Crypto governance solution Tally is shutting down after more than five years in operation, according to an announcement on Tuesday. 

The startup had been planning an initial coin offering before deciding not to move forward, Tally CEO Dennison Bertram said on X. 

"After going through nearly the entire process, we came to the conclusion that it didn’t make sense in the current market," Bertram wrote in a farewell post on X. "More importantly, we weren’t confident that we could fulfill the promises we would be making to token holders if we sold them tokens."

Noting a few highlights from Tally’s run, Bertram noted over $1 billion in payments flowed through its infrastructure. The platform also garnered over 1 million users and hundreds of organizations, which turned to its infrastructure to help run their governance systems. 

Indeed, some of the largest and most recognizable Ethereum-based applications and protocols like Uniswap and Arbitrum used Tally. 

Bertram noted Tally was guided by the so-called "infinite garden" vision of Ethereum, or in other words, "a diverse ecosystem of protocols and communities that needed sophisticated coordination and governance infrastructure."

However, "That future hasn’t materialized," he added. Or at least, it may have been premature, he suggested. 

"The simplest way to say it is this: there isn’t a venture-backed business in governance tooling for decentralized protocols, at least not yet," Bertram said.

The governance app will start winding down at the end of this month. The team has already begun working with enterprise clients to create continuation plans, noting "the interface will remain live for some time while those transitions happen."

"I’m incredibly proud of what we built, proud of the team and proud of the organizations we worked with. And I’m proud of the role we played in defending and supporting DeFi when the ecosystem needed it most. Tally may not be part of crypto’s future, but we were part of its story," Bertram said.