News Report Technology
June 21, 2024

Tally Introduces Tally Protocol For Liquid Staked Governance

In Brief

Tally plans to introduce the Tally Protocol that aims to maximize the value of the systems that token holders own and engage with.

Tally Introduces Tally Protocol For Liquid Staked Governance

Decentralized governance infrastructure Tally, CEO, and co-founder Bertram Dennison announced on the social media platform X that Tally is planning to introduce the Tally Protocol. This new protocol aims to maximize the value of the systems that token holders own and engage with.

This protocol aims to enhance the economic potential of governance tokens by introducing a liquidity layer for governance staking and restaking. Additionally, it seeks to optimize the distribution of voting power, thereby reinforcing the economic security of blockchain protocols.

The protocol operates by establishing a smart contract layer, enabling DAO token holders to mint Tally Liquid Staked Tokens (tLSTs). This facilitates earning incentives while preserving voting power and providing extra yield opportunities. Additionally, it supports governance staking by allowing users to stake their governance tokens with Tally and receive a tLST in return, which can then be utilized in restaking systems. The voting power linked to the governance token remains effective.

Additionally, it enhances DAO security by reactivating dormant voting power held in DeFi smart contracts and centralized exchanges. This is achieved by returning undelegated voting power to the DAO for redistribution. Undelegated tokens staked in the Tally Protocol are similarly returned to the DAO for redistribution. This process enables DAOs to retain control over their security, simultaneously improving token utility.

The Tally Protocol promotes effective governance by eliminating the need for token holders to choose between governance and financial utility. It requires token holders to delegate their tokens to an active participant to earn staking rewards, ensuring that voting power remains with engaged DAO voters. This enhances security against malicious attacks and prevents passive governance. Additionally, the protocol provides a transparent method for rewarding active delegates. The modularity of the protocol enables DAOs to experiment with new mechanisms for compensation.

To roll out this protocol, Tally collaborated with ScopeLift, a governance smart contract development team. ScopeLift developed the Unistaker and Flexible Voting, foundations upon which the Tally Protocol is developed.

What Is Tally? 

Tally offers tools and infrastructure for establishing and managing on-chain DAOs on Ethereum and other Ethereum Virtual Machine (EVM) networks. Protocols such as Arbitrum, Optimism, ENS, Uniswap, AAVE, and many others utilize Tally to share control over their critical smart contracts. On Tally, individuals have the option to delegate voting power, make and approve proposals for DAO funds, manage protocols, and upgrade smart contracts, all performed on-chain.

Currently, DAOs on Tally manage over $30 billion, and more than $661 million has been transferred on the platform since its launch.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

Hot Stories
Join Our Newsletter.
Latest News

From Ripple to The Big Green DAO: How Cryptocurrency Projects Contribute to Charity

Let's explore initiatives harnessing the potential of digital currencies for charitable causes.

Know More

AlphaFold 3, Med-Gemini, and others: The Way AI Transforms Healthcare in 2024

AI manifests in various ways in healthcare, from uncovering new genetic correlations to empowering robotic surgical systems ...

Know More
Join Our Innovative Tech Community
Read More
Read more
Binance Launches Zero-Fee Campaign For Auto-Invest Plans
Markets News Report Technology
Binance Launches Zero-Fee Campaign For Auto-Invest Plans
July 16, 2024
Crypto Exchange HTX Launches Seventh ‘Trade To Earn’ Event, Offering $2.1M USDT In Rewards
Markets News Report Technology
Crypto Exchange HTX Launches Seventh ‘Trade To Earn’ Event, Offering $2.1M USDT In Rewards
July 16, 2024
Bitcoin May Have Bottomed Out At $50,000, While Ethereum Could Reach $3,600 Before ETF Launch, Notes Andrew Kang  
Markets News Report Technology
Bitcoin May Have Bottomed Out At $50,000, While Ethereum Could Reach $3,600 Before ETF Launch, Notes Andrew Kang  
July 16, 2024
Crypto Exchange Bitget Lists Pixelverse And Enables Users To Stake USDT For PIXFI Mining On PoolX
News Report Technology
Crypto Exchange Bitget Lists Pixelverse And Enables Users To Stake USDT For PIXFI Mining On PoolX
July 16, 2024