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Banano Ripening - wBAN and the Binance Smart Chain
I like Banano, I like the Ban Fam and I like CryptomonKeys but I am sure some are already having questions after reading the title. I will explain it all, what's the ripening, what is wBAN and how to avoid banana skins on Binance Smart Chain.
But first ... let me go ape and brag about my $BAN stash. I don't have much spare time so I am not doing the banano faucet. My $BAN stash comes from competition and event prizes, the stuff that makes my competitive spirit tickle. I'm not a Ban-millionaire but I am happy with what I accumulated, considering that my citizenship started in December 2020.
The Grammy 2021 community event was one of the things I was talking above, an event where I had to predict musical awards. I like music but I am not passionate about it, so most of my prediction were random or going for the big name. However, I managed to pick some winners and earn 91 BAN. Now my next focus is to earn more on DeFi once wBAN goes live!
The Banano Community Event: The Oscars 2021 is an event for the citizens, organized by Toadstool. Movie connoisseurs can predict the outcome of the Oscars and grab a share from 40,000 $BAN and cryptomonKeys NFTs. Download the ballot, fill it up and send your predictions to @Phantoad#4762at the BANANO discord until the 24th of April 2021. The participants will win $BAN every time a nominee will win. I summited my votes and hopefully this event will add at least as much $BAN as the Grammy event did!
The ripening - wBAN
Ripening is the process that makes the fruits more palatable (tastier), as then fruit becomes sweeter, juicy and softer. Can banano get sweeter? Can banano have more Potassium? Can it make the holders happy? Yes it can ... as Wrapped Banano (wBAN) is currently developed. wBan will run wild as a BEP-20 token, on Binance Smart-Chain
Why BSC? Because the Binance Smart Chain is fast and secure, with a matching engine built on distributed consensus. It was launched to rejuvenate the crypto ecosystem and fill the ever-growing need for fast transfers and low fees. You will need a BSC wallet to play with wBAN, and the easiest way to have one, is to add one to Metamask. The first step of the set-up is to click on Networks and select "Custom RPC"
This will open the setting section, which must be completed as in the picture. The Network Name can be completed with "Smart Chain" or whatever you fancy while the RPC URL can be "https://bsc-dataseed.binance.org" as more are available. Chain ID is 0x38 and has BNB as Symbol. All transactions can be easily checked in the BSCscan block explorer. Everything is ready to go!
Wrapped Banano - is it edible?
When wBAN will be officially launched, you will use the BSC wallet to send and receive it! But wait.. what is wBAN? Wrapped Banano (wBAN) is a token pegged to $BAN, created on the Binance Smart Chain. The peg will always keep the value of one wBAN equal to the value of one Banano. I find the move bold and smart, as BSC is growing and projects such as Pancake Swap are growing beyond expectations. Banano's entry on the Smart-Chain will increase visibility, accessibility, and an easy platform to swap $BAN for other tokens. wBAN means also DeFi and a chance to earn rewards by supplying liquidity. Wrapped or Unwrapped... how you like your $BAN?
A full explanation can be found on the Development Update: "Wrapped" BANANO on Binance Smart Chain article. Answers to FAQ can be found on the Daily Peel. I went to the post three times to make sure I fully understood everything, and also took the picture below as a spoiler. The dashboard has the banano feeling, and looks easy to use. New tokens have to be manually added as custom tokens but I am happy to see that wBAN can be added with a single click.
From the preview, I can see that wBAN can be minted from the available $BAN wallet, which subject to deposits and withdrawals. As a wrapped token, wBAN can be used as LP on DeFi platforms to earn rewards. Minting will involve a fee, in Binance Coin (BNB), which is nothing to worry. Please note that wBAN is not yet available.
My friend wrap-that-potassium is the wBAN development project King Kong, assisted by a horde of helper monkeys. They are working hard to create the flawless wBAN app, which hopefully will be available at the end of May or the beginning of June (subject to unpredictable events such as ... the end of the world).
As you know, I am not a programmer, just the guy with cool memes. My focus is to present wBAN to the world, and to let you all that I embrace this project. The great BAN FAM needs some DeFi toys, and wBAN is the solution. I am looking forward to use my $BAN stash, mint those beautiful wBAN and earn some sweet DeFi rewards.