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 is the Beanstalk exploit?

The Beanstalk exploit was made possible by another DeFi mechanism known as a “flash loan,” which allows users to borrow large amounts of cryptocurrency for very short periods of time.

What happened to Beanstalk?

On April 19, Beanstalk, a credit-based stablecoin protocol project based on Ethereum, said the platform was subject to a flash loan attack two days previously. The cyberattack exploited the project's protocol governance mechanism.

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.