DeFi Stablecoin Protocol Beanstalk Formally Announces Post-Exploit Recapitalization Fundraiser, “The Barn Raise,” to Begin on June 6 With ~$10M (15% of Maximum Funding) Already Committed
“The Barn Raise” is an opportunity to participate in a protocol that had organically reached a $100M market cap in just nine months after its initial launch
Beanstalk will also launch a 10,000 item NFT series called The Barn Raise NFT Collection, meant to celebrate the spirit of Beanstalk community members, as part of the fundraiser
NEW YORK , June 2, 2022 /PRNewswire/ — Beanstalk, a decentralized credit-based stablecoin protocol, formally announces “The Barn Raise”, a fundraiser to restore $77M of liquidity stolen from the protocol during a recent governance exploit and further recapitalize pre-exploit participants. “The Barn Raise” will begin June 6 at 12 p.m. ET and will last until all ‘Fertilizer’ tokens (Barn Raise tokens which will serve as certification of participation) are sold.
Beanstalk will formally resume after the completion of two separate security audits with a likely restart date of early July. Further details below on “The Barn Raise” and Beanstalk’s plan to improve governance and security structures.
During “The Barn Raise,” Beanstalk will borrow $77M from the market in exchange for debt at up to 500% interest. 77M Fertilizer tokens will be for sale at 1 USDC each. To facilitate the interest earned, each Fertilizer token holder will receive a pro rata share of one-third of newly minted Beans (Beanstalk’s native stablecoin) until the debt to Fertilizer holders has been fully repaid. Conditions for “The Barn Raise” were ratified by a vote of pre-exploit Beanstalk governance token holders with ~97% of the voting share in favor of ratifying the current plan.
As part of “The Barn Raise”, Beanstalk will launch a 10,000 item NFT series called The Barn Raise NFT Collection, which will be offered to the first 10,000 participants contributing at least 1,000 USDC before Beanstalk relaunches.
Already, ~$10 million (15% of Fertilizer tokens available) has been committed for “The Barn Raise.” Prior to the recent exploit, Beanstalk began demonstrating its proof-of-concept as DeFi’s only decentralized, credit-based stablecoin protocol, growing from just $100 dollars to over $100M in aggregate assets over a nine-month period and demonstrating resilient price stability against the dollar.
The Beanstalk DAO is working to address, repair and strengthen its governance structure moving forward. In order to avoid the governance issues that emerged during the exploit, Beanstalk will be governed via a new community-run multisig wallet custodied by a group of nine Beanstalk community members and contributors which will serve as a temporary security measure until a more secure and fully-decentralized governance mechanism has been developed, sufficiently audited, and implemented.
For media inquiries for Beanstalk, please contact Kieren Weisert at kieren@thetascgroup.com, beanstalkfarms@thetascgroup.com or call 606-304-9278.
To learn more in-depth details about “The Barn Raise” and how you can participate, please click here.
About Beanstalk
Beanstalk is an Ethereum-native decentralized protocol that allows anyone to realize the value of an open, credit based stablecoin (a currency that regularly crosses a given value). The Beanstalk community of lenders, borrowers and savers secures a protocol-native stablecoin, Bean, with the goal of creating the most accessible digital money system in the world. To learn more about Beanstalk click here.
Contact: Kieren Weisert
Phone: 606-304-9278
Email: kieren@thetascgroup.com
beanstalkfarms@thetascgroup.com
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SOURCE Beanstalk
