Executives at Balancer Labs are now pushing for the protocol to be managed by the Balancer Foundation and Balancer’s DAO.
Balancer Labs, the team behind the DeFi protocol Balancer, is shutting down after mounting financial pressure following a $116 million hack in November, with executives proposing to continue the protocol under a leaner structure.
“After careful consideration, I have decided to wind down Balancer Labs. This is not a decision I take lightly,” one of Balancer Protocol’s founders, Fernando Martinelli, said on Monday, adding that Balancer Labs has become a “liability rather than an asset to the protocol,” as it has been operating without revenue.
Balancer Labs CEO Marcus Hardt added that it was spending too much to attract liquidity relative to the revenue the protocol is making, a strategy that came at the cost of diluting Balancer (BAL) token holders.
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