DeFi liquidity protocol Balancer 's service providers have cut their budgets and let go of staff ahead of the protocol's push to overhaul its brand. LizKNapolitano reports
DeFi liquidity protocol Balancer’s service providers revealed they are slashing their operating budgets and laying off staff in a move to overhaul Balancer’s brand strategy during a Thursday community call.
Balancer’s OpCo, which manages the protocol’s front end, has laid off two engineers and reduced its operating budget, the providers’ team revealed during the Discord call attended by more than 20 people. The headcount reduction comes as the protocol turns its focus toward improving its user interface and marketing.
“We developed a new vision for the Balancer brand that we're very excited about, said Jeremy Musighi, CEO of Orb Collective. “Along with that, we have been making some changes to the marketing team personnel to make sure that we have the right people in place to execute this new vision.”Last month, Balancer’s team revealed the protocol had exposure to the Euler Finance exploit, losing $11.9 million worth of tokens from its liquidity pools during the hack.
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