Balancer (BAL) — Governance Rights Report

Vol. I, No. 1 Monday, August 31, 2026 Balancer — Governance Rights Report

Verdict

Balancer

BAL — Governance Rights Report

Tier 4 S1 — Token-Governed Protocol Assessment as of 2026-10-01

GSA-1 fail GSA-2 near-miss GSA-3 near-miss GSA-4 fail GSA-5 near-miss GSA-6 fail GSA-7 fail GSA-8 fail

Why this rating: BIP-919/921 removed the veBAL fee-share — the only documented case of a DAO voting away its economic rights; governance simplified to 1-BAL-1-Vote, multisig-gated. Economic-rights downgrade: veBAL 75% fee share REMOVED (BIP-919); current fee-distribution state uncertain; BIP-928 winddown PASSED 2026-09-29 — unexecuted; GSA-1/GSA-3 re-file on claim-contract deployment (first round end-May 2027)

Economic-rights downgrade: veBAL 75% fee share REMOVED (BIP-919); current fee-distribution state uncertain
BIP-928 winddown PASSED 2026-09-29 — unexecuted; GSA-1/GSA-3 re-file on claim-contract deployment (first round end-May 2027)

Where to Vote

Snapshot space: balancer.eth

Live proposals

[BIP-931] Balancer x CoWSwap Tokenswap and token purchase

Voting closes October 6, 2026
[BIP-930] Distribution of Recovered Funds from Balancer V1 August 31st 2026 Exploit

Voting closes October 6, 2026
[BIP-927] Revoke Unused V2 Vault Permissions from Deprecated Relayers

Voting closes September 1, 2026
[BIP-926] Treasury Council Resignation: Xeonus, Successor Nomination of zekraken

Voting closes September 1, 2026

Proposal History

Proposal	Title	Outcome	Closed
0x226fb6694d…	[BIP-931] Balancer x CoWSwap Tokenswap and token purchase	Open for voting	October 6, 2026
0x62d9add4f2…	[BIP-930] Distribution of Recovered Funds from Balancer V1 August 31st 2026 Exploit	Open for voting	October 6, 2026
0x25ee897681…	[BIP-929] Fork and Reincarnate	Closed	September 29, 2026
0xeae4f8bab6…	[BIP-928] Orderly Winddown of Balancer and Distribution of the Treasury	Open for voting	September 29, 2026
0x9ae7a0f0d8…	[BIP-927] Revoke Unused V2 Vault Permissions from Deprecated Relayers	Open for voting	September 1, 2026
0x88c2110df8…	[BIP-926] Treasury Council Resignation: Xeonus, Successor Nomination of zekraken	Open for voting	September 1, 2026
0xf7b54f24a3…	[BIP-925] Unwind Timeless ve8020 BAL Grant	Passed	August 25, 2026
0x5ca77235ca…	[BIP-923](rerun) Next Phase Decision for Rescued Funds Distribution from Balancer v2 November 2025 Attacks	Passed	August 25, 2026
0xaa145cae0e…	[BIP-922](rerun) Recover unclaimed legacy LM MerkleRedeem funds to BizDev Safe	Passed	August 25, 2026
0xcf2a35f4ce…	[BIP-924] Exclude Aura from Governance and Reduce Quorum	Passed	August 18, 2026
0x1486a57ebd…	[BIP-923] Next Phase Decision for Rescued Funds Distribution from Balancer v2 November 2025 Attacks	Passed	August 4, 2026
0xd56aaecd79…	[BIP-922] Recover unclaimed legacy LM MerkleRedeem funds to BizDev Safe	Passed	August 4, 2026

History from the Institute scanner and the 2026-08-31 recheck pulls (Snapshot Hub GraphQL / OpenSquare). Outcomes marked from recheck determinations where the proposal is named; otherwise the recorded state is shown.

Metrics

Curated metric — next quarterly update. On-chain revenue, treasury, and distribution-enforcement reads are not yet wired for this DAO's space in the Institute's state files; the quarterly re-assessment cycle will populate this block.

Structure & History

Structure: S1 — Token-Governed Protocol.

S1-S5 protocol business structure taxonomy, as-of 2026-08-27 (structure taxonomy date); scores as-of 2026-10-01 (first scored 2026-07-23; quarterly recheck #2, cycle 2026-08-31 -> 2026-10-01)

2026-10-01 recheck — what changed

BIP-928 orderly winddown + pro-rata treasury distribution to BAL holders PASSED 2026-09-29 (BIP-929 fork rejected) — nothing executed on-chain yet: claim contract not deployed, first distribution round opens end-May 2027
Re-file trigger: GSA-1/GSA-3 move on execution (distribution contract live), not on the vote

First scored 2026-07-23; rechecked 2026-10-01.