Coinbase-backed crypto asset surges 160% in just one day despite recent sidechain shutdown
A Coinbase-backed crypto asset briefly surged 166% on Wednesday after the project unveiled its treasury holdings and plans for the future.
RLY Network (RLY), an ecosystem of on-chain consumer apps, shot up from trading around $0.015 on Wednesday all the way to a peak of around $0.04 later in the day.
The 276th-ranked crypto asset by market capitalization has since partially retreated and is trading around $0.0224 at the time of writing, although that still represents a 50% increase from its original Wednesday price.
The project managed controversy earlier this year when it announced in late January that the Ethereum (ETH) sidechain, RallyIO, was shut down.
On Wednesday, however, RLY Network sought to clarify the project’s overall project’s future in a tweet thread.
“The RLY Network Association was created and voted by the community to assist in the governance of the overall ecosystem. The focus of the RLY Network Association continues to be the proliferation of the RLY community and ecosystem, including the existing protocol, token and new initiatives.
RallyIO was an application of many that was built on the RLY protocol, and their shutdown does not affect or change the viability of the overall ecosystem. Financially, the community fund has significant means to continue to innovate and support the ecosystem.
There is more than 20MM USDC and more than 7B RLY in the treasury owned by the community. The primary wallets can be found at: 0xe75ed5295c13d224036feb6439db7539fe6d7ce8 and 0x75f4BD3A503f23628bEdaf23628dABdaf23628dABdaf23628dAB8daf23628dAB23628dAB8daf234036a
The RLY Network Association says it plans to release new additions to RLY open source software to support the project’s ecosystem, including launches on public blockchains.
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