Balancer Announces Permanent Closure of Its Protocol

The Balancer protocol, an automated market maker and decentralized exchange on Ethereum, announces its permanent closure after suffering a hack last November that resulted in a loss of $128 million. Despite a restructuring effort launched in March by its DAO, attempts to revive the protocol have not been sufficient. Marcus Hardt, former CEO of Balancer Labs, proposes an orderly wind-down of operations, with no new business development and a gradual shutdown of the protocol. Revenues from v3 have not met expectations, with the majority of income still coming from v2. Balancer's treasury, estimated at $9 million, will be distributed to BAL holders after setting aside the necessary funds for the wind-down. A vote to approve this proposal is scheduled between September 25 and 29.

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