Balancer eyes wind-down after restructuring fails to revive revenue
Balancer cut costs and shipped new products after restructuring, but Marcus Hardt says v3 failed to replace legacy revenue as November’s $128 million exploit continued to weigh on adoption.
Balancer cut costs and shipped new products after restructuring, but Marcus Hardt says v3 failed to replace legacy revenue as November’s $128 million exploit continued to weigh on adoption.
Balancer, a decentralized exchange and automated market maker, has proposed winding down the protocol after its post-exploit restructuring failed to generate enough revenue, with its leader saying he underestimated how much a $128 million exploit in November would continue to weigh on adoption.
The proposal was authored by Balancer Labs CEO Marcus Hardt and published on the Balancer governance forum on Monday. It calls for an orderly wind-down of the protocol and the distribution of its remaining treasury, currently worth more than $9 million, to BAL tokenholders.
“I underestimated how much the exploit would continue to limit adoption,” he added in a separate post on X.