Tally, a governance platform used by more than 500 DAOs including Uniswap (UNI), Arbitrum (ARB), and ENS, announced it will cease operations after six years.
Tally CEO Dennison Bertram stated that the decision was made due to the changing regulatory environment in the United States.
Former SEC chairman Gary Gensler and the stricter SEC stance under Joe Biden pushed projects toward DAO-based decentralization to mitigate legal risk, while the current more relaxed environment has reduced demand for DAO governance and, consequently, governance tools like Tally.
“Tally will not be proceeding with the ICO. After completing almost the entire process, we concluded that it wouldn’t make sense under the current market conditions. More importantly, we weren’t sure we could fulfill the promises we would make to token holders if we sold them.”
After more than five years, Tally is closing. This wasn’t an easy decision, but it was the right one.”
Bertram highlighted some key achievements of Tally during its operation, noting that over $1 billion in payment transactions have been processed through the Tally infrastructure, more than one million people use Tally, and tens of millions of token holders participate in address governance through the platform.
*This is not investment advice.
