Tally seeks to improve decentralized governance of DeFi protocols
While the DeFi space has enjoyed rapid growth over the past couple of years, there are still a lot of challenges that need to be addressed for the sector to reach its full potential. One such challenge is devising effective, accessible and fair models for governing DeFi protocols.
Decentralized governance
In the rapidly changing DeFi world, the decentralized governance model is key for determining how DeFi protocols operate, evolve and grow. What Tally has identified is that the way the model has been implemented across different protocols is not clearly communicated and does not produce optimal results. Tally is looking to change that by creating effective tools designed to strengthen token holders’ ability to make the right decisions based on relevant data. To achieve this, Tally is developing a comprehensive suite of products comprising a voting dashboard for various DeFi protocols, governance tooling, real-time research and analysis tools and other resources. Tally believes that these tools will strengthen the decentralized governance model by boosting the importance of governance tokens and helping their holders be more involved with the process of deciding the future of a particular DeFi protocol.
Another issue hindering participation in the governing process stems from the high gas fees on Ethereum, which can make voting quite pricey. Together with LimeChain, Tally is working to mitigate that problem, as well.
LimeChain’s involvement
With their vision nailed down, Tally only needed an experienced and capable blockchain developer that could lend a hand to Tally’s in-house development team. LimeChain’s proven track record and ability to complete challenging projects positioned our company as the perfect candidate for the job. A major advantage for us was our team’s experience in working with The Graph – an ambitious project that aims to build an indexing and query layer for the decentralized web.
“Having known LimeChain for a while, we were well aware of LimeChain’s impeccable reputation within the Ethereum community, their great proficiency in Solidity and remarkable ability to handle challenging projects,” says Tally founder Dennison Bertram. “In addition, their experience in working with The Graph’s novel technology was simply ideal for our needs.”
From the beginning, we were able to easily gel with Tally’s team and establish a great foundation for a productive collaboration. We deployed a dedicated team to work with Tally and the teams maintained regular communication to ensure a smooth development process.
Our responsibilities on the project included testing and auditing ‘subgraphs’ – open APIs built with The Graph’s technology that index relevant blockchain data and can be queried using GraphQL.
We also worked on developing smart contracts that manage gas refunds, helping to make DeFi governance more affordable.
The future
With the case for DeFi becoming stronger by the day, it also needs to be communicated clearly to as many people as possible. By making the process that underpins the sector more approachable, Tally is helping to get people to be more actively involved with DeFi, which in turn helps the space to remain vibrant and thriving.
Currently, Tally’s main focus is on DeFi protocols using Compound-like governance models. LimeChain is looking forward to supporting Tally’s further expansion in the DeFi space.