.75% by year-end.
- purplepill
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