Written by: Marcus | Balancer (@Marcus_Balancer)
We just posted two governance proposals on the forum that will significantly reshape Balancer.
The forum posts detail the mechanics. What I want to share here is something more personal: why I believe this is the right path, and why I still believe in Balancer's future.
The past few months have been incredibly tough.
We've dealt with an exploit, a long crisis response, many difficult decisions, and some very hard conversations about what could and couldn't be sustained. We've also had to part ways with people we deeply respect, not because they weren't good enough, but because the structure around the protocol was no longer right.
And that is really the heart of the issue.
The tech works. Balancer v3 works. Boosted Pools work. The infrastructure we've built is strong.
What stopped working was the economics around it.
We were spending too much to attract liquidity relative to the revenue that liquidity was actually generating. We were diluting BAL holders to maintain a system that, in my view, was no longer serving the protocol well. At some point, you have to be honest about that.
That is exactly what these proposals aim to fix.
They propose ending BAL emissions entirely. Directing 100% of protocol fees to the treasury. Reducing the protocol's cut on swaps so LPs keep more. All alongside a leaner operational structure and a smaller building team.
None of this is easy.
Especially for veBAL holders, I understand this is a tough proposal. If you locked in good faith, losing those economic rights is painful. That's precisely why a buyback and compensation program is part of the package. The goal isn't to force anyone's hand, but to provide a fair path forward and a real choice.
But for me, this isn't just about restructuring. It's about whether Balancer can turn this moment into the start of a better chapter.
I believe it can.
Balancer still has real products. Boosted Pools are generating real usage. Our fungible concentrated liquidity solution will come back strong once hardened. I believe there is still room for the protocol to build products and revenue streams uniquely suited for Balancer.
That doesn't mean all problems are solved, or that we should start making promises we haven't yet earned the right to make. We need to execute on the core first. We need to be more disciplined, more focused, and have a clearer sense of what creates real value and what doesn't.
But I do believe the foundation is there.
The team is much smaller now, and I don't say that lightly. But it's also a highly focused and aligned team. With clearer ownership, a leaner structure, fewer moving parts, and a deeper understanding of what matters right now.
I joined Balancer knowing it wouldn't be easy. Then it got much harder.
I've gone through the exploit, the crisis response, and now this restructuring, and I'm still here because I keep arriving at the same conclusion: there is still real value to be built from here for Balancer. If we can make this transition work, we have a real shot at building a stronger, more sustainable protocol on the other side of this.
That's the bet.
The proposals are now live on the forum: forum.balancer.fi
Read them. Question them. Vote on them.
But I want to be clear: I believe @Balancer still has a meaningful future, and I believe this reset gives us a real shot at building it the right way.
