Tally, a leading provider of on-chain governance tooling, has secured $8 million in Series A funding to expand its governance technology for crypto-native decentralized autonomous organizations (DAOs). Tally is most recognized for its Tally Protocol, which enables top protocols to effectively manage on-chain governance for their DAOs, including well-known platforms like Arbitrum, Uniswap DAO, ZKsync, Wormhole, Eigenlayer, Obol, and Hyperlane.

“We have developed a comprehensive software suite for operating these on-chain organizations,” stated Dennison Bertram, CEO and co-founder of Tally Protocol. “We can support you from concept to token launch, membership distribution, and protocol value accrual.”

Initially designed as a DAO governance tool, the platform has now become the most widely adopted software stack for on-chain organizations across Ethereum and Solana blockchains.

Bertram believes that on-chain governance and capital formation could streamline organizational processes by using software instead of traditional jurisdictions. He envisions that in the future, on-chain organizations could offer competition to nation-states by simplifying the registration and operation process through platforms like Tally.

To address the issue of low voter turnout and apathy in DAO governance, Tally plans to use the Series A funding. The goal is to incentivize active participation in governance by introducing staking mechanisms that reward participants economically with Tally Liquid Staked Tokens (tLSTs) for voting within DAOs.

The recent regulatory clarity and changing attitudes towards crypto governance in the U.S. have opened doors for more institutional involvement in DAOs, according to Bertram. As a result, Tally aims to play a crucial role in advancing decentralized governance and providing greater economic value to token holders by rewarding engaged participants.

The Series A funding round was led by Appworks and Blockchain Capital, with BitGo and others participating. This funding follows Tally’s previous fundraising rounds of $7.5 million in 2021 across two rounds.

Tally is focused on expanding its original vision and demonstrating the effectiveness of on-chain governance for large organizations. With the increasing acceptance of crypto in driving future value, Tally aims to extend its reach beyond the crypto space and become a fundamental element in creating new organizations.