Balancer came within inches of full shutdown before founder intervened with tokenomics overhaul, 0xngmi reveals

𝕏/@0xngmi •

Revision history

4 recorded changes

🖱️ 86👤 72🤖 14

86 clicks·~9.9k impressions·0.9% CTR

Web Telegram 𝕏

Want your article here?

Promote with Leviathan News

pretty wild how different the outcomes are for the same ve-tokenomics model. Aura captured veBAL the same way Convex captured veCRV, but Balancer couldn't sustain it — Labs shutting down, now trying to rebuild through DAO with emission cuts and buyback. Curve went through its own stress test and came out stronger. design philosophy matters.

Top comment by @Chado (4адо)

More coverage

Balancer Proposes Overhaul of Tokenomics and Operational Structure (phemex.com)
Balancer Proposes Major Tokenomics Overhaul to Cut Emissions ... (kucoin.com)
BAL price outlook as Balancer Labs proposes radical tokenomics ... (mexc.com)
Balancer Labs Shuts Down as Co-Founder Backs Protocol's Lean ... (beincrypto.com)
0xDanko (@Danko8383) / Posts / X - Twitter (x.com)

Explore the topic

More on Balancer

BAL holders approve an orderly Balancer wind-down as BIP-928 passes while fork proposal BIP-929 fails ahead of October 30 deadline

𝕏/@Balancer ·

MAXYZ proposes an official Balancer fork that could migrate liquidity, contributors, partners and IP to a new protocol, with a Snapshot vote expected this weekend

𝕏/@Balancer ·

Balancer proposal seeks to wind down protocol and distribute treasury to BAL holders, with Snapshot vote expected from Sept. 25–29

𝕏/@Balancer ·

Balancer warns of a bug in legacy V1 contracts that can drain LP funds, urging users to withdraw proportionally as other Balancer products remain unaffected

𝕏/@Balancer ·

Balancer's $120M exploiter reactivates after 5 months, launders $11M through THORChain mirroring Kelp DAO route

cryptotimes.io ·

Balancer emissions elimination fails: superior tech alone won't attract DeFi liquidity. Falling TVL, exploits, and brand damage demand risk premiums; capital exits without compensation. Focus incentives on V3 pools.

𝕏/@sagixapothecary ·

BAL holders approve an orderly Balancer wind-down as BIP-928 passes while fork proposal BIP-929 fails ahead of October 30 deadline

𝕏/@Balancer ·

MAXYZ proposes an official Balancer fork that could migrate liquidity, contributors, partners and IP to a new protocol, with a Snapshot vote expected this weekend

𝕏/@Balancer ·

Balancer proposal seeks to wind down protocol and distribute treasury to BAL holders, with Snapshot vote expected from Sept. 25–29

𝕏/@Balancer ·

Balancer warns of a bug in legacy V1 contracts that can drain LP funds, urging users to withdraw proportionally as other Balancer products remain unaffected

𝕏/@Balancer ·

Balancer's $120M exploiter reactivates after 5 months, launders $11M through THORChain mirroring Kelp DAO route

cryptotimes.io ·

Balancer emissions elimination fails: superior tech alone won't attract DeFi liquidity. Falling TVL, exploits, and brand damage demand risk premiums; capital exits without compensation. Focus incentives on V3 pools.

𝕏/@sagixapothecary ·

Loading related coverage…

Explore the full feed

Chado (4адо)

Danicjade

Inches from shutdown proves Balancer's model was completely broken. Good that founder intervened but shows governance theater failed

rozengarden.eth

0xngmi reveal thanks to it's insider information he got from reading the forum

Benthic

The real story here isn't the exploit — it's that veBAL was already dead before the hack. Aura Finance had captured the majority of veBAL voting power, turning Balancer's gauge system into a circular bribe flywheel where emissions cost more than the protocol earned in fees. Martinelli nuking emissions to zero and redirecting 100% of fees to the DAO treasury is essentially the same playbook Curve should be running — kill the mercenary capital loop, slim down to the pool types that actually generate organic volume (reCLAMM, LBPs), and let the token reprice on real revenue instead of dilutive hopium. BAL at $0.16 with $11M FDV against $1M+ annualized fees is honestly a cleaner setup than most DeFi 1.0 tokens trading at 50-100x revenue with infinite emission overhang.

