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The Beanstalk Farms stablecoin protocol resumed on August 6th, and the team is working to recapture the $100 million Market Cap of the BEAN stablecoin before the April hack.
Ethereum-based algorithmic stablecoin project Beanstalk Farms has relaunched its protocol nearly four months after going offline after suffering a devastating $77 million governance exploit.
The protocol and its governance, which he had been on hiatus since April following governance exploits and Flash loan attacks, resumed on August 6 in an event called “Replant.”
In an announcement shared with Cointelegraph, Beanstalk said it came out of a test stronger than ever, perhaps in terms of protocol governance and security.
“Beanstalk has emerged from the other side of this test stronger than ever. Publius, the developer group behind tablecoins and the protocol, said.
Publius explained that the protocol has migrated its governance to a community-run multi-sig wallet, “until a secure on-chain governance mechanism is implemented.”
The team also said it conducted his two audits of logs from “not the top smart he’s a contract audit firm” on Trail of Bits and Halborn.
The spokesperson also emphasized that development of new applications on the network is already underway. Root Protocol will announce his $9 million seed round on July 26th, developing a financial, trading, and sports betting marketplace on Beanstalk.
Today, Beanstalk Farms is thrilled to announce that Beanstalk has been Unpaused on the one year anniversary of its initial deployment.https://t.co/HxZmwWksZe
— Beanstalk Farms (@BeanstalkFarms) August 6, 2022
The project still has a long way to go to match previous metrics it achieved before the hack. In mid-April, Beanstalk’s algo stablecoin BEAN surpassed $100 million in market capitalization, but according to data from CoinGecko, at the time of this writing, that figure was just $284,426, with the asset valued at $284,426. $0.0039.
The project also had limited success in recovering stolen funds from the April exploit. On June 5, the project raised $10 million through a fundraiser to recover stolen funds.
Long-term sustainability
However, the jury has yet to reach agreement on an algorithmically secured stablecoin either, so it remains to be seen how sustainable BEAN will be in the long run. Publius pointed this out as early as June, saying:
“It is currently unknown if Beanstalk is sustainable. There are still some inefficiencies in the model. Excellent.”
“The characteristic of a system like Beanstalk is that it works until it fails. You never know if it will work. Without it, it’s scary to have so much uncertainty,” added Publius.
