Tally Launches Tally Protocol Focused on Liquid Staked Governance

Infrastructure for decentralized governance Tally On a recent post on social media platform X, CEO and co-founder Bertram Dennison shared that Tally is gearing up to reveal the Tally Protocol. This pioneering protocol is intended to amplify the value of the various systems that are owned and utilized by token holders.

This protocol is intended to boost the economic capabilities of governance tokens by adding a layer of liquidity for governance staking and restaking. Moreover, it aims to enhance the allocation of voting power, subsequently strengthening the economic resilience of blockchain systems.

The protocol functions by creating a smart contract layer that allows DAO token holders to mint Tally Liquid Staked Tokens (tLSTs). This facilitates the accrual of rewards while maintaining voting privileges and presenting additional yield options. Furthermore, it supports governance staking by enabling users to stake their governance tokens with Tally in exchange for tLSTs, which can then be used in restaking processes, maintaining the voting influence associated with the governance token.

In addition, it strengthens the security of DAOs by reactivating unused voting power that resides in DeFi smart contracts and centralized exchanges. This is accomplished by reallocating undelegated voting power back to the DAO for redistribution. Tokens that are undelegated and staked within the Tally Protocol are also returned to the DAO for further distribution. This approach allows DAOs to maintain control over their security while simultaneously enhancing the utility of their tokens.

We're excited to announce a significant leap in on-chain governance: The Tally Protocol.

The Tally Protocol fully realizes the potential inherent in the systems that token holders both own and actively engage with.

The Tally Protocol reveals the economic opportunities within governance tokens by offering a... pic.twitter.com/xtAqIH6y7m

--Dennison can be found on farcaster (@DennisonBertram) June 20, 2024

The Tally Protocol fosters effective governance by removing the dilemma for token holders between governance responsibilities and financial benefits. It necessitates that token holders delegate their tokens to active participants to gain staking rewards, thereby ensuring that the voting authority stays with engaged voters. This increases protection against malicious threats and discourages passive governance practices. Additionally, the protocol implements a clear and fair system for rewarding proactive delegates. Furthermore, its modular structure allows DAOs to test out novel compensation methods. DAO For the implementation of this protocol, Tally partnered with ScopeLift, a team specializing in governance smart contract development. ScopeLift has pioneered both the Unistaker and Flexible Voting, which serve as the foundational elements for the Tally Protocol.

Tally provides an array of tools and infrastructure aimed at creating and managing on-chain DAOs on Ethereum and other networks compatible with Ethereum Virtual Machine (EVM). Various protocols leverage Tally to coordinate control over their essential smart contracts. Users on Tally have the capability to delegate their voting power, initiate and ratify proposals concerning DAO funds, oversee protocols, and upgrade smart contracts, all performed on-chain.

What Is Tally? 

At present, DAOs using Tally manage in excess of $30 billion, with over $661 million transacted on the platform since its inception. Arbitrum , Optimism, ENS, Uniswap, AAVE Please be aware that the information available on this page is not meant to serve as legal, tax, investment, financial, or any other form of advice. It’s crucial to only invest funds you can afford to lose and to seek individual financial advice if you have uncertainties. For more details, we recommend reviewing the terms and conditions as well as the support resources provided by the issuer or advertiser. MetaversePost is committed to delivering accurate and impartial reporting, although market conditions can shift rapidly without prior notice.

Alisa, a passionate reporter at Cryptocurrencylistings, focuses on cryptocurrency, zero-knowledge proofs, investments, and the vast arena of Web3. With a sharp eye for emerging trends and technologies, she offers thorough insights aimed at enlightening and engaging readers amid the continuously evolving digital finance landscape.