Community Treasury Fundraise Update
On behalf of the Community Agent, we’re pleased to provide an update on the current status of the Community Treasury Fundraise.
As you recall, following the original community fundraise Discourse post, the approval occurred on 12/31/2020, with the final terms approved on 1/10/2021. The amendment to the final terms was approved on 1/16/2021.
As of today, the Community Agent has completed sales of $RLY on behalf of the Rally Community as follows:
- Total $RLY sold: 185,040,538
- Total USDC received: $26,636,355
Of the $RLY sold for the Community Treasury to date, over 97% are subject to a 24 month lock up as part of the Community Agent’s priority to balance stability of the Rally network.
In addition, the Community Fundraise has succeeded in bringing in individuals and crypto-enthusiasts interested in network building, governance, staking, and contributing to the long term success of the network as a whole. It has also enabled the introduction of Rally Network to new geographies, such as South Korea, Japan, Hong Kong and the United Kingdom. As a benefit of this fundraise was seen as its ability to further the participation in the Rally Network to those outside of the immediate community interested in its potential, these expansions, both internationally and to a new breadth of crypto-savvy participants, are definitely a win.
When the concept of a Community Treasury fundraise was first introduced, there was no way to know how it would turn out. But with these positive outcomes, the Rally community has achieved a game-changing development: the Rally Network is now holding robust funds that can enable the next level of growth and innovation. With this larger pool in the treasury, the community can begin planning ways to significantly scale the Rally Network and empower even more development and engagement.
As the Snapshot proposal to approve the adoption of a Community Treasury Management Policy has passed, the Community Treasury funds will be moved to the management of the duly appointed Treasury Manager in due course.
In the coming days, there will be more discussions initiated and, where appropriate, proposals to follow, to address ways that the community can apply the funds in the most productive ways possible to continue to strengthen and grow the Rally Network. This is an exciting time, and the larger Community Treasury enables the Rally community to commit to larger spends as needed to bring in the top advisors, developers and partners to assist with the next stages.
In addition, based on learnings from the crypto industry, discussions will be initiated on how to provide governance safeguards to ensure the security of the Community Treasury.
Also, in light of the new robust Community Treasury, certain network mechanisms like the YDVs, previously necessary in the nascent stages to build up the Community Treasury immediately following launch, will be addressed for discussion and modification. This is timely given the recent exploit in the YFI DAI vault.
In the meantime, updates will be provided with respect to any additional fundraise activities conducted by the Community Agent from the remaining ~300M $RLY authorized for sale through the Community Treasury fundraise.