Updated: 4 days ago
What does "wBAN" mean?
Wrapped Banano. The main idea if that you wrap your Banano as wBAN tokens, and unwrap wBAN tokens back to Banano crypto.
What does BSC mean?
Binance Smart Chain.
What is a "wrapped token"?
Binance has a nice article explaining this: https://academy.binance.com/en/articles/what-are-wrapped-tokens
Is there a risk wBAN would become more popular than Banano?
No. wBAN is a way to solve Banano's lack of liquidity.
It would not make sense to use wBAN for tipping, rains, most of the contests, due to BNB transactions fees.
Why would you pay for transactions when Banano is free?
I don't have a Binance account, can I use the app?
Sure! Using Binance Smart Chain (BSC) does not require a Binance account. No KYC needed! :-)
Does this mean I can trade BAN on Binance?
No BSC is something completely different than Binance.
Having wBAN on BSC may help, but there is no guarantee such a thing would happen.
Is there some fees using wBAN?
Yes, but not wBAN fees. wBAN is free!
But making transactions within Binance Smart Chain involves fees paid in BNB. Somehow just like the ETH fees with Ethereum. The main difference being that BSC fees are really small, from $0.10 to $0.30 usually.
Why do I have to use MetaMask? What about XYZ wallet?
We hope to support as many wallets as possible, but for now the focus is on MetaMask. This should work with MetaMask on mobiles and Kiwi Browser also (with MetaMask extension).
Next wallet would most likely be TrustWallet. And third one could be Binance Chain Wallet.
Why Binance Smart Chain and not XYZ?
If XYZ is "Ethereum", then because of outrageous Ethereum fees.
If XYZ is something else, then for two reasons:
BSC has a vibrant DeFi ecosystem that most likely XYZ hasn't yet
Focus: we can't spread our effort on too many blockchain, but this could change in the future!
How do you ensure that wBAN price is the same as BAN?
We don't :)
This matter is solved by arbitrageurs who are incentivized to benefit from small differences in prices between exchanges. When they do, they make the prices converge.
Why PancakeSwap and not another exchange in Binance Smart Chain?
Anyone can create a liquidity pool in a DEX.
Without enough liquidity in pools, it would be hard for users to swap.
So instead of spreading liquidity in various pools in multiple exchanges, we've chosen PancakeSwap to begin with.
This choice is made because of PancakeSwap popularity and because we are reusing some of their work.
Can I stake wBAN?
Not really. Everyone hopes to get rich with staking but in the end that's just useless dilution that would mostly benefit to Banano whales and not bring anything useful for Banano in return.
What you will be able to do, though, is to stake liquidity provider tokens and get wBAN rewards, as you help the banfam by providing liquidity to others.
Is wBAN custodial? Are my funds safe?
The BAN sent by users are stored into two centralized wallets, a hot one and a cold one.
wBAN app has the key to the hot wallet and regularly sends BAN deposits to the cold wallet owned by the Banano core team.
So any withdrawal from wBAN may potentially be put on hold in a pending list until the owners of the cold wallet refill the hot wallet.
Full decentralization would rock but it is not easy to do atomic swaps properly and we are looking for any developments as they happen in the cryptospace.
What is wBAN total supply?
Each time a monkey swaps BAN -> wBAN, some wBAN are minted, increasing the total supply.
When a monkey swaps wBAN -> BAN, the wBAN tokens swapped are burnt, decreasing total supply.
So the total supply of wBAN is basically the sum of minted tokens not burnt :)