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BAL Balancer proposes a dissolution agreement: revenue after the reorganization fell short of expectations, and the impact of the $128 million vulnerability continued.
Balancer, a decentralized exchange and automated market maker (AMM) platform, recently proposed to terminate its operations under the agreement. Since the reorganization after the hacking attack failed to generate enough revenue, the project party decided to liquidate in an orderly manner. The person in charge admitted that he underestimated the long-term negative impact of the $128 million security breach that occurred in November this year on platform user adoption.
The proposal was written by Marcus Hardt, CEO of Balancer Labs, and was published at the Balancer Governance Forum on Monday. The proposal calls for an orderly liquidation of the agreement and the allocation of remaining treasury assets, currently worth more than $9 million, to BAL token holders.
Previously, Balancer Labs ceased operations in March this year, when management decided to continue operating the agreement with a more streamlined structure. Hardt said on Monday that while the restructuring successfully reduced costs and fulfilled product promises to token holders, the planned revenue performance fell short of expectations. This echoes the profitability challenges faced by multiple decentralized finance (DeFi) agreements this year.
"The problem is not generating enough revenue. Most of the agreement's revenue still comes from the v2 version, which has not grown enough to replace v2. The product itself is effective, but the market sales are insufficient." Hardt said in a statement on the X platform.
DefiLlama数据显示，受Legacy v2协议中可组合稳定池遭受攻击的影响，Balancer的月度协议收入从10月的113万美元降至11月的37.1万美元。此后收入趋势持续下行，至2026年8月，月收入仅为56,781美元。
“2025年11月的漏洞影响了Legacy v2池。虽然v3采用了不同的架构，但这一事件已伴随名称进入每一次讨论中，使得建立市场影响力变得更加困难。”Hardt在Balancer论坛上写道。
他在另一篇X帖子中补充道：“我低估了此次漏洞对采纳率的持续限制作用。”
清算方案细节
根据提案，Balancer将于下个月开始分阶段关闭，停止新的业务发展。流动性提供者需在10月30日前做好退出准备。同时，可暂停的池子将转为仅提现模式；对于无法暂停的池子，只要合约允许，协议费率将被设为零，继续维持运作。
自11月1日起，Balancer将仅保留支持提现所需的最小基础设施，DAO也将逐步解散，仅留一个小团队负责过渡管理。提案预留了最高40万美元用于清算流程。
BAL持有者将按比例获得剩余的国库资产。首次分配定于2027年5月进行，届时持有者需销毁其持有的BAL代币以换取相应的国库资产份额。
The second distribution will return unused liquidation funds and assets not claimed in the first distribution, and will then be subject to a "final cleanup" distribution six months later.
Hardt said that postponing the liquidation will only consume the treasury and will not change the final result.
"Continuing on the current path will only cost the treasury to reach the same destination. This treasury belongs to the BAL holders. What matters is whether surplus assets reach their holders while they are still of substantial value, or whether they are first used in a tried and failed path." he said.
The liquidation is subject to approval by BAL holders voting, with snapshot voting scheduled for September 25 - 29. If voted down, Balancer's existing operating framework will be retained.
