Beanstalk Farms developers have relaunched the Ethereum-based stablecoin protocol. They hope to capitalize BEAN with the $100 million it reached on the eve of the April 17, 2022 hack.

A successful hacker attack resulted in project loss of $181 million and the hackers received ~$76 million.

Activity replant It was timed to coincide with the anniversary of the code’s deployment on the Ethereum network.

“The BEAN experiment is out again. It is impossible to predict how this will turn out, but Beanstalk Farms’ belief in the possibility of an unlimited fiat stablecoin is unshakable. […] Whether a stablecoin is good enough to sustain itself forever is unclear at the moment. The model still has some shortcomings. But it can protect itself in the short term.”The team said in a statement.

Project management has been moved to the community multi-signature wallet until a “secure alternative has been implemented”. Speaking to Cointelegraph, the Publius team behind Beanstalk stated that the move points to the reliability of the protocol.

The code has been audited by Trail of Bits and Halborn. new dapps based on the project.

Beanstalk issues the BEAN stablecoin on a leveraged basis. Investors buy the protocol’s interest-bearing debt.

According to Coinecko, the BEAN exchange rate is $0.004. After the April 17 event, the US dollar lost its pegged value. The asset’s capitalization has dropped to $288,232.

As of June 5, Beanstalk has only managed to raise $10 million to recover stolen funds.

Recall that in July, the marketplace project for financial markets, forecasting and trading, based on the Root Protocol based on Beanstalk, raised $9 million.

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