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BAL Balancer 拟终止“逐步清算”策略：V3 收入未能取代 V2，$900 万国库资产将返还持有者
由于 V3 协议的收入未能成功取代 V2 协议，且 2025 年遭受黑客攻击后重组努力未达预期，Balancer 计划放弃其原有的逐步清算（Wind-down）策略。该新方案旨在向 BAL 代币持有者分配价值超过 900 万美元的国库资产。此前，因重组工作未能有效提升收入，Balanc er 曾考虑过体面地关闭项目。
收入下滑与重组困境
尽管 Balancer Labs 于去年 3 月关闭后，协议通过削减成本并推出新产品进行了一系列调整，但收入结构依然严重依赖旧的 V2 资金池。新推出的 V3 资金池产生的收入不足以填补这一缺口。Balancer CEO Marcus Hardt 对此评论道：“我们履行了对 BAL 代币持有者的承诺，推出了公告中的产品，但遗憾的是，我们未能创造出预期的收入。”
收入锐减可能危及运营
Hardt 提出的关闭项目计划已于周一发布在 Balancer 的治理论坛中。根据国库数据显示，目前 Balancer 的国库资金超过 900 万美元。该提案的核心内容是将这些资金按比例分配给 BAL 代币持有者。
Since the Balancer V2 platform suffered an exploit incident in November 2025, the company's revenue has continued to decline. Data from DeFiLlama showed that monthly income plummeted from $1.13 million in October to $371,000 in November. After entering 2026, revenue fell further, reaching only US$56,781 in August.
The liquidation plan focuses on treasury preservation
The plan requires that business development be stopped starting next month, allowing liquidity providers to withdraw funds until October 30. The non-suspendable pool will continue to operate, but the agreement fee will be reduced to 0%. Starting November 1, the project will only retain funds to withdraw infrastructure. At the same time, Balancer DAO will also be closed. However, during the transition, a streamlined team will be responsible for handling the relevant processes.
It is estimated that the shutdown plan will cost Balancer up to US$400,000. Hardt pointed out that if the shutdown is delayed, it will only continue to consume treasury resources without any success.
Governance decisions are required by BAL holders
According to the timetable, the first grant is expected to be implemented in May 2027. At that time, the holder will need to destroy his token in exchange for a corresponding share of funds. The second appropriation will be used to deal with remaining funds during the liquidation process and funds that have not yet been received after the first appropriation. The third allocation will be made in six months.
The voting decision of BAL token holders will be made through a snapshot voting mechanism from September 25 to 29. If the vote fails to pass the proposal, Balancer will continue to maintain its current operating structure.
