RLY Backer SuperLayer to Bring Social Tokens to Solana

RLY Backer SuperLayer to Bring Social Tokens to Solana

RLY Backer SuperLayer to Bring Social Tokens to Solana

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.

The studio is a faction of the social token platform Rally, whose users voted to split the platform into five separate entities in August in a bid for decentralization. (Rally operates as a decentralized autonomous organization, or DAO; SuperLayer is to Rally as ConsenSys is to Ethereum.)

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,” Mehesh 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.”

Read more: Top NFL Prospect Kayvon Thibodeaux Taps Rally to Launch Own Cryptocurrency

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 the network’s 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.

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