The Ethereum governance solution Tally will begin to be phased out at the end of this month.

PANews reported on March 18th that Tally, an Ethereum governance solution, has announced its closure after more than five years of operation. Tally CEO Dennison Bertram stated in a post on the X platform that the company had planned an initial coin offering (ICO), but after going through the process, they concluded it was pointless in the current market environment. More importantly, they were unsure if they could deliver on their promises to token holders after the offering. Bertram pointed out that there is currently no venture-backed business model in the decentralized protocol governance tool space. The governance application will begin a phased shutdown at the end of this month, and the team is working with enterprise clients to develop transition plans. The interface will remain operational during the transition period.

Tally's infrastructure reportedly processes over $1 billion in payment transactions and has over 1 million users and hundreds of organizational clients, including well-known Ethereum applications and protocols such as Uniswap and Arbitrum.