Balancer, which once had a TVL of $3 billion, is preparing to wind down. The protocol plans to cease daily operations and development, taking nearly two years to distribute at least $9 million in non-BAL assets from the treasury to token holders who burn their tokens. After losing $128 million to a hack last year, revenue has continued to decline, and ongoing operations would only further deplete the remaining treasury. Rather than just another DeFi veteran fading away, what’s rare this time is the structured exit plan: clear arrangements for repayment, unlocking, recovery, and shutdown. DeFi has seen too many projects quietly disappear, but Balancer at least leaves behind a blueprint for how to exit gracefully.