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The team behind Beanstalk stablecoin has restarted the project almost four months after it lost $182 million due to an exploit.
According to the project statement, the network was supposed to “unpause” today at 12 noon ET. People holding more than 99% of the project’s tokens supported the resurrection in a vote that ended on Friday.
Beanstalk bills for its token bean as a decentralized stablecoin that uses credit rather than collateral to maintain something close to parity with the US dollar. The project hit the news in mid-April after a hacker used its control mechanism to steal data from the project.
Beanstalk said in a statement that the changes to the project’s code have been reviewed by the two firms and control has been moved to a community-managed multisig wallet until a secure on-chain governance mechanism is implemented.
The Beanstalk team began the stablecoin reboot process back in May when they proposed raising $77 million in an over-the-counter loan from private investors.
The fundraiser came just as stablecoins were gaining attention for all the wrong reasons: Terra’s algorithmic stablecoin, TerraUSD, crashed that same week, wiping out over $40 billion in investment value.
Users invest in Beanstalk debt assets, known as “pods”, which function like temporary bonds, paying high annual interest.
Updates to clarify the relationship between the Beanstalk project and the bean token.
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