So each time you execute a swap on Metamask you are required to pay a high fee, relatively speaking. Well, for paying that transaction fee, other than getting the trade executed, what do you get - NOTHING! Now, what if I told you there is a Metamask competitor out there in cyberspace that charges about half the fees Metamask does, is open-sourced, AND, all wallet fees (including swap fees) go to the community instead of a centralized for profit entity.
Yes friends, welcome to Tally-Ho, a wallet "built for users, and owned by the community" [Tally-Ho. Governance Overview. (Accessed July 23, 2022)]. This project has three awesome Core Community Values which are:
- Access over privilege
- Open source over restrictive licensing
- Community ownership over centralized profiteering
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Since its inception, it appears to be the Tally-Ho Teams intention to transfer governance of the project over to it's community. The timeline for this transfer of governance has been made clear by the Team in the 'Dog-umentation' provided on its website:
At the end of November, the Tally Ho source code was released as open source under the copyleft GPLv3 software license. In early December 2021, Tally Ho announced a Call for Delegates to get start building a community of users who are interested in being directly involved with governance. In mid-December, the Tally Ho Community Edition was launched - both to get community feedback and so you can see what we've been working on. In the near future, we will release a full-featured version of the Tally Ho Wallet, which will be launched as a DAO and completely owned by the community.
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For those unfamiliar with the term DAO: "A decentralized autonomous organization is an entity structure in which tokenholders participate in the management and decision-making of an entity. There is no central authority of a DAO; instead, power is distributed across tokenholders who collectively cast votes. All votes and activity through the DAO are posted on a blockchain, making all actions of users publicly viewable" [Reiff, N. Decentralized Autonomous Organization (DAO). (Accessed July 23, 2022)]. "The best DAOs share capital with their participants through a native token. You can also just simply buy it. If DAO succeeds, every token owner can sell it with a profit. Thus, the potential gains along with voting rights make possession of a DAO token much more valuable than having any other token" [Wasyluk, N. How to make money with DAO? Discover what promises DAO has to offer. (Accessed July 23, 2022)].
Getting back to the topic of fees. "In October 2020, ConsenSys launched in-wallet swaps on MetaMask. However, they began charging exorbitant service fees (as much as 1% per swap!), with none of the fees going back to the community (or, seemingly, product improvements). Over the last year, MetaMask’s in-wallet DEX aggregation made a cumulative $237 million in revenue from service fees charged to its users" [Anderson, C. and Moll, K. Introducing Tally Ho Swaps!. (Accessed July 23, 2022)].
Not so with Tally-Ho! Ultimately it will be up to the DAO what to do with the transaction fees collected by the community. Some of these fees most likely will be given in the form of dividend governance tokens to the existing DAO tokenholders. As of this date, Tally-Ho is collecting swap fees but the DAO has not launched. For this reason, Tally-Ho has "created a volunteer-led Community Multisig. The Tally Ho Multisig has been created for a single purpose: to safeguard Tally Ho Swap fees until the DAO treasury is live... After the DAO launches, the treasury will receive Swaps fees and the Community Multisig will act as the default 'emergency governance', which the DAO can accept or reject" [Haley, M. Community Multisig Deployed. (Accessed July 22, 2022)].
[The Tally Ho Community Multisig address is: 0x99b36fDbC582D113aF36A21EBa06BFEAb7b9bE12].
Additionally, a portion of the collected fees could go to funding public goods. "Tally Ho will create a DAO proposal to commit 2.5% of the total token supply to a Gitcoin Aqueduct, splitting the allocation evenly between funding general public goods and building the Tally Ho ecosystem" [Haley, M. Tally Ho Plans First Gitcoin Aqueduct to Automate Public Goods Funding & Ecosystem Building. (Accessed July 23, 2022).
FINAL THOUGHTS:
The Tally-Ho project promises a refreshing alternative to the industry stalwart Metamask. If interested, there are two ways to prepare for the launch of it's coming DAO:
- Find your 'dogpack' and become a part of the Tally-Ho Community by joining it's Discord channel by clicking here; and
- As a DAO requires community members to get involved with the governance of the project, apply to become a DAO Delegate or alternatively search your network to find potential delegates therein. You may apply to be a Delegate by clicking here.
Please take a moment to check out this worthy project, you will like what you see and ultimately your wallet will thank you.
[AUTHOR'S NOTE: This Article was first published on Publish 0x as a contest submission]