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Breaking: Balancer DeFi Reports "Issues," Asks LPs To Remove Liquidity ASAP

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Fri, 6/01/2023 - 16:06
Breaking: Balancer DeFi Reports "Issues," Asks LPs To Remove Liquidity ASAP
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The team of the leading decentralized finance protocol Balancer (BAL) will unveil the roots of the problem soon. Meanwhile, its LPs on four blockchains should remove liquidity immediately.

Balancer (BAL) team asks LPs to withdraw funds: Check out list of pools

According to a statement shared by Balancer Labs, an organization overseeing the development of Balancer (BAL) DeFi, the users of five liquidity pools should remove all their funds as soon as possible.

This operation is necessary as the "emergency DAO" is not able to mitigate some issue with the system. Thus, the platform asks LPs on Ethereum (ETH), Polygon (MATIC), Optimism (OP) and Fantom (FTM) versions of Balancer (BAL) to remove liquidity.

On Ethereum (ETH), the issue affected the DOLA/bb-a-USD pool with the current total value locked (TVL) of $3.6 million in equivalent. On Polygon, LPs should remove money from the small bb-am-USD/miMATIC pool.

On Optimism (the pools here are maintained by Balancer's partners Beethoven X) the problem affects the operations of MAI Life and Smells Like Spartan Spirit pools with an aggregated TVL estimated at about $1.2 in equivalent.

Emergency multi-sig activated, fees reduced to zero

Last but not least, the users of Fantom-based "friendly fork" of Balancer (BAL) should remove $1.9 million from the Tenacious Dollar liquidity pool. Arbitrum pools are unaffected, Balancer Labs founder Fernando Martinelli says.

An hour ago, Balancer (BAL) core contributors announced that "emergency multi-signature" set protocol fees of some Balancer (BAL) pools to zero with no action needed from their LPs.

As per the DeFi Llama tracker, Balancer (BAL) is the #11 DEX by total value locked with $1.5 billion in TVL.

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