Tally, a governance platform serving over 500 decentralized autonomous organizations (DAOs) including Uniswap (UNI), Arbitrum (ARB), and ENS, has officially announced it will cease operations after six years.
Tally's CEO Dennison Bertram stated that the decision was made due to the changing regulatory environment in the United States.
Bertram pointed out that the stricter regulatory stance under former SEC Chairman Gary Gensler and the current Biden administration had prompted crypto projects to shift towards DAO-based decentralized models to avoid legal risks. However, the current relatively lenient regulatory environment seems to have reduced market demand for DAO governance, thereby impacting the market appeal of governance tools like Tally.
“Tally will not conduct an initial coin offering (ICO). After completing nearly all preparatory work, we believe that conducting an ICO under the current market conditions is not appropriate. More importantly, we are uncertain whether we could fulfill our commitments to token holders if we were to sell tokens.”
Bertram added, “After more than five years of operation, Tally is set to close. This is not an easy decision, but we believe it is the right choice.”
During Tally's operation, Dennison Bertram highlighted several significant achievements of the platform. It has processed over $1 billion in payment transactions, served over a million users, and millions of token holders have participated in address governance through the platform.