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.
The proposal comes after Balancer Labs shut down in March, when executives opted to continue operating the protocol under a leaner structure. Hardt said Monday that while the restructuring succeeded in cutting costs and delivering the products promised to tokenholders, the revenue side of the plan fell short, echoing profitability challenges faced by several other DeFi protocols this year.&
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