Quick take:
- Tally Protocol’s infrastructure is used by blockchain projects to conduct on-chain governance for their DAOs
- Some of the popular projects using Tally include Arbitrum, Uniswap DAO, ZKsync, Wormhole, Eigenlayer, Obol and Hyperlane.
- The company hopes to improve voter participation and address apathy in DAO governance.
Tally Protocol has raised $8 million in a Series A round led by Appworks and Blockchain Capital, with participation from BitGo and others. The company plans to use the fresh capital to scale its governance technology to more crypto-native, decentralised autonomous organisations (DAOs), including improving voter participation to address apathy in DAO governance.
Tally’s DAO infrastructure is used by projects to conduct “effective” on-chain governance of their communities. Some of the popular projects using the technology include Arbitrum, Uniswap DAO, ZKsync, Wormhole, Eigenlayer, Obol and Hyperlane.
Explaining Tally’s mission for the crypto industry, Dennison Bertram, CEO and co-founder of Tally Protocol told CoinDesk: “We’ve built this complete stack of software for operating these on-chain organizations. We can take you from your idea to launching your token, to distributing your membership or ownership, all the way to the value accrual for your protocol.”
The protocol has evolved to support governance for both Ethereum and Solana-based projects. Bertram expects the evolution to continue to a point where one day, on-chain organisations mey be seen as a way to compete with nation states, amid the bureaucratic and legal processes involved in registering organisations.
“On-chain governance and capital formation could, in theory, dramatically reduce the complexity and cost of forming and operating organizations by moving these processes entirely into software rather than traditional jurisdictions guided by platforms like Tally,” he said.
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