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.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.