According to a statement from the project, the network was expected to "exit without a pause" today. Users who own more than 99% of the project's stalk token supported the revival in a vote on Friday.
Beanstalk offers the Bean token using credit rather than collateral to peg its price to the US dollar. The project made the news in mid-April after a hacker abused the management mechanism to steal funds from the project. In a statement from Beanstalk, it was stated that changes to the project code were overseen by two firms and management was moved to a community-run multisig wallet until a secure on-chain management mechanism was implemented.
The Beanstalk crypto team began the stablecoin reboot process in May when it proposed raising $77 million in an over-the-counter loan from private investors. This fundraising capability came in May at a time when nearly all stablecoins began to appear in the mainstream media for their various features. As it is known, in early May, Terra's algorithmic stablecoin named TerraUSD suffered a major collapse and took the $40 billion Terra ecosystem with it.
Users invest in Beanstalk's debt assets known as "pods", which function like high-interest interest-paying term bonds. He thought that North Korean groups might be behind the attack on the BEAN stablecoin.
What is Beanstalk?
Beanstalk is a decentralized credit based stablecoin protocol that is built on Ethereum. The first Beanstalk issues a USD stablecoin (Bean) on the Ethereum blockchain. Beanstalk uses credit instead of collateral to create a decentralized, liquid, blockchain-native asset, which is stable relative to the value of a non-blockchain-native asset. Beanstalk creates protocol-native financial incentives to encourage participation in peg maintenance and governance without requiring any action from everyday Bean users.