Gate News: On March 18, Ethereum governance solution Tally announced its closure after operating for more than five years. Tally CEO Dennison Bertram posted on X platform stating that the company had planned an initial coin offering but, after going through the process, believed it was not meaningful in the current market environment. More importantly, they could not be confident that they could fulfill their promises to token holders after the issuance. Bertram pointed out that there is currently no venture-backed business model supporting governance tools in the decentralized protocol space. The governance app will begin gradually shutting down at the end of this month. The team is working with enterprise clients to develop a transition plan, and the interface will remain operational during the transition. It is reported that Tally’s infrastructure handled over $1 billion in payment transactions, with more than 1 million users and hundreds of organizational clients, including well-known Ethereum applications and protocols such as Uniswap and Arbitrum.
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