what's Beanstalk?
Beanstalk is a permissionless stablecoin protocol on Ethereum that issues its native stablecoin, Bean (BEAN), using an algorithmic credit mechanism rather than collateral. It operates through a unique "stalk and pod" system where users can sow assets into the protocol's field to earn Stalk (governance power) and Pods (future yield), participating in Seasons that adjust supply based on market conditions to maintain peg stability. The protocol features Temperature and Pod Rate metrics to manage issuance and incentives, with governance via Beanstalk Improvement Proposals (BIPs). After a 2022 exploit, it transitioned to more secure mechanisms while maintaining decentralized credit issuance for fiat-like stability.
Beanstalk suffered a $182M governance exploit in April 2022 via flash loan and malicious proposal.
Suffered a governance exploit in April 2022 where an attacker used a flash loan to gain voting control and drained $182 million from the protocol through an emergency proposal containing hidden malicious code.
Announces partnership with Gassy Jack featuring a quest system to collect beans and unlock rewards in a gas-free environment.