Wrapped Banano (wBAN) News — January 2022
Ongoing rewards on Polygon, wBAN explainer video, inner workings of cross-pool swaps.
Let’s welcome the new monKeys that have recently wrapped Banano! For some of you, this is your first interaction with DeFi, one wBAN at a time. Let’s see what we have in store for you in this review:
- Rewards on Polygon are still going!
- A new wBAN-explainer video by the BANificent monKey @CryptoJitsu.
- How do swaps even work?!
Continued LP Rewards on Polygon
The last batch of Polygon LP rewards on the Sushiswap wBAN — wETH pool have distributed a whopping 350k wBAN since the start of 2022. And it’s not over yet! The Banano DeFi team has decided to continue attracting liquidity and distributing another 350k from Jan 29 to Feb 26.
Wrapped Banano Layman Explainer.
Our bantalicious CryptoJitsu has dropped a new explainer video! In this episode, you will learn how to interact with the DeFi ecosystem and the many use cases of wBAN, such as supplying liquidity to get rewards or buy NFTs with wBAN!
Swaps, how do they work?
If you’ve watched Jitsu’s video, you’ve probably learned how to swap a token, say USDT, to buy wBAN using a decentralized exchange. How does that work? Well, the exchange is looking for the wBAN-USDT pool. If that pool doesn’t exist, the DEX will look for intermediate pools, say USDT-BUSD -> BUSD-wBAN and suggest you hop from pool to pool to finally get wBAN.
There can be multiple routes that will result in different amounts of wBAN and gas fees. For instance, a route with 2 hops will need to pay 2 trading fees, one for each pool. Usually, DEXs will maximize the amount of wBAN you receive. Therefore, even if the fees seems a bit high, the route chosen probably gives you the best amount of wBAN for that trade.
DEX Aggregators can even use multiple DEXs in order to fill your swap. For instance, they could combine aPancakeSwap and an ApeSwap pool in order to get the best pricing.
What is wBAN?
wBAN, short for Wrapped Banano, is a wrapped version of Banano that allows you to use Banano on networks! wBAN is currently available on the Binance Smart Chain and Polygon. Please check the 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 onboard Banano!
This article has been written by iazid, edited by Yekta & Wrap That Potassium.
What the Fork is BANANO?
For those of you who don’t know BANANO yet, it’s obviously perfect to just read our animated, meme-rich and interactive Yellowpaper! BANANO is a cryptocurrency (forked from NANO in April 2018) powered by DAG technology — here to disrupt the meme economy. Yes, BANANO has memes! And also feeless and near-instant transactions, a highly active community, and active technical development! The BANANO community doesn’t take themselves too seriously, but we’re here for the long run and we enjoy what we do. On top of this, BANANO is super easy to use and puts an emphasis on free and fair distribution, gamification and crypto education.
See current BANANO price and market data at Coingecko or Coinmarketcap. All current trading pairs and exchanges here.
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BANANO ($BAN) is a fee-less, instant, rich in potassium cryptocurrency powered by DAG technology disrupting the meme economy.
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