Wrapped BANANO (wBAN) Updates — April 2022
Apr 17, 2022 • 3 min read
💻 The New Front-End: wrap.banano.cc
wBAN is currently deployed on three networks: Binance Smart Chain, Polygon and Fantom. And now you can enjoy all three at the same URL. Indeed, from now on https://wrap.banano.cc will be the main entry point of Banano’s DeFi endeavours and will make it simpler for users to access, swap and farm their precious wBAN.
The old versions will be deprecated and removed at some point in the next few weeks, so please switch to the new page right away. Let us know if you notice any issues or bugs.
With the new wBAN version 2.1.0, you can now swap non-wrapped crypto such as BNB, MATIC, FTM (as opposed to wBNB, wMATIC, wFTM), on the swap page. Should be handy to swap some wBAN for more BNB/MATIC/FTM for transaction fees, and also to swap remaining BNB/MATIC/FTM to wBAN to switch from one blockchain to the other.
🚜 New Rounds of Rewards
Polygon: SushiSwap wBAN-wETH
Liquidity provider rewards are renewed and 300k BAN will be distributed from April 23 to May 21, 2022.
[Fantom] SpookySwap wBAN-USDC & wBAN-FTM
Since launch, a gigantic 900k BAN of rewards is being distributed as we speak among the two farms. (Don’t forget to claim your rewards.)
We announced that only one farm would be kept and decided that it’s the wBAN-USDC farm. The rewards for wBAN-FTM will decrease and then eventually stop, but for now rewards on both farms are still majestic:
- wBAN-USDC: from April 30 to May 28: 360k BAN.
- wBAN-FTM: April 30 to May 28: 180k BAN.
[Binance Smart Chain] PancakeSwap wBAN-BUSD
Memes save lives! Back from the ashes, the long forgotten BSC pool has been revived, and will keep on living! (for now 😉) Farming rewards are distributing 350k BAN until May 7, and will distribute 300k BAN from then to June 4 for the most-used wBAN pool by volume among all networks combined.
Tip: Did you know the more volume a pool has, the more trading rewards you earn? The trade rewards APR are added on top of farming rewards!
⚠️ Public Service Announcement
Providing liquidity can be risky for the health of your BAN. Please make sure you understand the drawbacks of farming and make an informed choice. Be aware that Impermanent Loss, aka IL, can be quite permanent. For more information, please speak with your local wBAN contract dealer.
👀 Alpha leak
One way to fight Impermanent Loss is to use stablecoin vaults. It is easy to use, just deposit your stablecoins into the vault and redeem your deposit and wBAN rewards anytime. These vaults might be deployed in the future, they are self-sustainable and usually provide lower APR, yet less risk. Who’s in?
This article has been written by iazid, with editorial help of Wrap That Potassium and Kron (Kron#0582 on Discord) and illustrations from Yekta.
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, and we welcome new users coming on board Banano!