MAXYZ seeks 6 million BAL tokens, risking 8.7% cut to holder redemption value
A group of former Balancer contributors calling itself MAXYZ has asked the Balancer DAO for up to 6 million non-circulating BAL tokens to launch a successor protocol, a request that could shrink the redemption value current holders expect when the protocol winds down. The proposal arrives days before Balancer’s own wind-down terms go to a governance vote, forcing token holders to weigh a fixed, shrinking treasury against an unproven stake in a fork that does not yet exist.
- MAXYZ is requesting up to 6 million BAL drawn from the DAO treasury, a Balancer Labs fundraise safe and a Labs team safe.
- An unaudited September 18 snapshot found $9,959,416 in non-BAL assets backing 63,068,821 redeemable BAL, or roughly $0.1579 per token.
- Adding the full 6 million BAL grant to the redeemable pool would cut that figure to about $0.1442, an 8.7% decline.
- 6M BAL requested by MAXYZ versus 63.07M BAL already redeemable
- $0.1579 per-token redemption estimate from the Sept. 18 snapshot
- 8.7% drop in that estimate if the full grant is approved
MAXYZ, a group of former Balancer contributors, is asking for up to 6 million non-circulating BAL to seed a successor protocol, according to a report first published by CryptoSlate. The request appears in a fork proposal posted September 20 and expanded three days later in a September 23 FAQ.
That bid sits beside a separate wind-down plan that would let BAL holders burn tokens for a pro rata share of the DAO’s remaining assets. Neither forum proposal alone transfers tokens, changes pool operations, or grants the fork rights to Balancer’s code.