During a Thursday community call, the service providers for the DeFi liquidity protocol Balancer disclosed they are reducing their operating budgets and laying off employees in an effort to revamp Balancer’s brand strategy.
During a Discord call attended by over 20 individuals, the providers’ team disclosed that Balancer’s OpCo, which administers the protocol’s front end, has cast off two engineers and cut its operating budget.
The staff reduction occurs as the protocol focuses on enhancing its user interface and marketing. To this end, the platform’s service provider, Orb Collective, which oversees the protocol’s design, marketing, and regulatory strategies, will assemble a specialized marketing team that can explain to platform users how Balancer operates.”
“We developed an exciting new vision for the Balancer brand,” said Jeremy Musighi, chief executive officer of Orb Collective. “In addition, we have been making personnel adjustments to the marketing team to ensure that the appropriate individuals are in place to execute this new vision.”
Last month, the Balancer team disclosed that the protocol was vulnerable to the Euler Finance exploit, resulting in the theft of $11.9 million worth of tokens from its liquidity pools. Earlier in the year, the protocol experienced a disclosure of a read-only reentrancy flaw, which deactivated protocol fees for a significant number of the protocol’s pools, causing the platform to lose out on revenue opportunities during January’s booming cryptocurrency markets.
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