Creator Coins will now be bonded to $RLY
tl:dr; Starting today, Creator Coins on Rally.io will use the market price of $RLY when calculating and displaying US dollar values.
Last Thursday (October 15), we launched our ERC-20 $RLY governance token with YFI yield delegating vaults. The response has been tremendous with almost $10M deposited in the vaults, and we’ve received a ton of inbound interest from creators looking to launch their own Creator Coin on Rally.io.
Beginning today, Creator Coin will be bonded to $RLY using a token bonding curve. Accordingly, Rally.io will use the market price of $RLY when calculating and displaying estimated US dollar values of Creator Coin.
Previously, we displayed the current estimated value of Creator Coin in US dollars. Starting today, three new data points will be displayed:
- The value of a Creator Coin denominated in $RLY
- The real-time market price of $RLY denominated in US dollars
- The price of a Creator Coin in US dollars derived from the two values above
Accordingly, there is a very noticeable one-time increase in the US dollar values of Creator Coins today, as the current market price of $RLY at the time of this post is higher than the token bonding curve value we had used previously.
Additionally, starting today, Creator Coin transactions on the side chain that result in net purchases or net sales will be batched and reflected on mainnet $RLY. For example, if a Creator Coin worth 10 $RLY is purchased on the side chain by a user through a credit card swipe, 10 $RLY will accordingly be market purchased on Ethereum mainnet by the $RLY bridge smart contract.
Today’s move marks another important technical step in connecting our side chain with $RLY mainet. Questions? To discuss, go to our Discord channel.