Balancer

Balancer generated $296.9M in gross revenue from Mar 2020 to Mar 2026 (2196 days), with $174.9M retained as net revenue. $38.1M accrued to BAL token holders. Its primary token utilities include Staking Rewards, Staking Access, Vote Escrow, and Delegated.

This averages $$135.2K in daily gross revenue across the tracked period.

BAL accrues value through 2 mechanisms: Direct Revenue Share and Other.

• Direct Revenue Share: 82.5% of all protocol fees are distributed directly to veBAL holders as weekly payments in yield-bearing bb-a-USD stablecoins. For core pools, 12.5% goes directly to veBAL holders plus 70% as voting incentives; for non-core pools, 82.5% goes directly as USDC.
• Other: 17.5% of protocol fees flow to the protocol treasury (Balancer Onchain Ltd Safe) for ecosystem development and operations, retained on the protocol's balance sheet rather than distributed or burned.

No, Balancer does not currently burn BAL tokens. The protocol does not employ a buy-back-and-burn or direct token burn mechanism.

BAL serves 4 primary functions within the Balancer ecosystem: Staking Rewards, Staking Access, Vote Escrow, and Delegated. The protocol generates fees from user activity, with a portion distributed back to BAL holders. Value flows back to token holders through Direct Revenue Share and Other.

Token utilities:

• Staking Rewards: veBAL holders earn protocol fee distributions (82.5% of protocol fees) weekly and boosted liquidity mining emissions (up to 2.5x multiplier) by locking 80/20 BAL/WETH BPT for up to one year.
• Staking Access: Locking BPT into veBAL is required to unlock liquidity mining boost multipliers (1x to 2.5x), gauge voting rights, and protocol fee distributions — these features require active staking, not just holding.
• Vote Escrow: veBAL is a vote-escrow system where users lock 80/20 BAL/WETH BPT for up to 1 year, with voting power proportional to the amount locked and remaining lock duration. Longer locks yield more veBAL and greater governance weight.
• Delegated: veBAL holders can delegate their Snapshot governance voting power to chosen delegates who vote on their behalf for general governance proposals (though not for on-chain gauge votes).

Value accrual mechanisms:

• Direct Revenue Share: 82.5% of all protocol fees are distributed directly to veBAL holders as weekly payments in yield-bearing bb-a-USD stablecoins. For core pools, 12.5% goes directly to veBAL holders plus 70% as voting incentives; for non-core pools, 82.5% goes directly as USDC.
• Other: 17.5% of protocol fees flow to the protocol treasury (Balancer Onchain Ltd Safe) for ecosystem development and operations, retained on the protocol's balance sheet rather than distributed or burned.

Read our deep dive: Balancer tokenomics analysis.

In 2026, Balancer generated $1.3M in gross revenue. Of that, $289.9K was distributed to token holders, $136.0K was retained as protocol revenue (treasury), $850.7K went to supply-side participants (e.g. liquidity providers).

Year-by-year revenue breakdown:

• 2026: $1.3M gross revenue — $289.9K to holders, $136.0K to protocol, $850.7K to supply-side
• 2025: $21.7M gross revenue — $5.0M to holders, $4.6M to protocol, $12.1M to supply-side
• 2024: $28.0M gross revenue — $8.4M to holders, $5.3M to protocol, $14.4M to supply-side

Balancer's gross revenue has decreased by 69.8% over the past 90 days compared to the prior 90-day period, from $4.3M to $1.3M.

• Recent 90d daily average: $14.7K/day
• Prior 90d daily average: $48.0K/day