Most DeFi protocols die quietly. Balancer is doing it with a spec sheet and a list of contract addresses.
BIP-936, the on-chain execution plan for its wind-down, closes its vote today. The shutdown itself already passed Sept 29: 99.19% of 17.2M BAL voted yes.
The schedule: Oct 30: pausable pools go withdrawals-only, v2 protocol fees go to zero. Nov 30: the v3 Vault gets paused. Late May 2027: burn your BAL for a pro-rata slice of the non-BAL treasury, paid in kind.
Follow the Value: For once, it actually reaches the token. It just takes seven months and requires the token to stop existing.
Treasury is "at least $9M" per the proposal. Skip round one and you're cut out of round two and the final sweep. Patience is mandatory, attendance even more so.
Best line in the spec: the v3 Vault "will unpause by itself" on May 12, 2029. "This is unavoidable." Immutable code, now with a sequel nobody ordered.
Winners: BAL holders who read forums. Awkward Friday: LPs who don't.
Is an orderly liquidation the most honest tokenomics DeFi shipped all year?