wBAN FAQ

Updated: 6 days ago



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General Questions


What does "wBAN" mean?

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 blockchain networks!


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


Why wBAN?

Read wBAN announcement: https://www.publish0x.com/banano/development-update-wrapped-banano-on-binance-smart-chain-xzwxmyr


Is there some fees using wBAN?

Yes.

Using Binance Smart Chain requires paying transaction fees in their native token BNB for all transactions. This includes wrapping your BAN into wBAN, swapping, providing liquidity, staking, and all the other actions you will perform on BSC. It will always prompt you to confirm before spending BNB as gas for a transaction that requires it. Signing does not, as it is not a transaction.


What happens if I send Banano to the Bridge from the wrong wallet

Translated: I sent Banano to fund my account, but I sent it from an address other than the one I linked to my account, am I rekt?

The wBAN deposit address (wbank) is a hot wallet, that is the same for everyone. If you send from a random address other than the one you linked, there is no possible way the deposit contract could know that was from you, and that it should credit your account. That is why you need to send from the address you linked. Funds sent from addresses that are not being expected will be returned.


This can still be a problem! so please read:

Please never send Banano from an Exchange directly to the wBAN Bridge!

If you try to withdraw Banano directly from an exchange to the wbank deposit address, it will come from that exchange's hot wallet. You do not own that hot wallet, and have not linked it. That hot wallet is in no way directly associated to your exchange account (you have a unique deposit address for that). The address you deposit into on an exchange is NOT the same as the address the exchange will send from when you withdraw. This means that if you send from an exchange to wbank, and it gets refunded, it will go to the exchange, and not your account, potentially resulting in you losing your funds completely. You would need to contact the exchanges support and hope they credit your account.


Is there a risk wBAN would become more popular than Banano?

No. wBAN provides a solution for increasing the accesibility and liquidity of Banano.

wBAN costs BNB as a gas fee to transfer, so it does not replace Banano and it's instant, feeless transactions.


I don't have a Binance account, can I use this?

Yes!

Binance Smart Chain is a blockchain, not an exchange or service. Similar to Ethereum.

You interact with the blockchain using wallets. In this case Metamask.

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. (blockchain versus business)


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 mobile and Kiwi Browser also (with MetaMask extension). Brave Browser on desktop also has a nice built-in version of Metamask within their settings called Crypto Wallet.

Next wallet would most likely be TrustWallet. And third one could be Binance Chain Wallet.

DeFi Questions


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.

The prices will change, however the central bridging point to convert your BAN<--->wBAN is hard coded to always be 1:1.

1 BAN will always = 1 wBAN.


Why ApeSwap and not another exchange in Binance Smart Chain?

Anyone can create a liquidity pool on a DEX, so technically we can list anywhere (and anyone can do the listing by supplying the initial liquidity to a pool)

However

The more liquidity within a given pool, the less slippage that occurs during trades. This is good for all involved, so at launch our goal is to unite the liquidity to prove a solid starting off point with low slippage the community can use.

As our starting point we chose Apeswap. It seemed like a natural fit to unite the MonKeys and Apes. Their Team was quite helpful in our early stages of developing on their platform and it has been a pleasant group to deal with! They have been growing quickly, have a large selection of products, and their community is open and friendly.


Can I stake wBAN?

Yes, you can stake your wBAN as well as the wBAN-BNB and wBAN-BUSD liquidity provider tokens you've received from Apeswap, on our wBAN Farms

Technical Stuff


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, or worded another way, the supply is the total amount of Banano currently wrapped within the Bridge.

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