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BAL Snapshot Voting and Liquidation Schedule
@Balancer has released a governance proposal that aims to completely terminate the operation of the agreement and return remaining assets in the treasury to $BAL holders. Snapshot voting will be held from September 25 to 29, with a quorum requirement of 5 million $BAL pieces. The outcome of this vote will determine whether the project moves forward with an orderly closure process despite years of financial pressure.
According to the plan, all Balancer funds pools will enter the "withdrawal only" stage from October 30, 2026. The work of official contributors will officially end the next day, October 31.
The proposal, written by Marcus Hardt and posted to the Balancer Governance Forum, cancels the repurchase program approved by BIP-919 in April and replaces it with a "destroy tokens to redeem shares" structure. Under the new plan,$BAL holders will need to destroy the tokens they hold to obtain the remaining assets in the agreement treasury on a pro rata basis.
Theproposal requests a total liquidation budget of US$400,000: US$150,000 from November 2026 to May 2027, US$30,000 thereafter until the final liquidation stage, and an additional US$220,000 (used only when necessary).
The redemption process is divided into two rounds and a final sweep stage. The first round will be open at the end of May 2027. The specific date will be based on the announced and audited snapshot blocks, and will last for six months until the end of November 2027. During this period, holders can destroy $BAL in exchange for a corresponding share of assets held by the DAO. The second round will be held within two months after the end of the first round, at the end of January 2028, in the form of airdrops to addresses where redemption was completed in the first round. Addresses that did not participate in the first round will not receive any assignments.
This schedule is designed to coincide with the expiration of the veBAL lock. The proposal clearly states that $BAL itself will not participate in this allocation, and redeemors will receive other assets held by the DAO and distribute them in actual proportions.
A historical review of declining income and difficult conditions
The data behind the proposal is shocking. Monthly operating costs are about $150,000, while agreement revenue in August was only about $30,000, well below the $97,000 in June. According to Treasury Administrator Kpk, the treasury assets under management at the current market value are at least US$9 million. CoinGecko data shows that the market value of $BAL is US$7.71 million, which means that the current value of the treasury exceeds the entire token supply.
The November 2025 vulnerability caused the Balancer v2 pool to lose approximately US$110 million in digital assets, causing serious reputation and liquidity damage to the agreement, and has not yet fully recovered. Balancer Labs, the entity that incubated and funded the agreement, subsequently announced that it would cease operations.
Previously, the reorganization through BIP-918 consolidated all operations into Balancer OpCo Limited, streamlined the team size to 12.5 full-time equivalents (FTE), and set the annual operating budget at US$1.9 million, a 34% decrease from previous levels. The plan also sets a review trigger: if the DAO's monthly revenue falls below $60,000 for three consecutive months, a review will be initiated. The current proposal is based on this early triggered review.
As the proposal stated in the forum: "Continuing on the current path will only allow the treasury to reach the same end in the future with fewer resources." Funds recovered from the attack are still distributed to affected liquidity providers and do not participate in this allocation. In addition, another group of contributors is working on a proposal to try to keep the underlying infrastructure running under a new name.
