Wrapped BANANO (wBAN) update for July 31, 2021 to August 28, 2021

Jul 22, 2021 • 3 min read

Backed by next generation DAG tech and potassium, BANANO is a cryptocurrency getting into your wallet fast, feelessly, and with loads of fun. BANANO is distributed for free to everyone. Its easy-to-use technology onboards normies and crypto-noobs without the usual hassle by combining a fun attitude and gamification in an educational context to ultimately enable everyone to handle crypto in general in a responsible way.

As announced in the previous update, wBAN rewards were changed on July 3, 2021 and we announced the new rewards up to July 31, 2021.
So time for another update!

wBAN Staking Farm

This farm will be stopped on July 31, 2021, at 3PM UTC.

In order to make it easy for you to withdraw, we’ve made multiple changes in the already available version 1.0.6.

When a farm stops giving rewards, it is moved from the “Active” tab to the “Ended” one instead, as depicted here:

The wBAN apps warns you on the “Farms page” if you have some deposits left in ended farms.

With the farm ending, the “Harvest” and “Deposit” buttons on the farm have been removed. There is now only a “Harvest & Withdraw” button to both withdraw and harvest unclaimed rewards in a single transaction, so that you save some BNB fees in the process. :)

wBAN-BNB and wBAN-BUSD Farms

Benis will lower the rewards, starting on July 31, 2021 at 3PM UTC.

The rate of rewards (all farms included) will be reduced to 750k BAN / 4 weeks.

No change on multipliers for these farms — remains at 10x.

You can expect adjustments to these farms in the future.

Price Data Adjustments

We had been using CoinGecko as a source of price data for BAN. However, CoinGecko is giving price averages and there are issues with this, because Banano price on some exchanges are total outliers and potentially misleading.

As we are running a wBAN-BUSD pool, the wBAN app has been changed to fetch wBAN price from this liquidity pool data.

We now have (with version 1.0.7) a more relevant wBAN price, which is currently lower than the average seen on CoinGecko. This means that APR are lower than before only because of a more accurate wBAN price.

Recap of Changes

DeFi Fund

A new Banano fund wallet has been created and initiated with almost 30M BAN. You can check it on Creeper.

This fund is being used for wBAN rewards and potentially other projects later.

There’s a lot of exciting directions to explore, we’re looking forward to sharing more in the future as we go!

What’s Next?

We are still exploring various options like new blockchain networks.

What the Fork is BANANO?

For those of you who don’t know BANANO yet, it’s obviously perfect to just read our animated, meme-rich and interactive Yellowpaper! BANANO is a cryptocurrency (forked from NANO in April 2018) powered by DAG technology — here to disrupt the meme economy. Yes, BANANO has memes! And also feeless and near-instant transactions, a highly active community, and active technical development! The BANANO community doesn’t take themselves too seriously, but we’re here for the long run and we enjoy what we do. On top of this, BANANO is super easy to use and puts an emphasis on free and fair distribution, gamification and crypto education.

See current BANANO price and market data at Coingecko or Coinmarketcap. All current trading pairs and exchanges here.