DeFi liquidity protocol Balancer is making significant changes to its brand strategy, as revealed by the platform’s service providers during a recent community call. The move includes a reduction in operating budgets and a headcount reduction of two engineers in the OpCo, which manages the protocol’s front end. These changes are being made as Balancer focuses on improving its user interface and marketing strategies.
To support this new outreach strategy, Balancer’s service provider, Orb Collective, will build out a specialized marketing team that can communicate the mechanics of how Balancer works to its users. The new marketing team will also adopt a “crypto Twitter-native voice” to better connect with the platform’s users.
Jeremy Musighi, CEO of Orb Collective, spoke about the company’s excitement for the new vision of the Balancer brand. He also emphasized the importance of having the right personnel to execute this new vision.
These changes are announced at a time when Balancer is facing broader market pressures. In recent months, the platform has experienced significant losses due to exploits and bugs. In March, Balancer revealed that it had lost $11.9 million worth of tokens from its liquidity pools in the Euler Finance exploit. Additionally, earlier this year, a read-only reentrancy bug disclosure caused the platform to miss out on revenue opportunities when cryptocurrency markets were heating up.
Balancer’s new brand strategy aims to improve user experience and strengthen communication with its users. While these changes come amid challenges faced by the platform, they also represent an opportunity for Balancer to adapt and grow in a 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.