DeFi platform Balancer proposes orderly shutdown

DeFi protocol Balancer has proposed an orderly wind-down of operations following a failed restructuring effort and a significant decline in revenue after a $128 million exploit in November 2025. The governance proposal, scheduled for a vote between September 25 and September 29, suggests halting new business development and distributing the remaining treasury to BAL holders. Once a major DeFi venue with over $3 billion in total value locked in 2021, the protocol's TVL has dropped to approximately $58 million. Despite previous cost-cutting measures and a focus on Balancer v3, the protocol failed to achieve commercial recovery.