Beanstalk team, after losing $182 million in a hack, has relaunched the stablecoin project after almost four months.
As per the Beanstalk team statement, the network was due to “unpause” at 12 p.m. Users holding 99% of the token backed the restoration process in a vote that shut down on Friday.
Beanstalk portrays itself as a decentralised stablecoin that takes credits in place of collateral to maintain a close PEG ratio with the dollar. Moreover, the project is all over the news, when the hacker exploited the governance system to steal the project.
Beanstalk in a statement said, “two firms evaluated the project’s code and moved the governance to a community-run multisig wallet, until a full proof on-chain governance mechanism can be executed.”
However, in may itself, the team started to process the reboot of stablecoin and proposed it will be raising $77 million from private investors in an over-the-counter loan.
The fundraising came at a time when all the stablecoin were gaining attention due to wrong reasons and in the same week the collapse of Terra algorithmic stablecoin had taken place. Due to Terra’s collapse, the investor’s wealth drawdown to a loss of $40 billion.
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