Tally Unveils New Liquid Staked Governance Protocol
June 20 2024 - 9:30AM
Business Wire
Token holders will be able to stake in the
Tally Protocol and receive a Tally Liquid Staked Token (tLST) that
earns rewards, can be used for financial utility anywhere in
crypto, and allows them to maintain their governance power
Tally, the premier on-chain governance platform, today announced
the Tally Protocol. The Tally Protocol makes it easy for governance
token holders to take advantage of opportunities to earn staking
and restaking rewards while maintaining their voting rights and
liquidity. The protocol offers a powerful solution for DAOs seeking
to engage and incentivize their token holders while ensuring the
long-term sustainability of their communities.
“DAOs are an essential piece of on-chain infrastructure,” said
Tally Chief Executive Officer Dennison Bertram. “Fixing the
incentives in governance benefits both DAO token holders and
delegates. This strengthens security and rewards the people and
organizations who do the hard work of governance. We are thrilled
to be building this crucial piece of infrastructure with the Tally
Protocol.”
The protocol comes with several key features:
- DAO Alignment: While the Tally Protocol governs the tLST
protocol layer, each tLST is owned and controlled by its respective
DAO. This allows DAOs to set and adjust key parameters ensuring
alignment between the protocol and the DAO.
- Governance Restaking: Governance token holders can stake
their governance tokens with Tally and receive a liquid staked
token in return that can be deposited in restaking systems. The
Tally Protocol ensures the voting power associated with restaked
governance tokens is delegated to active, DAO-aligned
contributors.
- Standardized Token Design: The protocol generates
uniform, standardized tLSTs that simplify integration for third
parties such as exchanges and custodians, promoting adoption and
liquidity.
- Modularity: The protocol supports various staking
mechanisms and abstracts the underlying staking contracts via
modules, allowing DAOs to experiment with different designs that
suit their specific needs.
- Voting Power Redistribution: For tLST token holders that
choose not to delegate their voting power, the protocol returns
undelegated voting power to the DAO for redistribution to active
delegates. Tokens that are locked in DeFi or restaking services
automatically return their voting power to the DAO.
- Optimized Governance: Token holders have a financial
incentive to hold their delegates accountable for effective
governance.
- Fee Distribution: Protocol fees are shared among Tally,
DAO delegates, and rebalancers (who manage the interface between
tLSTs and underlying staking contracts) in a fair and aligned
manner, creating a sustainable ecosystem.
The protocol's modular design and open architecture create a
strong foundation for future innovation. As cryptocurrency and the
blockchain industry continue to mature, new staking designs are
bound to emerge with the participation and investment of large
institutions. The Tally Protocol’s robust infrastructure is built
to grow with the industry, enabling the future of safe, valuable,
and decentralized digital governance.
The Tally Protocol will go live in the summer of 2024. To learn
more, please visit www.tally.xyz.
About Tally:
Tally is the premier destination to run a Decentralized
Autonomous Organization (DAO). Designed for operators, voters, and
delegates, Tally powers L2s, protocols, treasuries and public goods
with $20B+ of DAO assets and 200k+ delegations since inception.
More than a governance service provider, Tally evangelizes your
ecosystem to drive governance innovation.
To learn more, please visit www.tally.xyz.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240620825764/en/
Media Contact KCD PR for Tally tally@kcdpr.com