Rally’s pressure to decentralize its social token infrastructure spawned a spin-off crypto-venture studio known as SuperLayer Labs, led by the co-founders of the project and backed by early RLY token venture capitalists as well. as new investors.
Marc Andreessen and Chris Dixon, both general partners of longtime Rally support Andreessen Horowitz (a16z), are investors in SuperLayer Labs, the new startup accelerator sowing independent mainstream web 3 projects that use the RLY token of Rally.
Essentially, SuperLayer aims to be for the Rally network what ConsenSys was for Ethereum.
Rally is a blockchain network that allows internet creators such as streamers and artists to monetize their relationships with their fans. In August, members of his community voted to divide the ecosystem five times – into a Decentralized Autonomous Organization (DAO), venture capital studio, nonprofit, affiliate, and corporation – in the aim to increase the decentralization of the project.
Read more: RLY Holders Approve Social Token Platform Decentralization Plan
The official launch of SuperLayer comes as some members of the Rally community debate the actual decentralization of the wider ecosystem. On October 26, community member “Masongos”, who is active on the project forums, said that the first investors and members of the Rally team control three-quarters of the outstanding supply of the RLY token.
This is “more than double their expected share of the final economy,” the user wrote. “The decision to sell off such a large chunk of the economy has left the Rally platform in a state where it operates somewhere between a decentralized ecosystem and a centralized start-up.”
Masongos said RLY’s tokenomics could have implications for project governance, profits and incentive programs. The user has requested changes to the RLY distribution scheme.
On Thursday morning, Rally co-founder Kevin Chou said in response that he “100%” supports the proposed changes and “will personally commit” to correcting them.
He was not available for an interview until press time.
New investors, former executives
Paris Hilton, Quantstamp CEO Richard Ma, investor Packy McCormick, former great footballer Joe Montana, entrepreneur Brit Morin, rapper (and first Coinbase investor) Nas, talent agency veteran Michael Ovitz and newsletter writer Lenny Rachitsky are new supporters of SuperLayer, the press release mentioned.
SuperLayer Product Manager Saad Rizvi is also new to the ecosystem. He is the only newcomer among the directors of the venture studio.
Chou and his co-founder Mahesh Vellanki will lead SuperLayer, according to the press release. Rally’s former general counsel, Ira Lam, is its main lawyer. Gary Coover, COO, has been helping shape Rally’s DAO formation since August, according to project forums.
Major token holders approved the nominations in the August vote. The vote also granted SuperLayer millions of dollars in RLY tokens to invest in Web 3 projects that use the token.
It will soon start deploying $ 25 million – a combination of money allowed in the August vote and checks from new investors – to try to fund RLY-based projects.