RLY Backer SuperLayer to Bring Social Tokens to Solana

The venture studio is bringing the Ethereum platform to Solana with additional plans for play-to-earn games and token liquidity.

AccessTimeIconJan 26, 2022 at 7:00 p.m. UTC
Updated Jan 26, 2022 at 8:14 p.m. UTC

Eli is a news reporter for CoinDesk. He holds ETH, SOL and AVAX.

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 was formed following an August vote to split the platform into five separate entities in a bid for decentralization. (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,” Mahesh 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.”

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 Rally.io 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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Eli is a news reporter for CoinDesk. He holds ETH, SOL and AVAX.

CoinDesk - Unknown

Eli is a news reporter for CoinDesk. He holds ETH, SOL and AVAX.