Share this article
Social Token Project Rally Shuts Ethereum Sidechain, Stranding Users’ Crypto Assets
Rally blamed its sidechain’s demise on "macro headwinds."
By Danny Nelson
Updated May 9, 2023, 4:07 a.m. Published Jan 31, 2023, 9:36 p.m.
Social token platform Rally said Tuesday it is abandoning its Ethereum sidechain and warned users – creators and their communities of token-holding fans – their crypto assets may soon become stranded.
“Since NFTs on the Rally sidechain are not transferable to mainnet, these will not be accessible once the site shuts down,” Rally said in an email reviewed by CoinDesk. It further said the site “will no longer be supported” beyond Tuesday.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Rally cited the “challenging year” of 2022 and “macro headwinds” as “too overwhelming to overcome in the current environment.” The startup last raised $57 million from investors in 2021.
Rally’s token RLY has fallen 93% since Jan. 31. 2022, per data site Nansen. Its price was largely unchanged Tuesday.
Decrypt first broke the news of Rally’s demise.
The Rally team did not immediately respond to a request for comment.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Two Casascius Coins Holding 2K BTC Moved After 13 Years of Inactivity
The Casascius coins were designed as offline cold storage with embedded private keys, but the project was shut down in 2013 due to regulatory pressure from FinCEN.
What to know:
- Two long-dormant bitcoin wallets tied to physical Casascius coins moved 2,000 BTC ($180M) after over a decade of inactivity.
- The Casascius coins were designed as offline cold storage, containing embedded private keys, but the project was shut down in 2013 due to regulatory pressure from FinCEN.
- The recent transfers' purpose is unclear, but could be linked to degrading physical components or precautionary moves to preserve access.
Top Stories
