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.

What happened to the Beanstalk (Bean) stablecoin?

The Beanstalk (BEAN) stablecoin has lost its peg, collapsing to virtually zero following the attack, according to CoinGecko data. It is a collateral-free stablecoin that relies on a decentralized community of lenders in order to maintain its price stability.

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.

Was Beanstalk hacked?

Beanstalk, an Ethereum-based stablecoin protocol, has been drained of more than $80 million worth of various cryptocurrencies, according to blockchain security firm PeckShield. In a series of tweets, PeckShield explained that the hacker was able to use a flash loan attack in order to purchase plenty of BEAN tokens.