The infamous social token platform Rally.io is finally shutting down its sidechain starting from January 31st citing the crypto market conditions in 2022.
In an email to the community Rally stated “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 CEO Rob Collier stated “We will begin to sunset the platform as of today’s date due to lack of ongoing support. The Rally sidechain, built in 2018, was very expensive to maintain compared to all of the new layer-1 tech stacks that have launched recently.”
Rally is an Ethereum-based platform that allows creators to establish social tokens, allowing social media personalities, bands, and esports teams to engage and monetize their communities.
Rally announced that the site is no longer supported and users may experience a degradation in services or it may simply become inoperable.
The NFTs on the Rally sidechain are non transferable to the mainnet as shutting down the sidechain, effectively destroys all of the digital assets it contains. So now the NFTs are also not accessible.
The crypto winter did take a toll on multiple crypto firms with rampant bankruptcies and mass layoffs, with Rally being the latest victim.
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