What is Beanstalk & how does it work?

Beanstalk describes itself as a “decentralized credit based stablecoin protocol.” It operates a system where participants earn rewards by contributing funds to a central funding pool (called “the silo”) that is used to balance the value of one token (known as a “bean”) at close to $1.

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.

Does Beanstalk have a governance mechanism?

Like many other DeFi projects, the creators of Beanstalk — a development team called Publius — included a governance mechanism where participants could vote collectively on changes to the code.

How was the Beanstalk attack carried out?

The Beanstalk attack was carried out via two malicious Beanstalk proposals . These smart contracts (Beanstalk Proposals #18 and #19) drained the Beanstalk smart contract and sent the stolen tokens to the attacker’s address and also the Ukraine donation address.