Coinbase-Backed Crypto Asset Skyrockets on Future Plans Unveil
On Wednesday, RLY Network (RLY), a crypto asset backed by Coinbase and an ecosystem of on-chain consumer apps, experienced a 166% surge after revealing its treasury holdings and future plans.
The digital currency initially traded at around $0.015, but it skyrocketed to approximately $0.04 later that day.
Although it has partially retraced, RLY is currently trading at about $0.0224, which still represents a 50% increase from its starting price on Wednesday.
Earlier this year, RLY Network faced controversy when it announced the shutdown of its Ethereum (ETH) sidechain, RallyIO, in January. While RallyIO was one of many applications built on the RLY protocol, the shutdown of the project does not affect the viability of the entire ecosystem.
However, on Wednesday, the project aimed to clarify its overall future in a Twitter thread.
According to the RLY Network Association, which was established and voted by the community for governance assistance, the primary focus remains the proliferation of the RLY community and ecosystem.
The community treasury reportedly holds over 20 million USDC and over 7 billion RLY, allowing for continued innovation and ecosystem support. The RLY Network Association also intends to release new additions to the RLY open-source software, including public blockchain launches.