Once hacked for $77 million, Beanstalk's stablecoin algo protocol is revived

Beanstalk Farms stablecoin protocol relaunched on August 6th with the team working to hopefully recover the market cap of 100 million dollars worth of his stablecoin BEAN before hacking it in April.

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 suspended since April following the governance exploit and flash lending attack, but was relaunched on August 6 in an event called "Replant".

In an announcement shared with Cointelegraph, Beanstalk said it came out of the ordeal stronger than ever, likely in reference to protocol governance and security.

"Beanstalk has emerged from the other end of this ordeal stronger than ever. This is a testament to the protocol's solvency and its potential to help realize a permissionless future," said Publius, the developer group at the origin of the stablecoin and the BEAN protocol.

Publius said it has now moved governance of the protocol to a community-managed multisig wallet until "a secure on-chain governance mechanism can be implemented".

The team also said that they have completed two protocol audits of the "top non-smart contract auditing companies" in Trail of Bits and Halborn.

The spokesperson also pointed out that the development of new applications on the network is already underway, with the root protocol announcing a $9 million seed round on July 26 to develop the financial, commercial and online betting markets. athletes on Beanstalk.

Today, Beanstalk Farms is delighted to announce that Beanstalk has no longer been paused on the one-year anniversary of its initial rollout.https:// t.co/HxZmwWksZe

The project has a long way to go until it matches the previous metrics it achieved before the hack. In the middle of the...