Beanstalk Farms team restarted DeFi protocol four months after hack

The developers of Beanstalk Farms have relaunched the Ethereum-based stablecoin protocol. They expect to return BEAN tocapitalization of $100 million, achieved on the eve of the hack on April 17, 2022.

A successful hacker attack resulted in $181 million in project losses. The hackers received ~$76 million.

The Replant event was timed to coincide with the anniversary of the deployment of the code on the Ethereum network.

“The BEAN experiment has gone out into the wild again.It is impossible to predict how this will work, but Beanstalk Farms' belief in the possibilities of a limitless fiat stablecoin is unwavering. […] It is currently unclear whether a stablecoin is good enough to sustain itself forever. There are still some shortcomings in the model. However, it is able to support itself in the short term.", the team said in a statement.

Project management was transferred to the wallet frommulti-signatures of community members until "a secure alternative is implemented." Speaking to Cointelegraph, the Publius team behind Beanstalk noted that the move speaks to the protocol's credibility.

The code was audited by Trail of Bits and Halborn. New dapps are being developed based on the project.

Beanstalk is issuing the BEAN stablecoin on a leveraged basis. Investors buy the protocol's debt, which earns interest.

According to Coingecko, the BEAN exchange rate is $0.004. It lost its peg to the US dollar after the April 17 incident. The capitalization of the asset dropped to $288,232.

As of June 5, Beanstalk has only been able to raise $10 million in fundraising to recover stolen funds.

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