Tally Secures $8 Million in Series A Funding for DAO Governance Expansion
Tally has raised $8 million in Series A funding to enhance its governance technology for decentralized autonomous organizations (DAOs). The Tally Protocol supports on-chain governance for major protocols like Arbitrum and Uniswap DAO.
- Tally aims to simplify the establishment and operation of DAOs, potentially reducing reliance on traditional legal frameworks.
- The funding will address low voter participation in DAO governance, exemplified by the controversial goldCOMP proposal within CompoundDAO.
- To improve engagement, Tally is introducing staking mechanisms that reward active governance participants with Tally Liquid Staked Tokens, which provide yields while maintaining voting rights.
- Recent regulatory clarity in the U.S. is expected to increase institutional involvement in DAOs.
- This funding round was led by Appworks and Blockchain Capital, with BitGo also participating.
- Tally previously raised $7.5 million in 2021.