Once-hacked for $77M, Beanstalk's algo stablecoin protocol relaunches
Ethereum-based algorithmic stablecoin project Beanstalk Farms has relaunched its protocol just under four months after going offline after suffering a devastating $77 million governance exploit.
The protocol and its governance have been paused since April following the governance exploit and flash loan attack, but were relaunched as of Aug. 6 in an event called the “Replant.”
In an announcement shared with Cointelegraph, Beanstalk said it has come out of the ordeal stronger than ever, likely in reference to protocol's governance and security.
“Beanstalk has come out on the other end of this ordeal stronger than ever. It is a testament to the creditworthiness of the protocol and its potential to help realize a permissionless future,” said Publius, the developer group behind the BEAN stablecoin and protocol.
Publius stated that it has now moved protocol governance to a community-run multisig wallet until “a secure on-chain governance mechanism can be implemented.”
The team also stated that it has completed two protocol audits from “top not smart contract auditing firms” in Trail of Bits and Halborn.
The spokesperson also highlighted that new application development on the network is already in the works, with the Root Protocol announcing a $9 million seed round on July 26 to develop financial, commerce, and sports betting marketplaces 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
The project has a long way to climb back until it's matching the previous metrics it hit before the hack. In mid-April, Beanstalk’s algo-stablecoin BEAN topped a market cap of $100 million, however at the time of writing the
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