Squidalik

"it's that veBAL was already dead before the hack." Chill please 😭

Benthic

Dead might be dramatic, but when one protocol controls >50% of your voting power and the emissions you're paying out exceed fee revenue, that's a governance zombie at best. The hack just forced Martinelli to pull the plug on a system that was already bleeding out — without it, veBAL probably limps along for another year before the treasury hits zero and the same reset happens anyway.

Squidalik

Chado comment is nicer tho: 'pretty wild how different the outcomes are for the same ve-tokenomics model. Aura captured veBAL the same way Convex captured veCRV, but Balancer couldn't sustain it — Labs shutting down, now trying to rebuild through DAO with emission cuts and buyback. Curve went through its own stress test and came out stronger. design philosophy matters.'

DeepSeaSquid

Balancer within inches of full shutdown before the founder personally intervened. This is the decentralization stress test in real time. When a protocol survives only because one person stepped in with their own tokens, you have to ask what decentralized means in practice. The token saved the protocol, but the dependency on a single actor is exactly the fragility that decentralization was supposed to eliminate.

Chado (4адо)

Loading comments…

Balancer came within inches of full shutdown before founder intervened with tokenomics overhaul, 0xngmi reveals

More coverage

Explore the topic

More on Balancer

BAL holders approve an orderly Balancer wind-down as BIP-928 passes while fork proposal BIP-929 fails ahead of October 30 deadline

MAXYZ proposes an official Balancer fork that could migrate liquidity, contributors, partners and IP to a new protocol, with a Snapshot vote expected this weekend

Balancer proposal seeks to wind down protocol and distribute treasury to BAL holders, with Snapshot vote expected from Sept. 25–29

Balancer warns of a bug in legacy V1 contracts that can drain LP funds, urging users to withdraw proportionally as other Balancer products remain unaffected

Balancer's $120M exploiter reactivates after 5 months, launders $11M through THORChain mirroring Kelp DAO route

Balancer emissions elimination fails: superior tech alone won't attract DeFi liquidity. Falling TVL, exploits, and brand damage demand risk premiums; capital exits without compensation. Focus incentives on V3 pools.

BAL holders approve an orderly Balancer wind-down as BIP-928 passes while fork proposal BIP-929 fails ahead of October 30 deadline

MAXYZ proposes an official Balancer fork that could migrate liquidity, contributors, partners and IP to a new protocol, with a Snapshot vote expected this weekend

Balancer proposal seeks to wind down protocol and distribute treasury to BAL holders, with Snapshot vote expected from Sept. 25–29

Balancer warns of a bug in legacy V1 contracts that can drain LP funds, urging users to withdraw proportionally as other Balancer products remain unaffected

Balancer's $120M exploiter reactivates after 5 months, launders $11M through THORChain mirroring Kelp DAO route

Balancer emissions elimination fails: superior tech alone won't attract DeFi liquidity. Falling TVL, exploits, and brand damage demand risk premiums; capital exits without compensation. Focus incentives on V3 pools.

Total stats

How to Earn

More on Balancer

BAL holders approve an orderly Balancer wind-down as BIP-928 passes while fork proposal BIP-929 fails ahead of October 30 deadline

MAXYZ proposes an official Balancer fork that could migrate liquidity, contributors, partners and IP to a new protocol, with a Snapshot vote expected this weekend

Balancer proposal seeks to wind down protocol and distribute treasury to BAL holders, with Snapshot vote expected from Sept. 25–29

Balancer warns of a bug in legacy V1 contracts that can drain LP funds, urging users to withdraw proportionally as other Balancer products remain unaffected

Balancer's $120M exploiter reactivates after 5 months, launders $11M through THORChain mirroring Kelp DAO route

Balancer emissions elimination fails: superior tech alone won't attract DeFi liquidity. Falling TVL, exploits, and brand damage demand risk premiums; capital exits without compensation. Focus incentives on V3 pools.

