Backed by Coinbase RLY Network (RLY) rose 166% after the project announced treasury assets and future plans.
RLY Network, an ecosystem of on-chain consumer apps, was trading around $0.015 on Wednesday, and rose to around $0.04 later in the day.
The #276-ranked crypto asset by market cap has corrected and is trading around $0.0224 at the time of writing. However, this still represents a 50% increase from Wednesday’s initial price.
The project was launched on the Ethereum (ETH) sidechain in late January. RallyIOIt sparked controversy earlier this year when it announced its shutdown.
RLY Network continues to clarify the overall future of the project in a tweet thread Wednesday. worked.
“The organization was created and voted on by the community to assist with governance for the overall ecosystem. RLY Network Association’s focus continues to be the proliferation of its community and ecosystem, including existing protocols, tokens, and startups.
Koinfinans.com As we reported, RallyIO was one of many applications built on the network and its shutdown did not actually affect the ecosystem. Financially, the community treasury has significant funds to continue to innovate and support the ecosystem.
You can follow the current price action here.