Balancer在重组未能恢复收入后考虑缩减规模

Balancer 提出清算协议：重组未能恢复增长，DAO 将逐步关闭

作为基于自动化做市商机制的最知名去中心化交易所（DEX）之一，Balancer 提议终止其协议的运营。此前，在遭受黑客攻击后的重组努力未能恢复足够的收入以维持增长，导致这一决定。

Balancer Labs 首席执行官 Marcus Hardt 表示，他低估了今年 11 月发生的一起涉及 1.28 亿美元的黑客攻击事件对用户体验和流量造成的持续负面影响。该计划由 Hardt 于周一发布在 Balancer 的治理论坛上，旨在分阶段关闭协议，并将目前价值超过 900 万美元的剩余国库资金分配给 BAL 代币持有者。

此提案紧随 Balancer Labs 今年 3 月的早期决定之后。当时，团队转向更精简的运营模式，同时继续支持协议的基础设施。

核心要点

• 协议转型：Balancer 的治理提案将使协议过渡到以“仅提取”为特征的最终状态，并逐步关闭去中心化自治组织（DAO）。
• 收入低迷原因：提案指出，由于与旧版 v2 稳定池相关的 11 月黑客攻击事件，用户采用率受到持续拖累，导致收入恢复乏力。
• 战略局限：Although Balancer Labs had previously reorganized to cut costs, Hardt pointed out that the revenue side of the strategy fell short of expectations-revenue from the v2 version fell, and revenue from the v3 version failed to fill the gap.
• Allocation Schedule: Treasury allocation is expected to begin in May 2027, followed by additional payment rounds, and final liquidation in a few months.
• Voting Arrangements: BAL holders will vote on the closure plan in a snapshot voting window from September 25 to 29.

Why Balancer is moving towards closure

Hardt's proposal positions the closure as the next step after a restructuring that focuses on cost cutting. According to Hardt, Balancer Labs 'reorganization in March this year and subsequent streamlining of its structure achieved expected operational changes-reducing costs and delivering some products to token holders-but failed to generate enough revenue to justify continued comprehensive development and commercial support.

Hardt pointed out in a statement on the X platform that "the majority of revenue from the protocol still comes from the v2 version," and revenue growth from the v3 version is not enough to make up for the gap. He summed up the results as a product that "worked properly but not sold in sufficient quantities," attributing the problem more to economic aspects than technical failure.

Hardt 将收入的疲软与 11 月黑客攻击事件的长尾效应联系起来。DefiLlama 数据显示， incident 发生后，Balancer 的月度协议收入急剧下降：从 10 月的 113 万美元降至 11 月的 37.1 万美元。DefiLlama 的数据还显示，收入在 2026 年继续保持下行趋势，其中 8 月收入仅为 56,781 美元。

虽然这次黑客攻击影响了旧的 v2 可组合稳定池，但 Hardt 强调，该事件的名声和声誉影响仍然波及到了 v3 的讨论中，使得建立用户基础变得更加困难。他在治理论坛帖子中表示，2025 年 11 月的黑客攻击“击中了旧版 v2 池”，尽管 v3 使用不同的架构，但他承认自己低估了“该事件将持续限制采用的程度”。

拟议的关闭流程

治理文件概述了下个月开始的阶段性方法。新业务的开发将立即停止，流动性提供者将有直到 10 月 30 日的时间准备退出协议。在此期间，计划根据池子是否可以暂停来进行区分处理。

对于可以暂停的池子，将被移至“仅提取”模式。对于无法暂停的池子，它们将继续运营，但在合同允许的情况下，协议费用将设为零。这种结构旨在保留用户的退出路径，同时减少可能进一步消耗国库的持续协议经济活动。

Starting November 1, Balancer will run only the minimum infrastructure needed to support extractions, and the DAO will be closed with a smaller team responsible for the transition. The proposal specifically sets aside up to $400,000 for the closure process.

Treasury Allocation Plan for BAL Holders

According to the proposal, BAL holders will receive the remaining treasury assets on a pro-rata basis. The first allocation is scheduled for May 2027, when holders will destroy their BAL tokens in exchange for their share of treasury assets.

Hardt's plan also includes next steps: the second distribution will return unused closure funds and assets not claimed in the first distribution, with a "final liquidation" six months later. The governance process also anticipates operating costs, which will be deducted from the allocated budget.

Hardt opposed postponing the closure, arguing that continuing on the current path would consume treasury resources without changing the final outcome. In his view, the core question is whether the remaining treasury will be sufficient to maintain substantial size and ultimately reach the holders, rather than being exhausted by additional costs on a proven timeline.

Governance vote and failure consequences

This closure requires approval from the BAL holder. The proposal stipulates that a snapshot vote will be held from September 25 to 29. If token holders reject the plan, Balancer will maintain the existing operating framework, meaning the agreement will not transition to the extraction-oriented shutdown state described in the proposal.

在此次投票之前，市场参与者面临的关键不确定性是，治理过程是否能反映代币持有者希望尽早收回剩余资产的意愿，或者他们是否相信在不关闭协议的情况下能够实现收入恢复。

鉴于自 11 月黑客攻击以来 Balancer 的收入已显示出长期下滑趋势，交易者、流动性提供者和开发人员可能会密切关注快照投票的结果——这不仅是为了了解直接的运营变化，也是为了观察该决定所发出的信号，即当采用率无法反弹时，DeFi 协议如何在持续重组与完全退役之间做出抉择。