HomeCoinsBanano (BAN)Development Update: “Wrapped” BANANO on Binance Smart Chain | by Banano |...

Development Update: “Wrapped” BANANO on Binance Smart Chain | by Banano | Banano | Apr, 2021

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Development Update Wrapped BANANO on Binance Smart Chain by

That means that one “wBAN” will always be equal to one “BAN”!

The main purposes of wBAN are:

  • to swap between BAN and other cryptocurrencies (we like to connect to other communities, so connecting blockchains is naturally a good thing)
  • to educate new and existing BANANO users (monKeys) about more features and utilities they might not be familiar with
  • Also, unlike some platforms, Binance Smart Chain fees are relatively low (in USD terms between $0.10 to $0.40 for a transaction) which makes it great tool to learn about DeFi & Yield Farming.

Soon all the things you may not have known about (DeFi, yield farming, APY, APR, liquidity pools, and impermanent loss) will make sense. Some more upcoming articles will dive into those topics.

Here’s some sneak peek on the app:

Once you get your hands on wBAN you will be able to do multiple things:

  • provide liquidity in multiple Binance Smart Chain decentralized exchanges such as PancakeSwap
  • swap your wBAN to any other crypto-currency available on BSC, and even bring them back to your Binance account
  • swap any other crypto-currency to wBAN to get some BAN
  • etc.

Minting wBAN tokens with your BAN involves paying BSC fees with BNB, so you will need to provide a small amount of BNB upfront (with the “BNB Swap Fees” button displayed in the above screenshot) in order to swap BAN to wBAN. Swaps from wBAN to BAN will also be done as a BSC transaction through MetaMask, and also involve a small BNB fee.

Stay tuned for detailed instructions which will be released upon wBAN app launch.

But WEN wBAN???

Maybe in about 4 to 6 weeks, but as with all things crypto, it’s hard to predict exactly.

At the moment jeromebernard who is leading the wBAN development project and some of his ‘helper monkeys’ are working on:

  • User Experience (UX) improvements for the wBAN app
  • A new BSC smart-contract with the ability for upgrades, for new features, and potential bug fixes

We will provide more development updates here while this is going forward, but in the meantime, we are also going to put out articles explaining topics such as DeFi, Yield Farming, and PancakeSwap. This way all the monkeys in the jungle can have a better understanding of wBAN and be ready and educated when it’s available!

Want to learn more? Want to contribute? Connect through the BANANO discord server and participate in giveaways or events to get some free BANANO, and get involved in a thriving, welcoming community.

See current BANANO price and market data at Coingecko or Coinmarketcap. All current trading pairs and exchanges here.

Official Website: banano.cc
Yellowpaper: banano.cc/yellowpaper
Help getting started: banano.how
Community News: The Daily Peel

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Overviews:
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