- Beanstalk Stablecoin is relaunching after being out of business for four months.
- Earlier, stablecoin was the victim of a rapid loan attack that resulted in the company losing nearly $182 million in funds.
Credit-based stablek Beanstalk relaunched its protocol four months later. Previously, stablecoin suffered a massive attack on a fast loan that left the protocol out of action for a while.
Re-launch of Beanstalk Stablecoin on its 1st Anniversary
The Ethereum-based stablecoin Beanstalk is finally back. In an official blog published by the company, Beanstalk confirmed the official “Unpause”, adding that it is ready to relaunch it on its one-year anniversary.
“Today, Beanstalk Farms is pleased to announce that Beanstalk has been paused for the first anniversary of its initial deployment.”
The Beanstalk stablecoin was initially published on August 6, 2021, on the Ethereum mainnet, an algorithmic stablecoin that suffered a massive flash loan attack back in April 2022. The hack drained $182 million of funds from Beanstalk, eventually making the company “Stop and go offline for a while.”
“Beanstalk was initially rolled out to the Ethereum mainnet on August 6, 2021. In the ~8 months since then, Beanstalk has organically grown to $100 million in market capitalization and attracted $144 million in long-term catalytic liquidity until the governance exploit on April 17, 2022. Since Then, Beanstalk Farms and Bean Sprout worked with the Beanstalk community to prepare the protocol for safe replanting and unpausing,” he later adds.
However, the stablecoin has made a strong comeback. According to the statement shared by Beanstalk creator Publius:
“The Beanstalk has come out on the other end of this ordeal stronger than ever. It is a testament to the protocol’s creditworthiness and ability to help achieve an unauthorized future.”
In addition, the company highlighted how it completed two financial audits from Trail of bits and Halborn’s “Tier Smart Contracting Audit Firms.”
The organization also notes how it believes that the protocol easily solves existing stablecoin problems and allows blockchain-based enterprises to compete with non-blockchain-based businesses by creating a low-volatility blockchain native asset for businesses.
“… the protocol solves the current issues with stablecoins and will allow blockchain-based companies to finally be able to compete with non-blockchain ones by creating a low-volatility blockchain asset with competitive carry costs (Bean).”
In addition, the company also announced how the protocol has been transformed into a community-managed multi-signature wallet so that it can secure an on-chain governance mechanism.
The blog also added how users can explore and experiment with it.
“Now, the Beanstalk Experiment is out in the wild again. It is impossible to predict how it will perform, but Beanstalk Farms’ belief in the potential of unwavering cryptocurrencies is unwavering.”
Photo: Beanstalk / Twitter