DeFi protocol Balancer has submitted a governance proposal to wind down operations after its restructuring plan failed to reverse fortunes following a $128 million exploit last November. The DAO will vote on the proposal from September 25 to 29, with liquidity provider pools shifting to withdrawals-only mode from October 30. The protocol, which peaked at $3 billion in total value locked in 2021, now manages just $58 million. BAL token holders may recover a portion of the treasury estimated at a minimum of $9 million during a first redemption window proposed for May 2027.
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