Rally’s RLY token tanks 10% as sidechain shuts down – severing users’ from their NFTs

Ethereum-based (ETH) societal token level Rally said its sidechain would shutter operations connected Jan. 31, and users would beryllium incapable to transportation their non-fungible tokens (NFTs), according to emails sent to its assemblage connected the aforesaid day.

Following the news, its autochthonal token RLY  fell by astir 10% to $0.01353, according to CryptoSlate data.

The task blamed its determination connected the challenging past year, adding that the “macro headwinds are excessively overwhelming to flooded successful the existent environment.”

The platform’s societal media accounts were deleted arsenic of property time.

Rally’s assemblage was near stranded

The Rally squad said it was exploring “whether we tin physique leaner web3 experiences and/or products connected mainnet.” However, respective crypto assemblage members person criticized Rally for leaving its users stranded and with nary mode forward.

One idiosyncratic Chris Strub revealed helium mislaid immoderate wealth to the level and apologized to those who utilized the task based connected his endorsement. Another idiosyncratic John Rigler said helium “surmised” that the level was conscionable a “cash grab.”

Meanwhile, different societal token projects person supported the stranded Rally community.

Rally was launched successful 2018, raising $57 cardinal successful a 2021 backing round. VCs similar Andreessen Horowitz backed it.

The level had enjoyed patronage from respective creators, including instrumentalist BT and histrion Felicia Day.

The station Rally’s RLY token tanks 10% arsenic sidechain shuts down – severing users’ from their NFTs appeared archetypal connected CryptoSlate.