Beanstalk Farms · May 16th, 2022

Bi-Weekly Bean #3

A newsletter that recaps the happenings in the Beanstalk ecosystem. This issue will cover the 4/16/22– 5/15/22 period.

Welcome to the Bi-Weekly Bean, a newsletter that recaps the happenings in the Beanstalk ecosystem. This issue will cover the 4/16/22– 5/15/22 period.

What is Beanstalk? Beanstalk is a decentralized credit based stablecoin protocol built on Ethereum. Learn more at bean.money.

As the summer months approach, both old and new farmers are rightfully asking: what's next for Beanstalk?

Since the protocol's governance exploit on Easter weekend, the community has rallied and devised a plan for the Barn Raise to recapitalize the Beanstalk and get it back on its feet. Various proposals have been considered around this idea, and the most recent proposal approved by the Beanstalk DAO offers the latest details.

If you're new to Beanstalk, you can bookmark this analytics page to review the protocol’s performance, as it reflects how Beanstalk's economic model was performing up to that point:

https://dune.xyz/tbiq/Beanstalk

Publius has appeared on a number of Twitter Spaces in recent weeks to discuss next steps for the protocol. Here are links to a few of them:

  1. Publius and Mark Jeffrey on 4/20
  2. Publius with Bankless DAO on 4/23
  3. Publius with Ceazor on 4/25
  4. Publius and Liquity Protocol on 4/29
  5. Publius and Moonshot Research on 5/5
  6. Publius and Manny from Buttonwood Foundation, coordinated by WAGMI Labs on 5/6
  7. Publius and Idols NFT on 5/11

Make sure to also check out the latest episode on Beanstalk’s podcast, The Bean Pod, where Publius discussed Terra's unfortunate collapse and the lessons learned from that.

Also checkout the latest songs from the farm at this curated Field Ballads and Silo Songs playlist.

Lastly, feel free to drop by Discord if you have any questions - the community is always available to help and answer questions.

Protocol Timeline

May 2022

  • Beanstalk is currently Paused
  • Halborn audit began last week
  • Holding OTC negotiations to recapitalize Beanstalk

June 2022

  • Finalize OTC negotiations to recapitalize Beanstalk
  • Trail of Bits audit begins June 6
  • Hold the Barn Raise from June 6 to June 27
  • Both Halborn and Trail of Bits audits complete by end of month

July 2022

  • Unpause Beanstalk at the beginning of the month

Beanstalk Farms Updates

  • Planned The Path Forward, Beanstalk’s recapitalization effort.
  • Recovered 250k USDC from the stolen assets.
  • Commissioned The Barn Raise NFT collection.

Comments, suggestions or feedback? Please reach out to [email protected]


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