Beanstalk, a credit-based stablecoin, has rebooted on the one-year anniversary of its launch—and not quite four months since it was hacked for $182 million.
“The Beanstalk experiment is out in the wild once again,” said a statement on the project’s website.“It’s impossible to predict how it will perform, but Beanstalk Farms’ belief in the possibilities for a permissionless fiat stablecoin is unwavering.”
Stablecoins are designed to hold a 1-to-1 peg with fiat currencies, such as the U.S. dollar. Top stablecoins like Tether ostensibly do that by holding collateral, whereas Beanstalk maintains the value of its BEAN coin with an algorithm.
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
“By eliminating collateral requirements,” the statement continued,“Beanstalk can be the catalyst for a trustless money that unlocks the potential of decentralized finance for everyone.”
The $182 million exploit remains among the largest of all time.
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