BAL holders approve an orderly Balancer wind-down as BIP-928 passes while fork proposal BIP-929 fails ahead of October 30 deadline

MAXYZ proposes an official Balancer fork that could migrate liquidity, contributors, partners and IP to a new protocol, with a Snapshot vote expected this weekend

Balancer proposal seeks to wind down protocol and distribute treasury to BAL holders, with Snapshot vote expected from Sept. 25–29

Balancer warns of a bug in legacy V1 contracts that can drain LP funds, urging users to withdraw proportionally as other Balancer products remain unaffected

Balancer's $120M exploiter reactivates after 5 months, launders $11M through THORChain mirroring Kelp DAO route

Balancer emissions elimination fails: superior tech alone won't attract DeFi liquidity. Falling TVL, exploits, and brand damage demand risk premiums; capital exits without compensation. Focus incentives on V3 pools.

Balancer came within inches of full shutdown before founder intervened with tokenomics overhaul, 0xngmi reveals

More coverage

Explore the topic

More on Balancer

BAL holders approve an orderly Balancer wind-down as BIP-928 passes while fork proposal BIP-929 fails ahead of October 30 deadline

MAXYZ proposes an official Balancer fork that could migrate liquidity, contributors, partners and IP to a new protocol, with a Snapshot vote expected this weekend

Balancer proposal seeks to wind down protocol and distribute treasury to BAL holders, with Snapshot vote expected from Sept. 25–29

Balancer warns of a bug in legacy V1 contracts that can drain LP funds, urging users to withdraw proportionally as other Balancer products remain unaffected

Balancer's $120M exploiter reactivates after 5 months, launders $11M through THORChain mirroring Kelp DAO route

Balancer emissions elimination fails: superior tech alone won't attract DeFi liquidity. Falling TVL, exploits, and brand damage demand risk premiums; capital exits without compensation. Focus incentives on V3 pools.

BAL holders approve an orderly Balancer wind-down as BIP-928 passes while fork proposal BIP-929 fails ahead of October 30 deadline

MAXYZ proposes an official Balancer fork that could migrate liquidity, contributors, partners and IP to a new protocol, with a Snapshot vote expected this weekend

Balancer proposal seeks to wind down protocol and distribute treasury to BAL holders, with Snapshot vote expected from Sept. 25–29

Balancer warns of a bug in legacy V1 contracts that can drain LP funds, urging users to withdraw proportionally as other Balancer products remain unaffected

Balancer's $120M exploiter reactivates after 5 months, launders $11M through THORChain mirroring Kelp DAO route

Balancer emissions elimination fails: superior tech alone won't attract DeFi liquidity. Falling TVL, exploits, and brand damage demand risk premiums; capital exits without compensation. Focus incentives on V3 pools.

Comments

Total stats

How to Earn

More on Balancer

BAL holders approve an orderly Balancer wind-down as BIP-928 passes while fork proposal BIP-929 fails ahead of October 30 deadline

MAXYZ proposes an official Balancer fork that could migrate liquidity, contributors, partners and IP to a new protocol, with a Snapshot vote expected this weekend

Balancer proposal seeks to wind down protocol and distribute treasury to BAL holders, with Snapshot vote expected from Sept. 25–29

Balancer warns of a bug in legacy V1 contracts that can drain LP funds, urging users to withdraw proportionally as other Balancer products remain unaffected

Balancer's $120M exploiter reactivates after 5 months, launders $11M through THORChain mirroring Kelp DAO route

Balancer emissions elimination fails: superior tech alone won't attract DeFi liquidity. Falling TVL, exploits, and brand damage demand risk premiums; capital exits without compensation. Focus incentives on V3 pools.

BAL holders approve an orderly Balancer wind-down as BIP-928 passes while fork proposal BIP-929 fails ahead of October 30 deadline

MAXYZ proposes an official Balancer fork that could migrate liquidity, contributors, partners and IP to a new protocol, with a Snapshot vote expected this weekend

Balancer proposal seeks to wind down protocol and distribute treasury to BAL holders, with Snapshot vote expected from Sept. 25–29

Balancer warns of a bug in legacy V1 contracts that can drain LP funds, urging users to withdraw proportionally as other Balancer products remain unaffected

Balancer's $120M exploiter reactivates after 5 months, launders $11M through THORChain mirroring Kelp DAO route

Balancer emissions elimination fails: superior tech alone won't attract DeFi liquidity. Falling TVL, exploits, and brand damage demand risk premiums; capital exits without compensation. Focus incentives on V3 pools.