Projects expanding from Ethereum to faster and cheaper blockchains like Solana have been a common occurrence in recent months, and social tokens are hopping on the bandwagon.
The latest project to make the plunge into the growing ecosystem is SuperLayer, a Web 3 venture studio and part of the RLY network, which announced it was launching onto Solana on Wednesday.
SuperLayer says it is currently incubating over a dozen Solana-based social token projects, with additional plans to build play-to-earn games and liquidity offerings for its RLY token.
“Moving to Solana is one of the big steps we made to solve a lot of the problems building Web 3 products on a blockchain like Ethereum,” Mahesh Vellanki, managing partner of SuperLayer, told CoinDesk in an interview. “Whether we call them engage-to-earn, play-to-earn, learn-to-earn, we’re building architecture in a way where we can distribute rewards to users for doing simple tasks.”
While the popularity of social tokens remains dwarfed by demand for non-fungible tokens (NFT) on marketplaces like OpenSea, Rally’s success on Ethereum (even with its high transaction fees) has been notable.
SuperLayer says 77% of Rally.io creators currently boast six-figure token economies, with a handful eclipsing the $1 million mark, according to a press release.
SuperLayer announced backing in October from a16z partners Marc Andreessen and Chris Dixon, along with investment from celebrities Paris Hilton, Joe Montana and Nas.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Subscribe to Valid Points, our weekly newsletter about Ethereum 2.0.
No Comments Yet