Beanstalk Farms · June 3rd, 2022
What is Beanstalk? Beanstalk is a decentralized credit based stablecoin protocol built on Ethereum. Learn more at bean.money.
With the Barn Raise around the corner, it’s a good time to recap the structure and timing.
The Barn Raise is a fundraiser that aims to restore approximately $77M of liquidity stolen from the Silo during a recent governance exploit. “The Barn Raise” will begin June 6 at 12 p.m. ET and will last until all ‘Fertilizer’ tokens are sold.
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.
As part of “The Barn Raise”, Beanstalk will offer NFTs with commemorative art to the first 10,000 participants contributing at least 1,000 USDC before Beanstalk relaunches.
Here are links to some of the appearances by Publius:
Make sure to also check out Bank Runs, Airplanes, and Beanstalk by ereal to learn about how Beanstalk attempts to mitigate bank runs.
Lastly, feel free to drop by Discord if you have any questions - the community is always available to help and answer questions.
Comments, suggestions or feedback? Please reach out to [email protected]
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