DeFi Protocol Beanstalk raises over $5.5M in ‘The Barn Raise’

Key Takeaways:

  • DeFi Stablecoin Protocol Beanstalk launched the Post-Exploit Recapitalization Fundraiser, “The Barn Raise”
  • Within the first hour following the launch, the project raised over $5.5 million
  • Beanstalk saw over $77 million from its liquidity pool stolen through an exploit in April
DeFi Stablecoin Protocol Beanstalk launched the Post-Exploit Recapitalization Fundraiser, “The Barn Raise” on April 6.
DeFi Stablecoin Protocol Beanstalk launched the “The Barn Raise” Fundraiser on April 6. Credit: Beanstalk Farms

YEREVAN (CoinChapter.com)- Beanstalk, a “DeFi Stablecoin Protocol,” successfully raised over $5.5 million within the first hour of the Post-Exploit Recapitalization Fundraiser, dubbed “The Barn Raise.” 

The fundraiser aims to help restore the $77 million of liquidity which hackers stole from the protocol in April.

The Beanstalk community had already pledged $10 million before the fundraiser began, according to the platform. That number amounts to 15% of the total funds lost.

“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 said in a press release. 

Backers of the project can participate by purchasing ‘Fertilizer’ tokens from the website. The platform assures them a return of up to 500% when the project re-launches in early July 2022. 

Seventy-seven million Fertilizer tokens are up for sale at 1 USDC each. At the time of writing, supporters had already purchased 8.14% of the tokens.

DeFi Stablecoin Protocol Beanstalk launched the Post-Exploit Recapitalization Fundraiser, “The Barn Raise” on April 6.
About 8.14% of the total Fertilizer tokens have so far found takers. Credit: Beanstalk Farms website

The DeFi platform will also launch a 10,000 nonfungible token (NFT) series as part of the fundraiser. The collection has been named The Barn Raise NFT Collection’.

Recommended: Beanstalk Farms (BEAN) plummets after protocol suffered a $182M exploit

Ukraine returned $250K in stolen funds to DeFi protocol Beanstalk

As already stated, Beanstalk protocol suffered a massive attack in April. In desperation to save the stolen funds, the devs offered the hacker a 10% white-had reward in exchange for the stolen funds. 

If you will return 90% of the withdrawn funds to the Beanstalk Farms multi-sig wallet,… Beanstalk will treat the remaining 10% as a White hat bounty properly payable to you,”  

the project wrote.

Furthermore, they sent the Exploiter an On-Chain Message regarding the same. 

Interestingly, the thief sent $250,000 from the stolen assets to the Ukrainian relief fund. Michael Chobanian, the Blockchain Association of Ukraine president, vowed to return the funds to the protocol. Simultaneously, Chobanian is the founder of the Ukraine-based Kuna exchange.

“Beanstalk Farms would like to thank the honorable people of Ukraine for offering to return the portion of Beanstalk’s stolen funds that were sent to Kuna Exchange,” 

the DeFi platform responded.  

After the fundraiser ends, the project will start afresh, promising a better security and user experience.

Meanwhile, nine community members and contributors will govern the DeFi protocol Beanstalk. Above all, this will serve as a temporary security measure until implementing a more secure and fully-decentralized governance mechanism.  

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DeFi Protocol Beanstalk, DeFi Protocol Beanstalk raises over $5.5M in ‘The Barn Raise’

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