Wrapped Banano (wBAN) is now Live on Arbitrum and SushiSwap!

By banano | Banano | 12 Dec 2022



TLDR:
Go to https://wrap.banano.cc, select Arbitrum network, do the bridge setup and you’re ready to start wrapping your BAN, swapping and soon farming.

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Transaction Fees

Gasless wraps & swaps are enabled on Arbitrum: you can start your Arbitrum journey only from BAN!

Like for the other network having gasless feature enabled (all but ETH) you can do a single gasless wrap if you never wrapped before, and a single gasless swap if you don’t already hold a lot of ETH on Arbitrum.
This is to make onboarding into Arbitrum a little easier.

For transactions after that, expect wrap/unwrap transaction fees to be about $0.05 and “complex swap” to be close to $0.15 (at current prices).

Remember the permit feature we added for wBAN?
wBAN dApp uses the same principles now for the farms (Ethereum & Arbitrum networks only): you don’t need to approve the LP tokens for the farms. When you’ll make a deposit, it will ask for a permit signature, then submit the deposit transaction, to have both approval and deposit done in a single transaction.

Farming

Attention monkeys, this time the farming period will start 24h after this annoucement is made. This should give you plenty of time for setting up and staking your liquidity, and be on the first line to grab the following juicy rewards:

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A single farm is available, for wBAN-ETH liquidity.
This farm will distribute an initial round of rewards of 500k wBAN until Dec 31 3PM UTC. The next reward amount may be revised after this initial round.

If you already have some ETH or WETH in other networks, you can easily bridge them to Arbitrum via Rango or other bridges.

Here is a direct link to bridge WETH on Polygon to ETH on Arbitrum.
This is probably relevant if you are a liquidity provider on Polygon and willing to move (a part or all of) that liquidity to Arbitrum.
For wBAN, simply unwrap and withdraw from Polygon, then deposit + wrap on Arbitrum.

L1 to L2 Blockchains Bridges

tl;dr: Do not bridge wBAN, only use wrap.banano.cc

Many bridges are available for getting tokens from L1 to L2 blockchains, and vice-versa. While these tools are really helpful, they shouldn’t be used with wBAN.
I repeat: do not bridge wBAN from L1 to L2 blockchains using popular bridges.

Let’s take an example: if you were to bridge wBAN on Ethereum to Arbitrum via Arbitrum bridge, you would end up with a stash of tokens called wBAN but having a different address than official wBAN tokens on Arbitrum.
That means this stash wouldn’t be useful: no way to swap or unwrap them.

This is due to the fact that wBAN already is a bridged asset.
After much consideration, we have decided not to support L2 bridges for consistency.
Native wrapping and unwrapping is only done on wrap.banano.cc.

Credits

This article has been written by Wrap That Potassium with the help of Kron (Kron#0582 on Discord) and Yekta.

What is wBAN?

wBAN is short for 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 networks! wBAN is currently available on the Ethereum Mainnet, Binance Smart Chain, Polygon, Fantom and now Arbitrum. See 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!

What the Fork is Banano?

Banano is a cryptocurrency powered by DAG technology disrupting the meme economy. Banano has feeless and near-instant transactions, free & fair distribution, a highly active community, and active technical development!

Join the Banano Republic!

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