The Coinbase-backed crypto project RLY Network (RLY) briefly surged 166% on Wednesday after the project revealed its financial holdings and future plans.
The RLY Network (RLY), an ecosystem of on-chain consumer apps, surged from buying and selling round $0.015 on Wednesday to a high of $0.04 later in the day.
The 276th-ranked crypto asset by market capitalization has since partially retreated, trading around $0.0224 at the time of writing, however it is still up 50% from its initial value on Wednesday.
In late January, One of the projects on RLY Network, Ethereum sidechain RallyIO shut down, the project appears to be weathering the controversy
RLY Network, an ecosystem of apps powered by the RLY token and our open source software, continues to grow. We’re saddened that one of the projects in our network, RallyIO has announced plans to sunset. Follow us here to get updates of our network growth and upcoming products.
— RLY Network Association (@RLYNetworkAssoc) February 1, 2023
However on Wednesday, RLY Network tried addressed the way forward for the project and its’ community.
The RLY Community's Future is Bright! After the announcement from RallyIO on their shutdown, we felt the need to address the future of the RLY protocol, the RLY token, and the future of the overall community and ecosystem.
— RLY Network Association (@RLYNetworkAssoc) March 1, 2023