As a reminder, there is community fundraise in progress which has been a topic of healthy discussion in the community. During this discussion, some questions have been brought up about the purpose of the fundraise, size of the raise, and use of proceeds. We’ve talked about a bit about the “WHY” of the raise in the past, but wanted to provide more detail as to why we think the community fundraise will be incredibly beneficial for Rally’s mission and some likely uses of the funds. Specifically, there are 3 main areas where a sizable Rally Community treasury would be incredibly beneficial for our mission.
Go-To-Market (GTM). GTM are people at companies that get the word out about a new product. To date, Rally has only had a tiny group of people consisting of one PR/Comms agent and a couple of BD resources. We’ve employed no marketing spend of any kind. We only recently started incentivizing more BD ambassadors and advisors through the community treasury and the results have been great. There is a huge opportunity to expand this dramatically with people in every major language and country now that we’re ready with the tech, products, and APIs. A successful community raise could allow us to employ hundreds of people around the world to grow awareness of Rally and get Creators, Communities and Brands onboarded.
Global - Right now, we’re focused on the USA because it’s the hardest market. We are almost done partnering with PTI to have Money Transmitter license coverage in all 50 states, a competitive moat no other social token network can develop quickly. But the USA is a small part of the world today in social media and in crypto. We can develop a whole ecosystem to go after the global market with this raise.
Tech - Right now we’re only on Ethereum. We could extend Rally to other L1s like Binance, Polkadot, Cosmos, etc so that we become the social token partner for all important crypto chains. These initiatives will also require time, effort and resources.
There will certainly be other uses of the funds which the community can explore together over time, but wanted to outline these initial areas of interest.
I won’t comment on circulating $RLY supply and token release schedules in this post, but as a side note, it’s worth mentioning that if we’re successful growing the project in the areas above, all concerns about how the market will support more $RLY supply will be moot. But I’ll let conversations about $RLY supply be handled in other channels.