The Beanstalk team restarted the BEAN stablecoin a few months after the hack

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The Beanstalk project has relaunched BEAN, a decentralized stablecoin that uses debt instead of collateral to secure its peg to the US dollar.

The Beanstalk team claims that beforeAfter launch, two auditing companies checked changes in the project code. Governance of the protocol has been moved to a community-managed multi-sig wallet until a secure governance mechanism can be implemented on the network.

“The Beanstalk experiment is operational again.It is impossible to predict how it will perform, but Beanstalk Farms' belief in the possibility of creating an unregistered stablecoin is unwavering. Eliminating the collateral requirement could be a catalyst for reliability, unlocking the potential of decentralized finance for everyone,” the company said in a blog post.

The relaunch of the stablecoin was made possible thanks to the fact that users of the project, who own more than 99% of BEAN tokens, voted on August 5
supported the relaunch of the stablecoin. 

The Beanstalk team has started the restart processback in May, when it proposed to raise $77 million in over-the-counter debt from private investors. The fundraising began the same week that Terra's algorithmic stablecoin, TerraUSD, crashed, wiping out more than $40 billion of its investment value.

In mid-April, a hacker used Beanstalk's control mechanism to steal assets. Then, due to the exploit, the project lost $182 million.