RLY Governance Token Supply
tl;dr:
- RLY will be live on Oct 15, 2020!
- 70% of the total RLY supply is allocated to the Rally community
- Yearn Vaults will be the only way to earn RLY on mainnet starting Oct 15. Anyone with deposits in any YFI vault can start delegating yield to the Rally Community Treasury managed by RLY holders (overview here, more details to follow)
- RLY contract address: https://etherscan.io/token/0xf1f955016ecbcd7321c7266bccfb96c68ea5e49b
Rally is an open network for digital creators, crypto influencers, brands and celebrities to build tokenized communities. Rally will be a community-run platform that puts creators first.
Today, we’re unveiling the RLY distribution plan and excited to announce that 70% of the total supply will be in the hands of the community. Our mission is to bring the next 100 million users into crypto.
RLY is not an investment opportunity, nor is it being used for fundraising. It is a governance and functional protocol token that will enable Rally to be an open network managed by the community.
RLY Allocation and Release Schedule
A max supply of 15 billion RLY has been minted at genesis and will be released over the course of 8 years. Of the 15 billion, less than 30% is allocated to Rally team members and seed investors while the remainder will be allocated to the community. Fully diluted allocations are as follows:
- 50.0% Community: Network Usage Rewards
- 20.4% Community: Treasury, Developers, Partners, Liquidity Providers, and more
- 15.3% Seed Investors
- 14.3% Team
Note: Token release schedule depicts authorized tokens that the community can then decide to grant, not the tokens in circulation.
Detailed Supply Breakdown
Community: Network Usage Rewards:
50.0% of the RLY supply is allocated to automated rewards for those contributing to the network. Initially, the Rally team will propose implementation specs for Network Usage Rewards in Discourse, subject to community approval. In the future, improvements and changes will be proposed and decided by the community.
Community: Treasury, Developers, Partners, Liquidity Providers, and more:
20.4% of the RLY supply is allocated to the community through several sub-pools:
- Bootstrap Phase: Community Treasury via Yearn Vaults (3.3% overall supply)
- Bootstrap Phase: Liquidity Mining Program (2.3% overall supply, details forthcoming)
- Advisors and Future Collaborators (3.3% overall supply)
- Developer Ecosystem and Technical Partnerships (5.0% overall supply)
- Creator, Brand and Community Partnerships (6.4% overall supply)
The two bootstrap pools are for initial funding of the Rally Community Treasury and for setting up liquidity mining pools to help distribute RLY to the crypto community during the early stages.
Advisors and Future Collaborators, Developer Ecosystem and Technical Partnerships, and Creator, Brand and Community Partnerships pools are completely managed by the community starting on October 15th.
Seed Investors:
4-year vesting and 12-month lock-up, cannot vote in first year.
Team:
4-year vesting and 12-month lock-up, cannot vote in first year.
Path to a Community-Owned Network
While we built Rally with a core team of developers, the launch of RLY token cedes network control to the community by enabling governance in the following areas (full governance plan to be published next week):
- Approving, removing, and moderating Rally creators
- Managing the Rally Community Treasury
- Proposing all RLY grants
- Directing all future network upgrades
RLY is both a governance and functional protocol token that provides automated liquidity and collateral to all Creator Coins on Rally Network. As all Creator Coins are bonded to RLY, RLY represents the value of the entire network as determined by the community. RLY holders should be users of the Rally Network who add to the community and are committed to its future development.
The launch of RLY officially marks the transition of Rally to a publicly-owned network. Starting October 15th, all managerial direction will be dictated by RLY holders while the Rally team serves as administrator. Over the coming years, we’ll work with the community to phase out Rally administrators as well as open source all core infrastructure and turn it over to the community, culminating in the dissolution of Rally as a traditional entity altogether.
Details around earning RLY through yield delegating vaults, initial liquidity mining pool details, and an overview of Rally Governance will be published in subsequent posts prior to Oct 15th.
Until then, follow us on Twitter, and Creators with at least 2,000 followers on their main social platform can apply here!
Useful links:
