Exactly one year after its initial deployment, Beanstalk is now back from the dead.
Less than four months ago, the experimental stablecoin was hacked for $182 million. Luckily, the company behind it, Beanstalk Farms, has managed to stabilize its operations enough for its reboot.
Unlike other stablecoins, such as Tether, the Beanstalk stablecoin doesn’t maintain its fiat currency peg through collateral. Instead, Beanstalk and its BEAN coin rely on an algorithm specifically designed for this purpose. The idea is to create a permissionless stablecoin that enables anyone to take part in DeFi.
The $182 million hack is still known as one of the biggest exploits in the crypto industry. Hopefully, Beanstalk is luckier this time around.