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RLY Backer SuperLayer to Bring Social Tokens to Solana
The venture studio is bringing the Ethereum platform to Solana with additional plans for play-to-earn games and token liquidity.
By Eli Tan
Updated May 11, 2023, 6:23 p.m. Published Jan 26, 2022, 7:00 p.m.
Projects expanding from Ethereum to faster and cheaper blockchains like Solana have been a common occurrence in recent months, and social tokens are hopping on the bandwagon.
The latest project to make the plunge into the growing ecosystem is SuperLayer, a Web 3 venture studio and part of the RLY network, which announced it was launching onto Solana on Wednesday.
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The studio was formed following an August vote to split the platform into five separate entities in a bid for decentralization. (SuperLayer is to Rally as ConsenSys is to Ethereum.)
SuperLayer says it is currently incubating over a dozen Solana-based social token projects, with additional plans to build play-to-earn games and liquidity offerings for its RLY token.
“Moving to Solana is one of the big steps we made to solve a lot of the problems building Web 3 products on a blockchain like Ethereum,” Mahesh Vellanki, managing partner of SuperLayer, told CoinDesk in an interview. “Whether we call them engage-to-earn, play-to-earn, learn-to-earn, we’re building architecture in a way where we can distribute rewards to users for doing simple tasks.”
Read more: Top NFL Prospect Kayvon Thibodeaux Taps Rally to Launch Own Cryptocurrency
While the popularity of social tokens remains dwarfed by demand for non-fungible tokens (NFT) on marketplaces like OpenSea, Rally’s success on Ethereum (even with its high transaction fees) has been notable.
SuperLayer says 77% of Rally.io creators currently boast six-figure token economies, with a handful eclipsing the $1 million mark, according to a press release.
SuperLayer announced backing in October from a16z partners Marc Andreessen and Chris Dixon, along with investment from celebrities Paris Hilton, Joe Montana and Nas.
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