Is Beanstalk credit based?

Beanstalk is credit based. Beanstalk only fails if it can no longer attract creditors. A reasonable level of debt attracts creditors. Therefore, in addition to the Bean price, the peg maintenance mechanism considers the Beanstalk debt level (defined below).

Is Beanstalk a permissionless Fiat stablecoin?

A permissionless fiat stablecoin protocol. An overview of the Beanstalk community's latest NFT collection. Thoughts on a flexible system for Silo reward allocation. Beanstalk is a permissionless fiat stablecoin protocol built on Ethereum that uses credit instead of collateral to issue its native stablecoin.

What is Beanstalk?

Beanstalk creates protocol-native financial incentives to encourage participation in peg maintenance and governance without requiring any action from everyday Bean users. How to Read and Analyze a White Paper?

What happened to Bean stablecoin?

With much of the stolen money now obscured, it’s unlikely to be traced and returned. In the wake of the attack, the value of the BEAN stablecoin has tanked, breaking the $1 peg and trading for around 14 cents on Monday afternoon. “We are fucked,” the founders posted in Discord.