Updated: Nov 18, 2021
Acknowledgements: Many thanks to Oops for comments and feedback.
We have seen Banano on the BSC and Polygon networks. Now, Banano is on the Vite network!
Vite is the first public chain to implement smart contracts on the basis of a DAG ledger. Transactions on the Vite network are fast and feeless. The broader aim of the Vite network is to bridge different blockchains in a decentralised way.
ViteX is the world's first DAG based decentralised exchange (DEX). It does not require Know Your Customer (KYC) verifications, and thus allows traders to remain anonymous. It also permits traders to retain custody over their own cryptocurrency -- the cryptocurrencies that are traded are never held by the exchange. This coheres well with the general maxim of the cryptocurrency space -- "Not Your Keys, Not Your Crypto". No more worries about assets being frozen, misappropriated, or lost!
Thanks to the work by the ViNo community, you can now bring your Banano (and Nano) on to the Vite network, and make trades on ViteX. The ViNo community is a community of DAG enthusiasts, and was initially set up to bridge the Vite and Nano cryptocurrencies and communities. The ViNo community has two main aims. First, they wish to reach more people through the multiplication and connection of various DAG cryptocurrencies. Second, and more ambitiously, they wish to contribute to building large DAG ecosystems where various DAG cryptocurrencies may be moved around freely.
Here's how you can bring your Banano/Nano to the Vite network.
1. Create a Vite wallet. This will allow you access to ViteX.
2. Transfer your Banano/Nano from your wallet directly onto ViteX, to the BAN-001 or NANO-001 address, respectively. Once the transfer is completed, your Bananos/Nanos will be on the Vite network.
See the following screenshot for an example of how to transfer Banano to to BAN-001, on the mobile wallet.
(a) Select "Asset" at the bottom right
(b) Select "Trading" at the top left. This selects the "Trading wallet". Your balances on the "Main"/Personal wallet will not be reflected on ViteX.
(c) Select "BAN-001" or "NANO-001", depending on which you wish to transfer. You will be brought to a new screen
(d) Select "Deposit". This will bring up an address & QR code for you to deposit your Banano or Nano (native) to your BAN-001 or NANO-001 address (Vite network).
There are some fees involved for the transfer of your Banano/Nano:
Minimum Deposit: 1 Banano
Minimum Withdrawal: 2 Banano
Withdrawal Fee: 1 Banano
Minimum Deposit: 0.01 Nano
Minimum Withdrawal: 0.02 Nano
Withdrawal Fee: 0.01 Nano
How to trade
Once your Banano/Nano are on the Vite chain (specifically, in the Trading wallet), you can easily swap them for Vite using the Ban/Vite, Ban/USDT, Nano/Vite trading pairs. Thereafter, you can swap Vite for any other tokens built on the Vite network. Your Banano/Nano now have a much greater reach!
Note: there is a 50 Vite minimum for each trade. This works out to around US$5 at the point of writing -- comparable to most other centralised exchanges.
On the mobile app, select "Markets" on the bottom of the screen. This will bring up ViteX, along with all the trading pairs available for your use. The trading pair that you'd want to look at are the Ban/Vite, Ban/USDT, Nano/Vite trading pairs, which allows you to trade your Banano for USDT or Vite, and your Nano for Vite.
Here's how ViteX looks on the mobile app.
Here is how the ViteX trading view looks like on the web version.
Vite Trivia Faucet Discord Bot
With the help of their developer, "VinoDevErik", the ViNo community has also developed a Vite Trivia Faucet Discord Bot. This bot lets users play a trivia game through Discord and earn free Vite every 24 hours! This bot has also won 2nd place in the recent Vite Hackathon.
You may interact with the Vite Trivia Faucet Discord Bot by joining the ViNo Community Discord (https://discord.gg/MMS7Wa6c94).
VGATE Bananos & Ban-000 to Ban-001 Swap
Some of you may have heard of, or transferred your Banano to, BAN-000 (instead of BAN-001). What's the difference?
BAN-000 is managed by the operator VGATE, and was brought on to ViteX in January 2020. If you deposit your Banano (native) to BAN-000, it also means that you have Banano on the Vite network. BAN-000 is often called VGATE BAN.
There are two key differences between BAN-000 (VGATE) and BAN-001 (ViNo).
Second, BAN-000 (VGATE) has a minimum cross-chain withdrawal of 5000 Banano. That is, if you want to bring your Banano back to the native network, you will need to have/withdraw at least 5000 BAN-000 (VGATE). In contrast, BAN-001 (ViNo) has a minimum withdrawal of only 2 Banano. This means that BAN-000 (VGATE) is in some ways less accessible than BAN-001 (ViNo).
What happens if you have fewer than 5000 Bananos in BAN-000 (VGATE)?
Now, and with the help of Vitamin Coin developer "Thomiz", you can swap your BAN-000 (VGATE) for BAN-0001 (ViNo). You may do so via the Ban-000 (VGATE) to Ban-001 (ViNo) Swap, which has been set up at: https://banswap.thomiz.dev/
For a limited period (1 week), there will be 0% fees. That is to say, you get all the Bananos that you are swapping for. Using Ban-000 (VGATE) to Ban-001 (ViNo) Swap is a good way for you to withdraw your BAN-000 (VGATE).
The process would look like this:
BAN-000 (VGATE) > Ban-000 to Ban-001 Swap > BAN-001 (ViNo) > Banano network
Given the very minimum withdrawal on the ViNo Gateway (just 2 Bananos), this is a way for you to "unlock" your VGATE Bananos, and bypass VGATE's 5000 Banano minimum withdrawal requirement.
You can find out more about ViNo, as well as participate in their community, at the following places.
If you have any technical questions, or require support, please head to the ViNo Community Discord. The ViNo team will be able to help you with troubleshooting.