Updated: Jul 31
Wrapped Banano prize-linked savings accounts are here. Now you can deposit and save your wBAN and have the chance to win weekly prizes while you do it!
To make sure we cover the details, we will address this in four parts:
What is wBAN?
What is PoolTogether?
How does the wBAN Pool work?
How to play
What is Wrapped Banano (wBAN)?
wBAN is a token that represents Banano on other blockchains. This allows people to use Banano the asset in more places than just Banano the blockchain. This opens up the doors to participate in other activities in the cryptocurrency space provided by smart contracts such as DeFi and NFTs. Currently wBAN is deployed to Binance Smart Chain. You can wrap/unwrap Banano using the bridge found here.
If you want more information about wBAN and how it works, we also recommend checking out this FAQ which covers the wBAN token more at length.
The journey of wBAN continues into more monkey business with the introduction of a Banano Pool on PoolTogether!
What is PoolTogether?
PoolTogether is a secure, audited, prize-linked savings protocol where users can create gamified staking pools ontop of pre-existing yield sources (or with external funding). On July 23rd PoolTogether announced the deployment of their Pool Builder on Binance Smart Chain, allowing for the creation of a wBAN staking pool. You can view the wBAN pool and deposit here.
How Does The wBAN Pool Work?
The PoolTogether protocol follows a prize strategy contract (found here) of the wBAN prize pool with the following characteristics
1 Winner is chosen every 7 days
Draws occur every 7 days at roughly 19:19 UTC - at which point someone must execute a command and initiate the awarding of the prize
There is an early exit fee of 10% if you deposit and withdraw within 24 hours of each other. This is to prevent people from attempting to deposit right before the prize winner is picked. Early exit fees are added to the prize.
When you deposit wBAN into the pool, you are given an equal about of ptBAN tickets. These tickets represent your chances to win. Your tickets do not expire, and are eligible for all prize draws until you return them and get your wBAN back. Tickets are also transferable, and anyone holding tickets is eligible to win.
How to Play
You will go to the wBAN Pool Page on PoolTogether.com.
Approve and Deposit wBAN to receive ptBAN (ticket) tokens.
Sit back and relax. Every week your tickets will qualify you to potentially win prizes
When you are done, simply withdraw your wBAN at no loss to your initial investment
The Banano team will be sponsoring prizes for the first 4 weeks, after which the amounts will be re-evaluated based on the size and makeup of the pool.
The PoolTogether team and other parties do not have access/control of deposited funds.
There is no %yield or guaranteed returns for depositing.
There is the possibility that we will use this staking pool structure for different ideas in the future (such as NFT raffles like this one).
How Far wBAN Has Come
We thought it would be cool to take a stroll down memory lane to see just how far wBAN has come since its creation. We want to take this time to give props to Wrap-that-Potassium and the many monkeys for all of their hard work that has led to this accomplishment.
From Wrap-that-Potassium, creator of wBAN (June 6 2021)
”I’d like to honor many of the monkeys who have helped a lot in shaping wBAN as you know it now.
Iazid for being the first to challenge me and help me come up with project ideas that could be useful for the ban fam
Bantano for publishing an announcement while being drunk at a bachelor party
Oops who is probably the king of #wenWBAN
Renesq for your DeFi wisdom and your trust!
Losha1x for your help on `Benis` smart-contract and triple checking things before we went live
TheLamer for all our discussions and your contributions on the website
Nicetheboy for your generous sponsorship!!
Tigwyk for you much appreciated screencast: up to 1.3k views, 92.9 hours of watch time
Thulkash, fraggles, Tigwyk, Witkap, Beennnjo, beeceedee, Kanoeki, Viletta, pomato Liberatedhat, and Kirby for your involvement in the tests and your precious feedback
/dev/aux for the Telegram event and Phantoad, Akubanano, Rexona_Fake - Koé for the “Wrapped That Potassium” contest
bbedward for your help running wBAN in a production setup
Supreme Chancellor Palpatine, zzjulien, Vikito, macaleon for the DailyPeel articles and translations
SoggyApplePie for your lovely *Wrapped Banano* NFT
coranos for accepting my first pull request on banano.js And my bed which I miss a lot these last months!
As you can see, this is a Banano family “ban fam” project at its best with many monkeys involved! *(and I am sorry, I most likely have forgotten many other monkeys)*
And of course the first mint was of 1919 wBAN!
This launch was madness. Two hours before the scheduled announcement, I was running on fumes, trying to get everything in place and not make any stupid mistakes. Then everything went very quickly with a perfect timing for the launch.
These are impressive numbers you should be proud of.
It went way beyond our expectations.
Yesterday was a day I will remember for a long time, for sure!