• The Rally Token (RLY) has recorded an 83.73% increase in the last 24 hours.
• The project team published a thread on its official Twitter account to disclose the treasury holdings and future plans.
• Over 20 million USD Coin (USDC) and more than seven billion RLY tokens are currently held in the community treasury
Rally Token Surges Over 80%
The Rally token (RLY) surged over 80%, with an increase of 83.73% recorded in the last 24 hours, and a 108.96% and 121.61% surge in the last seven and 30 days, respectively. This was after the project team shared their current treasury holdings as well as their future plans via an official Twitter thread.
The shutdown of RallyIO sparked insolvency concerns about the project, which were addressed via their Twitter thread. The team stated that RallyIO was one application of many being built on the RLY protocol, and that financially, there is significant funds held in the community treasury for them to continue innovating and supporting the ecosystem – over 20 million USD Coin (USDC) and more than seven billion RLY tokens are currently held there.
In terms of future plans for expanding upon their protocol, it has been stated that they will soon be announcing new additions to their open-source software to support growth within their ecosystem; such as Polygon (MATIC), Solana (SOL), Flow (FLOW), along with other protocols.
Overall, it seems that despite having to shut down one of its applications due to financial constraints, this hasn’t affected or changed the viability of Rally’s overall ecosystem; with significant funds remaining within their community treasury as well as ample opportunities for expansion available with other protocols now at hand.
It appears that this unexpected price surge could potentially be attributed to investors feeling more confident about Rally’s future – given how transparently they have detailed out not only their current holdings but also potential upcoming developments for building upon their protocol further down the line.