Go to https://wrap.banano.cc, select Ethereum network, do the bridge setup and you’re ready to start wrapping your BAN, swapping and farming.
Have a look at Transaction Fees section below, though.
Monkeys may wonder why we made the bridge available on Ethereum, one of the blockchains with the highest transaction fees.
After careful consideration, we have decided that we are finally ready to graduate from “fee-less” to “more fees than you want to shake a banana at”. 🍌
Here are some reasons we’re crossing this bridge:
- Having wBAN on Ethereum may enable us to get more traction with DeFi users who don’t know about Banano.
- Ethereum ecosystem is a very vibrant one.
It might enable synergies with other projects.
Who wants to buy an ENS domain from wBAN (swapped to ETH)? 😉
- Lastly we are hoping to get higher TVL and volumes.
A single farm is available, for wBAN-ETH liquidity.
This farm will distribute at a rate of 500k wBAN over 4 weeks, but this may be revisited after this initial round of rewards.
Gasless wraps & swaps are not enabled for quite obvious reasons.
It is wise to wait for low gas prices to submit your transactions.
Usually weekends have lower gas prices, and the 1am-3am UTC interval is often a good one.
Remember the permit feature we added for wBAN?
wBAN dApp uses the same principles now for the farms (Ethereum network only): you don’t need to approve the LP tokens for the farms. When you’ll make a deposit, it will ask for a permit signature, then submit the deposit transaction, to have both approval and deposit done in a single transaction.
Starting with less than $500 (wBAN+ETH) may not be worth it, ideally $1k at least, unless you only want to experiment on the Ethereum mainnet.
We know this ain’t small amounts for most of us. But with Ethereum transactions fees, we can’t do much.
Of course, the farm rewards can drastically change this suggestion depending on how many farmers we have, how much liquidity they are providing, etc.
#NFA Not Financial Advice
There are many bridges available allowing to move liquidity from L1 to L2 blockchains, and vice-versa.
While these tools are really helpful, they shouldn’t be used with wBAN.
I repeat: do not bridge wBAN from L1 to L2 blockchains using popular bridges.
Let’s take an example: if you were to bridge wBAN on Ethereum to Polygon via Polygon bridge, you would end up with a stash of tokens called wBAN but having a different address than official wBAN tokens on Polygon.
That means this stash wouldn’t be useful: no way to swap or unwrap them.
This is due to the fact that wBAN is already a bridged asset.
Support for bridges would require a lot of energy, and each bridge works differently, so this wouldn’t scale well.
On top of that it isn’t that hard to unwrap from source blockchain and wrap on target blockchain.
What is wBAN?
wBAN is short for Wrapped Banano. The main idea is that you wrap your Banano as wBAN tokens, and unwrap wBAN tokens back to Banano crypto. This allows you to use a representation of Banano on other networks! wBAN is currently available on the Binance Smart Chain, Polygon and Fantom. See wBAN FAQ for more details.
wBAN was created to connect Banano to the wider smart-contracts / DeFi ecosystem. We love seeing monkeys learning and participating in DeFi!