After being exploited for $182 million in April, the Ethereum-based stablecoin protocol Beanstalk Farms marks the one-year anniversary of its initial deployment with a “safe Replant and Unpause”.
According to the official statement, Beanstalk was first deployed to the Ethereum mainnet on August 6, 2021. It has now been relaunched just under four months after going offline due to a devastating governance exploit.
After being drained of more likely to say lost all of its total value locked (TVL), the credit-based stablecoin protocol was reported to raise $77 million in an over-the-counter loan from private investors.
“The Beanstalk experiment is out in the wild once again,” said the blog. “It’s impossible to predict how it will perform, but Beanstalk Farms’ belief in the possibilities for a permissionless fiat stablecoin is unwavering.”
When comparing stablecoins like Tether and Beanstalk, the former maintains the 1-to-1 peg with fiat currencies by holding collateral, whereas the latter uses an algorithm to maintain the value of its BEAN coin.
Also Read: What Are Algorithmic Stablecoins & What Can Go Wrong With Them?
