by @Guaaronnnn
editor @FriedWagyuu

Part I. About Tally Ho

Introduction

Tally Ho is a free, open-source Web 3 wallet built and operated by the same people who use it. Tally Ho aims to be a community-owned wallet with user sovereignty, privacy, and freedom — three key elements of decentralization.

Why Tally Ho?

The story began when ConsenSys moved MetaMask from open-source software to a proprietary license in August 2020. As a response to the monopoly and high swap fees, engineers behind Tally Ho started to build a community-owned Web 3 wallet. They have taken steps like GPLv3 to ensure that Tally Ho starts open-source and stays open-source. Under GPL:

• Tally Ho will always be open-source
• Remain composable
• Any project that uses Tally Ho’s codebase must also be open-source
• Tally Ho DAO will have a say

Features

From the beginning, the developers have been slowly adding new features to Tally Ho. From a simple wallet with basic functions to a wallet with more features than MetaMask, Tally Ho have:

• In-wallet swaps
• Ledger support
• Advanced fee selection
• NFT support
• Standard wallet settings like connecting to Testnets or custom RPC
• Account management features — including seed imports from any wallet, account customizations, and seed reveals
• and more to be built…

Probably now you are thinking: that’s not a lot of functions compared to MetaMask. However, one thing worth knowing is that Tally Ho wasn’t a fork from MetaMask. Instead, Tally Ho was constructed fully from scratch.

Any Chance for Vampire Attacks?

Vampire attacks happen when one protocol or platform sets out to lure users away from another by offering rewards. The famous vampire attacks are SushiSwap attacking Uniswap and LooksRare attacking OpenSea. In Tally Ho’s case, of course, the new wallet is aiming for MetaMask. Tally Ho claims MetaMask is pretty Web 2 for a couple of reasons:

• Cap table includes companies like Mastercard and JPMorgan
• Stopped being open-source
• Blocked users in certain geographic regions
• Huge fees from in-wallet swap which doesn’t go to users at all

Tally Ho plans to do a fair launch of the new DAO structure to provide incentives for users to drop MetaMask and to bring them to Tall Ho permanently. The fees generated from in-wallet services will be for the community and to be used by the community.

Risks Related

Security Risk: despite Tally Ho’s codebase being open-source and going through several audits. It still takes time to prove. After all, MetaMask has launched six years ago.

Final Thoughts

There are lots of competitors in the wallet field, but not many of them are community-owned and open-source. Many great protocols were launched during the bear market and thrive when the bull market comes. Tally Ho can be one of them.

Things in Tally Ho are transparent (treasury, developer tool, DAO structure, etc). They have weekly community calls with different guests. Features are kept added and made available for users.

My concern is even though the coming vampire attack works well, Tally Ho can take a tiny part of MetaMask’s users. It would be difficult for Tally Ho to flip on MetaMask for the reasons below:

• MetaMask has been the main entry for people jumping into the rabbit hole.
• MetaMask has launched six years ago, it proved itself in terms of safety, safety is always the priority to store assets.
• Tally Ho’s wallet features are not significantly different from MetaMask. Users care about safety more than features.
• The biggest selling point of Tally Ho is a community-owned wallet, the in-wallet swap fee with go back to the community and users. However, if users have concerns about its safety, users would not want to use Tally Ho and its in-wallet swap. The flywheel effect may not work with thin revenue.

Part II. Market Updates

Samsung Slates Crypto Exchange Launch in South Korea
Samsung’s investment arm is eyeing the launch of its cryptocurrency platform. Samsung Securities is one of seven domestic brokerages looking to start operating a crypto exchange in the first half of next year.

FTX Posted $1 Billion in Revenue Last Year
Sam Bankman-Fried’s crypto exchange FTX posted $1.02 billion in revenue last year, jumping 1,000% from $89 million in the prior year. FTX also posted a net income of $388 million in 2021, up from just $17 million in 2022, the documents showed.

Despite US Sanctions, Tether Continues To Support Tornado Cash
Tether’s Chief Technology Officer, Paolo Ardoino, told the publication that Tether has yet to be approached by U.S. officials or law enforcement with a request to freeze transactions with Tornado Cash.

Telegram CEO Proposes Auctioning Usernames, Links As NFTs
Telegram CEO Pavel Durov has proposed bringing its platform usernames and channel links to market as NFTs. Durov suggested that millions of reserved Telegram addresses could be auctioned as assets on the blockchain.

Crypto ATM Operator Bitcoin Depot to List on Nasdaq in $885M SPAC Deal
Bitcoin Depot, the world’s largest operator of crypto ATMs, plans to go public with a listing on Nasdaq by merging with special purpose acquisition company (SPAC) GSR II Meteora at an estimated value of $885 million.

Part III. Fundraising News

Thirdweb — Crypto developer platform
Raised $24M in a series A funding round at a $160M valuation led by Haun Ventures. Other investors include Coinbase, Shopify, Protocol Labs, Polygon and Shrug VC.

Spectral — Сredit risk assessment infrastructure
Raised $23M in a funding round led by General Catalyst and Social Capital. Other investors include Samsung, Gradient Ventures, Section 32, Franklin Templeton, Circle Ventures and Jump Capital.

Ready Player Me — Metaverse avatar creator
Raised $56M in series B led by a16z.

Unlockd — NFT-backed loan protocol
Raised $4.4M in a seed funding round led by Blockchain Capital. Other investors include Sfermion, Spartan Group and Play Ventures and others.

Primitive — DeFi infrastructure developer
Raised $9M in a series A funding round led by Bain Capital Crypto. Other 1Confirmation, Nascent and Robot Ventures.

Reference

https://blog.tally.cash/
https://tallycash.notion.site/tallycash/A-wallet-built-for-users-by-users-8eb72b8d6fce4dd597706002afa922fe

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