Balancer 提议停止运营并向 BAL 持有者分配国库资产

Balancer DAO 正考虑有序清算

2026年9月14日，论坛用户 Marcus 发布了一项提案，建议解散 Balancer 并将国库资产分配给 BAL 持有者，同时设定了于 2026 年 9 月 25 日至 29 日进行的 Snapshot 投票。截至目前，该提案尚未获得批准。截至发稿时，BAL 价格徘徊在约 0.1116 美元附近，相关讨论正在治理论坛中进行。

核心要点

• Balancer 提议对协议进行有序清算。
• 提案内容包括将 DAO 国库以实物形式分配给 BAL 持有者。
• 目前尚未确定最终批准状态及分配条款；计划于 2026 年 9 月下旬进行 Snapshot 投票。

提案详情解析

根据 Balancer 治理论坛的信息，这份题为《[BIP-XXX] Balancer 有序清算及国库分配》的文件旨在提出关闭和资产分配的方案，而非报告已获批或已完成的关闭行动。该提案由公开的 Treasury Council 签名者 Marcus 发布。

此举延续了此前在遭遇黑客攻击后解散 Balancer Labs 的决定，当时这一决定重塑了协议的运营结构。当前的提案进一步将这一轨迹扩展至 DAO 及其国库本身。

拟议的清算范围

The plan stipulates that for pools that can be suspended, the extraction date is set at October 30, 2026, and the recovery mode is enabled if necessary. Pools that cannot be suspended will continue to operate, and if the contract allows, the agreement fee will be set to zero.

Marcus bluntly described the DAO's operations, saying he "sees no funding path that can change this." The authors report that monthly expenditures were approximately $150,000, while agreement revenue in August was only approximately $30,000 (down from $97,000 in June), plus a monthly treasury gain of approximately $25,000. These figures are estimates of the proposal rather than exact figures after the audit.

Proposal status and reasons

The proposal schedules a Snapshot vote from September 25 to 29, 2026, with a quorum of 5 million BAL. Before the vote is passed, the liquidation action and related fund transfers will be suspended. If the proposal is approved, the previously established BIP-919 repurchase plan will be cancelled. The repurchase plan had stipulated that within one year after Snapshot, the repurchase limit would be 35% of the treasury's holdings through a 12-week window period.

Previous frameworks have caused concerns among integrators. On March 24, 2026, Tetu founder Belbix pointed out that "structural asymmetry exacerbates this situation" and compared Aura's exit option with tetuBAL's permanent locking mechanism. This is a reaction to a previous tokenics reorganization, not a September liquidation plan.

“结构性不对称加剧了这一局面。” —— Tetu 创始人 belbix，2026年3月24日，关于早期 BIP-919 代币经济学重组

国库分配对 BAL 持有者的意义

作者估计，按当时的代币价格计算，管理的国库至少价值 900 万美元，此外还有更多 DAO 资产正在清点中。可分配的基数将在第一轮开放时的区块进行测量和审计，因此该估算值仅为最低限度，并非保证的支付池。

提案·待决投票：管理的国库估算

至少 900 万美元

这是提案作者基于 2026 年 9 月 14 日当时代币价格进行的估算。这并非经审计的支付池或保证的赎回价值。可分配的基数将在第一轮开放时进行测量和审计；排除用于赔偿受影响流动性提供者的攻击追回款项。来源：Balancer 治理论坛。

BAL 持有者资格

资格认定和分配分母将在快照开放时固定。分母不包括国库中的 BAL、国库头寸持有的 BAL、BLabs 归属安全钱包以及 BLabs 融资安全钱包中的 BAL。

tetuBAL has a specific stripping process. It is considered an immutable permanent lock, with the holder and underlying BAL number fixed in blocks at the time of proposal release. During the first round of opening, these holders will receive Treasury BAL equivalent to half of the measured bottom BAL and can be redeemed. Allocation is only proposed here, and the specific payout per token is not defined.

Allocation Amount and Process

If approved, the first round will open at the end of May 2027 and last for six months until the end of November 2027. Eligible holders will burn BAL to obtain pro-rata treasury physical assets. The second round will airdrop unused budgets, subsequent arrivals and unredeemed shares to the first round of redeemors within two months after the end of the first round (the timetable shows the end of January 2028), with the proportion based on the amount of redemption in BAL. The final cleanup is planned for the end of July 2028.

The key is that recovered funds from the attack belong to the affected liquidity providers and are excluded from treasury allocations, including recovered funds held in DAO-controlled addresses. This distinction is critical given the bounty offered by Balancer after its DeFi breach, as the funds are earmarked for LPs, not BAL redeemors.

The proposed operating budget is US$150,000 from November 1 to May 2027, and US$30,000 per month thereafter until final liquidation, with a reserve of US$220,000 (to be used only when needed), with a total cap of US$400,000. Expenditures before October 31 remain subject to BIP-918.

提案·待决投票：拟议清算预算上限

40 万美元

需获批准：2026 年 11 月 1 日至 2027 年 5 月为 15 万美元，此后直至最终清理为 3 万美元，以及仅在需要时动用的 22 万美元备用金。10 月 31 日之前的支出仍受 BIP-918 约束。来源：Balancer 治理论坛。

仍需确认的细节

该计划是一项提案，而非已完成的操作。它需要先经过 Snapshot 投票并达到 500 万 BAL 的法定人数，任何清算步骤或资金调动才会开始，且明确指出这些行动需等待投票结果。

几个执行里程碑仍未解决。实施规范需在 2027 年 2 月底前提交以供评论，索赔合约必须在第一轮之前经过审计，任何分配规则的变更都需要再次投票。提案还指出，法律实体必须根据管辖法律自行执行关闭程序，如有冲突，以法律为准并向持有者报告。

一些次要报道将回购描述为已取消或暗示了固定的赎回价格；这些均未确立。实际权益取决于代币价格、费用、排除持有的资产、追回款项以及未来的快照。更广泛的市场背景保持稳定，加密货币恐惧与贪婪指数为 57，处于“贪婪”区间。

接下来关注什么

The Snapshot vote from September 25 to 29 is the first hard threshold. If approved, it will trigger an October 30 withdrawal-only date when the pool can be suspended, followed by a February 2027 specification deadline and the first round of opening at the end of May 2027.

Disclaimer : This article is for reference only and does not constitute financial or investment advice. There are significant risks in the cryptocurrency and digital asset markets. Be sure to conduct your own research before making a decision.