Balancer 收入挑战导致拟议协议逐步停止

Balancer 面临着一个关键时刻，因为其利用后的重组未能增加收入，促使有人提议逐步结束该协议并将其资金分配给代币持有者。

Balancer, a prominent decentralized exchange and automated market maker, is grappling with significant financial headwinds, culminating in a proposal to wind down its operations. This move comes after a post-exploit restructuring failed to generate sufficient revenue, a stark reminder of the volatile nature of the DeFi landscape.

Balancer 是一家著名的去中心化交易所和自动化做市商，它正在努力应对重大的财务阻力，最终提议停止其运营。此举是在利用后重组未能产生足够收入之后发生的，这清楚地提醒人们 DeFi 格局的波动性。

The Exploit's Lingering Shadow on Balancer Revenue

该漏洞对 Balancer 收入造成的挥之不去的阴影

The core issue, as articulated by Balancer Labs CEO Marcus Hardt, stems from a $128 million exploit in November that severely impacted the protocol's v2 pools. Despite efforts to cut costs and a focus on the newer v3 architecture, the incident's fallout continued to depress adoption and, consequently, revenue. Hardt admitted underestimating the exploit's lasting impact on traction, highlighting a crucial lesson in managing reputational damage in the crypto space.

正如 Balancer Labs 首席执行官 Marcus Hardt 所阐述的那样，核心问题源于 11 月份价值 1.28 亿美元的漏洞，该漏洞严重影响了协议的 v2 矿池。尽管我们努力削减成本并关注更新的 v3 架构，但该事件的影响继续抑制了采用率，从而抑制了收入。哈特承认低估了该漏洞对吸引力的持久影响，强调了管理加密货币领域声誉损害的重要教训。

Data from DefiLlama paints a grim picture: Balancer's monthly protocol revenue plummeted from $1.13 million in October to $371,000 in November following the exploit. This downward trend persisted into 2026, with August revenue hitting a paltry $56,781. It's clear that while the v3 product worked technically, it simply didn't "sell enough" to offset the losses and generate new income, mirroring profitability challenges faced by other DeFi protocols this year.

DefiLlama 的数据描绘了一幅严峻的景象：在该漏洞发生后，Balancer 的每月协议收入从 10 月份的 113 万美元骤降到 11 月份的 371,000 美元。这种下降趋势一直持续到 2026 年，8 月份的收入仅为 56,781 美元。很明显，虽然 v3 产品在技术上可行，但它根本“销量不够”来抵消损失并产生新的收入，这反映了今年其他 DeFi 协议面临的盈利挑战。

A Phased Wind-Down: What It Means for BAL Holders

分阶段逐步减少：对 BAL 持有者意味着什么

The proposed wind-down outlines a phased approach, beginning next month. New business development will cease, and liquidity providers will have until October 30 to prepare their exit. The plan includes moving pauseable pools to withdrawal-only status and setting protocol fees to zero where contracts allow for non-pausable pools.

拟议的逐步结束概述了从下个月开始的分阶段方法。新业务开发将停止，流动性提供者必须在 10 月 30 日之前准备退出。该计划包括将可暂停矿池移至仅限提款状态，并在合同允许不可暂停矿池的情况下将协议费用设置为零。

From November 1, Balancer will operate only the minimal infrastructure necessary for withdrawals, and the DAO will be dissolved. A small team will manage this transition, with up to $400,000 allocated for the wind-down process. For BAL tokenholders, the proposal offers a pro-rata distribution of the remaining treasury, currently valued at over $9 million. The first distribution is slated for May 2027, with subsequent distributions for unspent funds and unclaimed assets.

从 11 月 1 日起，Balancer 将仅运行提款所需的最低限度基础设施，并且 DAO 将被解散。一个小团队将管理这一过渡，并为结束过程分配高达 400,000 美元。对于 BAL 代币持有者来说，该提案提供了剩余金库的按比例分配，目前价值超过 900 万美元。第一次分配预计于 2027 年 5 月进行，随后将分配未动用资金和无人认领的资产。

A Pragmatic, Though Somber, Decision

一个务实但忧郁的决定

Hardt's rationale for the wind-down is direct: delaying the inevitable would only deplete the treasury further without altering the ultimate outcome. He argues that the remaining treasury rightfully belongs to BAL holders and should be returned while it's still substantial, rather than being spent on a path that has already proven unsuccessful. This decision, while somber, reflects a pragmatic approach to a challenging situation.

哈特关于逐步结束的理由很直接：推迟不可避免的事情只会进一步耗尽国库，而不会改变最终结果。他认为，剩余的资金理应属于 BAL 持有者，应该在资金仍然充足时归还，而不是花在一条已经被证明不成功的道路上。这一决定虽然令人忧郁，但反映了应对充满挑战的情况的务实态度。

The proposal now awaits approval from BAL holders, with a snapshot vote scheduled from September 25 to 29. A rejection would leave Balancer's current operating framework in place, but the underlying revenue challenges would undoubtedly persist.

该提案目前正在等待 BAL 持有者的批准，并计划于 9 月 25 日至 29 日进行快照投票。如果拒绝，Balancer 目前的运营框架将保持不变，但潜在的收入挑战无疑将持续存在。