Crypto & Blockchain News

DeFi Protocol Balancer Suffers Budget Cuts, Staff Cuts Ahead Of Strategy Pivot


Balancer’s DeFi liquidity protocol is making significant changes to its brand strategy, as revealed by the platform’s service provider during a recent community call. The move includes reducing the operating budget and reducing the headcount of the two engineers at OpCo, who manage the front end of the protocol. This change was made as Balancer focused on improving its user interface and marketing strategy.

To support this new outreach strategy, Balancer’s service provider, Orb Collective, will set up a dedicated marketing team that can communicate the mechanics of Balancer’s work to its users. The new marketing team will also adopt a “crypto Twitter-native voice” to better connect with platform users.

Jeremy Musighi, CEO of Orb Collective, talks about the company’s enthusiasm for the new vision of the Balancer brand. He also stressed the importance of having the right personnel to carry out this new vision.

This change was announced at a time when Balancer is facing broader market pressure. In recent months, the platform has suffered significant losses due to exploits and bugs. In March, Balancer disclosed that it had lost $11.9 million worth of tokens from its liquidity pool in an Euler Finance exploit. Additionally, earlier this year, the disclosure of a read-only reentrancy bug caused the platform to miss out on revenue opportunities when the cryptocurrency market was heating up.

Balancer’s new brand strategy aims to improve user experience and strengthen communication with its users. While these changes come amidst the challenges faced by platforms, they are also an opportunity for Balancer to adapt and thrive in the rapidly changing DeFi landscape. It remains to be seen how these changes will impact the platform’s performance and reputation, but they demonstrate the company’s commitment to continuous improvement and growth.


Source link

Related Articles

Back to top button