Beanstalk developers relaunched BEAN stablecoin four months after the hack
In a vote on August 5, users holding more than 99% of BEAN tokens supported the relaunch of the stablecoin
08.08.2022 - 13:25
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What’s new? The team of Beanstalk Farms, a DeFi protocol, has relaunched the algorithmic stablecoin BEAN. This came four months after the exploit that caused the project to lose $182 million. According to the developers’ statement, changes to the project’s code have been audited by cybersecurity companies Trail of Bits and Halborn, and governance has been moved to a community-run multisig wallet. This measure will remain in effect until the team implements a secure alternative.
What else is known about the relaunch? In a vote on August 5, users who own more than 99% of BEAN tokens supported the relaunch of the stablecoin.
The Beanstalk team began the process of relaunching the stablecoin back in May. Back then, the developers offered to raise $77 million in an over-the-counter loan from private investors. The fundraising began the same week that the algorithmic stablecoin TerraUSD (UST) collapsed, wiping out more than $40 billion of its investment value.
What is known about BEAN? The stablecoin protocol is based on Ethereum and launched on August 6, 2021. BEAN uses credit instead of collateral to maintain parity with the US dollar. Users invest in Beanstalk debt assets, which function like term bonds, offering high annual returns. On the eve of the April 17, 2022 protocol hack, stablecoin reached a capitalization of $100 million.
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