Rally

Social token platform Rally announces shutdown of sidechain

Rally cited a “challenging year” for the crypto industry in its decision to “begin to sunset” the platform’s sidechain after Jan. 31.

Rally, a social token platform, has announced nonfungible tokens (NFTs) on its sidechain will no longer be accessible.

Users reported across social media platforms that Rally said the platform’s sidechain will “begin to sunset” after Jan. 31, leaving users unable to access NFTs once the site fully shuts down. The site’s developers did not say that they would be offering another path forward in the future, but hinted at building “leaner web3 experiences and/or products on mainnet.”

“2022 was a challenging year not only for the platform, but also for the entire crypto industry,” Rally said. “The team has worked relentlessly to try to find a path forward, however the challenges and macro headwinds are too overwhelming to overcome in the current environment.”

Related: Social tokens will be the engine of Web3, from fanbases to incentivization

Rally facilitated creators and artists launching their own social token projects and establishing independent communities directly on the platform. The “creator coins” allowed users to essentially monetize themselves, providing additional revenue.

Next Bitcoin rally to start in Q2 2023 — Mark Yusko explains why

The anticipation of the next Bitcoin halving will spark a crypto rally in 2023 regardless of the grim macroeconomic picture, according to hedge fund manager Mark Yusko.

The anticipation of the next Bitcoin (BTC) halving will be the main catalyst that sparks a new crypto rally as soon as the second quarter of 2023, according to hedge fund manager Mark Yusko.

The halving mechanism, which reduces Bitcoin’s block rewards by half every four years, has historically been a major catalyst for crypto rallies. The next halving is expected to occur in early 2024.

“Usually the market will anticipate that by about nine months,” Yusko said in a recent interview with Cointelegraph.

According to the hedge fund manager, the halving will propel Bitcoin to $100,000, and potentially beyond, “by the laws of math.”

“If the block rewards get cut in half to 3.125 from 6.25, then the price has got to double-ish in order for the miners to continue to make money,” he stated.

Yusko thinks the rally is going to take place despite an unfavorable macroeconomic picture dominated by high interest rates and slow growth.

That is because, according to Yusko, digital assets will ultimately prove to be uncorrelated with equity markets.

“Traditional assets are driven by economic growth, Fed policies, inflation. Crypto is driven by the technology itself, millennial adoption,” explained Yusko.

Watch the full interview on our YouTube channel, and don’t forget to subscribe!