The Balancer community is gearing up to vote on a proposal to wind down the DeFi protocol, shut down the DAO, and distribute roughly $9 million from the treasury to BAL holders. The plan was posted on the forum by Balancer Labs co-founder Markus Hardt. The big change from the previously approved roadmap? Scrapping the BAL buyback in favor of direct payouts to token holders.

What’s Balancer Proposing?

The proposal calls for a full protocol liquidation and the subsequent closure of the DAO. Instead of the previously approved BAL token buyback, the new plan would see the remaining $9 million in the treasury distributed straight to BAL holders.

How and When Will Voting Happen?

The vote is set to take place on Snapshot sometime between September 25 and 29. Registration to participate is already open, so BAL holders need to verify their voting rights on Snapshot ahead of time to be eligible.

What Does This Mean for BAL Holders?

If the proposal passes, the treasury funds would be distributed to BAL holders instead of going through a buyback. The exact details and distribution process will depend on the outcome of the Snapshot vote.