By Marcus | Balancer (@Marcus_Balancer)
We just posted two governance proposals on the forum that will significantly reshape Balancer.
The forum posts detail the specific mechanics. I want to share something more personal here: why I believe this is the right path, and why I still believe in Balancer's future.
The last few months have been incredibly difficult.
We suffered an exploit, went through a long crisis response, made many hard decisions, and had some very painful conversations about what is sustainable and what is no longer. We also had to part ways with people for whom I have immense respect, not because they weren't good enough, but because the organizational structure around the protocol no longer made sense.
That really is the core of the issue.
The technology works. Balancer v3 works. Boosted pools work. The infrastructure we've built is solid.
What stopped working was the economic model around it.
We were paying too much to attract liquidity relative to the revenue that liquidity was actually generating. We were diluting BAL holders to sustain a system that, in my view, no longer served the protocol effectively. At some point, you have to be honest about that.
That's exactly what these proposals aim to fix.
They propose ending BAL emissions entirely. They direct 100% of protocol fees to the treasury. They lower the protocol's take on swaps so LPs keep more. And they come with a much 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 that economic upside is painful. That's precisely why the buyback and compensation program is part of the package. The goal isn't to trap anyone in a decision, the goal is 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 stronger after its security hardening. And I believe there is still room for the protocol to build products and revenue streams uniquely suited to what Balancer does.
This doesn't mean all problems are solved, or that we should start making promises we haven't earned the right to make yet. We need to execute on the fundamentals 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 here.
The team is much smaller now, and I don't say that lightly. But it's also a very focused and highly aligned team. Clearer ownership, a leaner structure, fewer moving parts, and a stronger understanding of what matters right now.
I joined Balancer knowing it wouldn't be easy. It got much harder. I stayed through the exploit, the crisis response, and now the restructuring because I kept arriving at the same conclusion: Balancer can still create real value from here. If we can make this transition work, we have a real shot at building a stronger, more sustainable protocol on the other side.
That's the bet.
The proposals are 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 chance to build it the right way.
