BEAN vaults
- This stablecoin does not have a price feed available at the moment and we are unable to display peg/depeg rates.
About Bean
Bean is the USD-pegged stablecoin issued by the Beanstalk protocol. It uses a credit-based model rather than collateral to maintain its peg through protocol-native financial incentives. Beanstalk was exploited for $182 million in April 2022 but relaunched in August 2022, with the protocol migrating to Arbitrum in 2024.
Bean is the stablecoin of Beanstalk, a credit-based algorithmic stablecoin protocol. Unlike collateral-backed stablecoins, Bean uses a system of economic incentives — via the Silo (deposit), Field (soil/bond), and Market mechanisms — to maintain its dollar peg without collateral.
Mechanism
- No collateral required to mint Bean
- Peg maintained through seasons (hourly rebalancing): when Bean > $1 the protocol mints new Bean; when < $1 it issues Soil (debt)
- Silo: users deposit assets to earn Bean and Stalk governance tokens
- Field: users lend Bean to the protocol in exchange for Pods (future Bean), providing peg-recovery incentive
History
- April 2022: Governance exploit drained $182 million from the protocol
- August 2022: Protocol relaunched without ability to repay pre-exploit holders immediately (Barn Raise mechanism)
- 2024: Migrated from Ethereum to Arbitrum One
Sources
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vaults TVL $0 Avg. return --- Stablecoin-only Updated
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