To reclaim the $100 million BEAN stablecoin market capitalization, the Beanstalk Farms stablecoin protocol was relaunched on August 6 in an event called "Replant" with its administrative management due to the hacking incident last April.
Ethereum-based algorithmic stablecoin project Beanstalk Farms has relaunched the protocol after 4 months of being offline due to a $77 million governance exploit.
According to Publius, the developer group behind the BEAN protocol stablecoin, Beanstalk has risen stronger through the protocol's credit credentials as well as its potential to help realize the future.
In order to implement a secure chain governance system, the protocol governance will change to a community-run multisig wallet, said Publius. In addition, the development of new applications also emphasizes that the network is in the process of working.
Furthermore, Root Protocol announced a $9 million 'seed' on July 26 for development in finance, commerce and sports in further developing the market on Beanstalk.
The project has a long way to go to get back to matching the metrics it achieved before the hack.
Publius also said that at the moment it is not clear whether Beanstalk can maintain its performance because there are still some weaknesses in the model.
However, Beanstalk is likely to be good enough to survive in the short term with a clear definition of success.
