Balancer fork’s 6 million BAL ask could cut holders’ redemption value
Former Balancer contributors in MAXYZ seek up to 6 million non-circulating BAL to seed a successor protocol, alongside a separate plan to wind down Balancer and let eligible holders redeem BAL for a share of remaining assets. If granted tokens reach eligible holders before the proposed May 2027 snapshot, they could dilute each holder’s redemption. Using a September estimate of $9.96 million against 63.1 million eligible BAL, the illustrative value is about $0.1579 per token; if all 6 million grant tokens become eligible, it falls to about $0.1442. These are not guaranteed values and will depend on future assets and eligibility. MAXYZ offers the Balancer treasury a conditional 10% stake in the fork’s fully diluted supply or equivalent value, but no payment is realized. The grant, continued pool operations, and rights to Balancer’s code each require separate approvals; governance and legal authority over some assets remain unresolved.
