DeFi stalwart Balancer mulls shutdown after $130M hack
Once a household name in the DeFi sector, decentralized exchange Balancer is considering calling it quits.
In a proposal posted to the project’s governance forum, Balancer Labs CEO Marcus Hardt suggests a “phased sunset of the protocol.”
The post explains that none of the efforts to return to profitability, employed in response to last year’s hack, “converted into sustained revenue growth.”
Under Hardt’s proposal, Balancer’s $9 million treasury would be distributed to BAL holders, pro-rata.
Read more: Balancer exploit drains $129M in DeFi disaster
The problem
Launched just in time for 2020’s “DeFi summer,” Balancer innovated on the existing two-asset automated market maker model used by Uniswap and Bancor to introduce multi-asset pools and custom pool weighting.
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