Tactic #1: Earn Rewards with Rally Network
By: Vitaly Bahachuk
Tags: Case Study, Cryptocurrency, Yield Farming, Streaming, Ethereum

Tactic #1: Earn Rewards with Rally Network

TLDR: Rally launches a network that enables creators and their fans to benefit from community engagement. You can earn their governance token $RLY. Mahesh Vellanki, a co-founder of the Rally Network, explains in the interview below what Rally is and how you can earn $RLY.

Hey, the Linen Community:

We are starting a series of posts in which we uncover new communities and projects that distribute tokens to their community members. You may ask why would someone distribute tokens (voting power)? For decentralized communities to be functional, broad token distribution is needed. One of the ways to distribute tokens is a mechanism by which depositors to liquidity pools delegate their yield to the community treasury and in return receive rewards usually multiples of that yield. We believe that referral rewards will play a large role in token distribution too. In the Linen Community Discord we provide our members with the latest yield earning opportunities as they come.

As a community, we want to highlight projects that are shaping finance, gaming, social networking industries. We want our members to get smarter and earn rewards along this journey.

Our first guest is Mahesh Vellanki, a co-founder of the Rally Network. Mahesh will provide us more color on his project and ways for the Linen community to earn $RLY tokens. Full disclosure: I am personally earning $RLY tokens and participating in Rally Network governance.

Vitaly: Mahesh, what is Rally Network and what problem is the project solving?

Mahesh: Rally empowers content creators (YouTubers, gamers, streamers, Tik Tokers, influencers), celebrities and brands to launch their own personal cryptocurrencies, aka “social money” that can be used to generate new revenue streams while engaging and rewarding their communities. Rather than building a large platform’s value while only receiving a small piece of the pie, creators can use Rally to build their own economies and interact with fans on their terms, instead ofon the terms of the platform. We’ve simplified the process to make crypto more accessible to fans. For example, fans can go to Rally.io and purchase a Creator’s coin in less than 60 seconds.

Vitaly: How big is the opportunity that Rally is addressing?

Mahesh: We believe that crypto can allow millions of people to monetize their own digital businesses independent of large tech platforms. Today, billions of dollars are lost to intermediaries every year that can go back into the pockets of the original content creators and their audiences. Our goal is for creators to earn hundreds of thousands of dollars each year via the Rally Network.

Vitaly: What is the “social money” concept?

Mahesh: “Social money” represents a way for influencers and creators to more directly value and monetize their time and attention. Influencers and creators have been creating popular content on platforms like YouTube, Instagram, and TikTok for a while now, but are subject to the changing whims, policies, and fees of these platforms. Now, you are starting to see creators looking for more independence and freedom in their work and in the way they are compensated. Rally provides a home for these creators and allows them to create their own uniquely branded token that can be shared directly with their fans. Creators finally have a way to share a piece of the pie with their community rather than a company. With Rally, creators can create their own virtual economies with their fans.

Vitaly: Can you explain what community ownership means, as it relates to Rally?

Mahesh: Rally’s vision is to be fully community-owned and decentralized. This means that holders of $RLY — including creators, fans and developers — truly own and govern the network. We believe that this is the key to aligning the incentives of creators and their fans.

Vitaly: How is the project being financed?

Mahesh: Rally is supported by seed investors such as a16z Crypto, Coinbase Ventures, 1confirmation, Kenetic Capital, Twitch founders, Cultural Leadership Fund, and several leading blockchain community members.

Vitaly: Tell the Linen community members how they can take advantage of earning yield on their crypto and contributing to the community treasury.

Mahesh: Yield Delegating Vaults (YDVs) are a great entryway into the Rally network for DeFi users or yield farmers who are familiar with the Yearn community. Rally leverages YDVs as a new crypto-native funding model by building atop the Yearn community. We’ve added a wrapper around existing YFI vaults that allows users to delegate some (or all) of the future yield generated on their behalf to a Rally Community Treasury in exchange for grants of $RLY. Rally has attracted more than $10 million in deposits resulting in over $100,000 in passive income delegated to the Rally community treasury in just over a month. Yields vary and are currently in the range of 20–40% APY for stablecoins.

Rally’s Yield Delegating Vaults as of December 16, 2020.

Another way to get involved with the Rally network is by staking $RLY into one of the liquidity pools, which will produce a reward of additional $RLY. This is an important activity since more liquidity for $RLY equates to more options for Creator Coin holders (Creator Coins are bonded to $RLY). Based on the amount and length of time staked, the stake will yield rewards in the form of more $RLY tokens. You can then move these rewards, or harvest, to an Ethereum wallet.

Vitaly: Where can our community members learn more about the Rally Network and participate in governing it?

Mahesh: To learn more about Rally, check out our website Rally.io, blog, or Twitter.

You can also join the conversation on our Discord channel

Thanks Mahesh for providing these insights to the Linen community and looking forward to seeing the adoption of Creator Coins.