Decentralized autonomous organizations (DAOs) have been around as long as crypto, and community governance of DAOs takes many forms. But as the value of many high-profile protocols has increased rapidly in recent years, the quality of DAO governance varies widely. Aside from the gigantic value of crypto at stake, we believe governance will be critical to the long-term success (or failure) of many projects.
For example, the Uniswap community treasury is estimated to be worth more than $10B at the time of this writing. Compound and Tezos also have hundreds of millions in their treasuries, and there are many others, and more to come. And yet, while DAOs now control many billions of dollars across the crypto ecosystem, community input and governance vary widely across projects. Compound and UNI are two examples of what most would consider relatively transparent and well-managed governance today, but many others have disjointed and opaque governance, even if they aspire to do better. The information required for investors to create, vote, and govern protocols is hard to find and difficult for the average token holder to understand. Tally is building both open source tooling and user-facing front-ends to make governance easy for protocols and participants alike, and we believe will set the standard for good governance across the crypto ecosystem in the years to come.
Today Tally is launching its first beta product, which is the best place to create and vote on proposals that govern leading DeFi protocols. The site brings transparency to on-chain governance by showing who the participants are and how they vote. Plus, it has email alerts for token holders to stay up-to-date on new proposals. The site supports DeFi projects like Compound, Uniswap, Indexed Finance, PoolTogether, Radicle, Idle Finance, Inverse Finance, and Unslashed Finance. Fei Protocol will join next week. And many more are on the way.
In the years to come, we believe strong community governance won’t be considered a nice to have, but absolutely critical to a project’s success, and we believe Tally has the opportunity to create that standard, increasing the odds of success for both mature and new protocols, and greater participation and inclusion for token holders of all levels of sophistication. We’re excited about Tally not just because we believe good governance products will be valuable, but because we believe Tally will make the entire crypto ecosystem more valuable. And that’s something worth voting on.
