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Press release content from Business Wire. The AP news staff was not involved in its creation.
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Press release content from Business Wire. The AP news staff was not involved in its creation.

Web3 Venture Studio SuperLayer Launches on the Solana Blockchain to Build Multichain Consumer-Facing Applications Powered by the RLY Network

January 26, 2022 GMT

SAN FRANCISCO--(BUSINESS WIRE)--Jan 26, 2022--

Today, Web3 venture studio SuperLayer announced it will be launching on the Solana blockchain to build tokenized consumer applications. The RLY Network Association, the non-profit organization that builds and maintains the RLY network, that powers SuperLayer Labs, leading social token and NFT platform, Rally and Asia creator-focused, Unite, will enable developers to build engage-to-earn and play-to-earn features in their products on Solana while leveraging the ever-growing liquidity of $RLY across chains. The two projects will create new pathways for partners to access $RLY on the Solana network directly through DEXes or by utilizing the RLY network’s token swap programs.

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“Social powered by blockchain is still in its infancy, but holds the potential to onboard billions of users to Web3.” said Austin Federa, Head of Communications for Solana Labs. “The RLY network is a great launchpad for social blockchain products, and we’re looking forward to working with the SuperLayer team on this journey.”

SuperLayer, led by managing partners Kevin Chou and Mahesh Vellanki, is currently incubating almost a dozen new social token projects built atop the RLY network, which will each have their own network tokens that are bonded to $RLY on Solana as an initial means of bootstrapping liquidity and providing value on-ramps for new users into these projects. Initially focused on engage-to-earn and play-to-earn products in emerging markets with user, creator or community token elements, SuperLayer will work directly with Solana to build technology and create incentives to attract users to the new applications.

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This partnership enables users to gain access to 2.5M $ RLY/day in network rewards and 100M $RLY in growth rewards to support the development and growth of multiple social token products on Solana. It also enables the over 1 million $RLY holders to enter the Solana ecosystem.

“The Solana network was brilliantly built to address and overcome some of the biggest challenges that have kept most users out of web3,” said SuperLayer Managing Partners Kevin Chou and Mahesh Vellanki in a joint statement. “To date, most decentralized experiences have been slow and have had prohibitive network fees. The Solana network is fast, inexpensive, energy efficient and has the capacity to host incredibly versatile and complex applications via smart contracts. This is where we believe some of the most promising innovation will come from as the internet moves towards more community-owned models.”

SuperLayer launched in October 2021, with investments from leaders spanning several industries including Marc Andreessen and Chris Dixon of a16z, Gary Vaynerchuk, Paris Hilton and Carter Reum, Joe Montana, and more. Chou and Vellanki previously co-founded the RLY ecosystem’s preeminent app, Rally, as well as blockchain gaming platform Forte. Chou also co-founded gaming company Kabam, which he sold for $800 million in 2017.

The RLY network’s flagship application, Rally, has onboarded 266 creators to date, including Grammy-award winners Portugal the Man and Megadeth, NCAA and NFL football superstars Kayvon Thibodeaux and Jarvis Landry, popular actress and YouTuber Felicia Day and eSports organizations such as Gen.G and OpTic Gaming. More than 77% of creators on Rally have built six-figure token economies with their communities. Six have built token economies worth more than $1M USD.

Last month, the RLY Network Association took its first steps towards Solana integration, when it created a canonical $RLY token on Solana and will soon launch liquidity rewards for early participants. SuperLayer has opened early access to its community, where anybody can sign up and claim free $RLY on Solana.

About Solana

Solana is a global state machine and the world’s most performant blockchain. It gives developers the confidence to build for the long term by delivering predictable scaling without compromising security or composability. Solana’s performance is driven by a single global state, which is capable of processing tens of thousands of smart contracts at once, and by Proof of History, a distributed clock that unlocks low-latency, sub-second finality across the global state. The blockchain holds high energy efficiency, as a proof of stake network, the security of the Solana network is not dependent on energy usage. To learn more, please visit https://solana.com

About RLY Network Association

The RLY Network Association is a non-profit project that builds and maintains the core blockchain technology, oversees network protocols and rewards, and oversees the community treasury for the RLY network ecosystem. To learn more, please visit www.rly.network

About SuperLayer

SuperLayer is a venture studio that incubates and builds new tokenized consumer products and applications on the RLY protocol. Founded by Kevin Chou and Mahesh Vellanki — the founders of Rally who have more than $1 billion+ in exits between their combined venture and founding experience — SuperLayer works with founders to facilitate the launch, staffing, go-to-market, compliance and fundraising for web3 projects. The studio’s mission is to attract and support the next 100 million consumers, creators, and communities using crypto. For more information, please visit www.superlayer.io

View source version on businesswire.com:https://www.businesswire.com/news/home/20220126005238/en/

CONTACT: Joe Coufal

jcoufal@rally.io

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE

SOURCE: SuperLayer

Copyright Business Wire 2022.

PUB: 01/26/2022 02:02 PM/DISC: 01/26/2022 02:02 PM

http://www.businesswire.com/news/home/20220126005238/en