The Wrapped Navcoin Bridge Has Been Released on Binance Smart Chain Mainnet!
Wherever you might find yourself in the crypto space, today marks an important day for our community and all Navigators.
We are super thrilled to finally be able to deploy the very much awaited smart contract on the BSC mainnet. Leading off the release of the Wrapped Navcoin (WNAV) bridge, connecting the NAV network to the exciting DeFi world on the Binance Smart Chain network.
After extensive testing over the last few weeks; the bridge is now ready to accept real NAV/xNAV, enabling you to directly swap these for wNAV 1:1, which is fully usable on the broad catalog of dApps from BSC.
Head over to https://bridge.nav.community to test it for yourself.
How to use the bridge
In order to swap your NAV/xNAV to wNAV, you will need to use a browser (Chrome/Firefox) with Metamask installed and visit our bridge website. If Metamask is not yet installed on your device, you will be prompted with the option to do so.
Metamask does not include the BSC network by default, so you might need to add their servers manually if you do not already have them. You can add the BSC servers manually by following the instructions here. With this done, you will be able to select the network and then connect to the Binance Smart Chain mainnet.
Once connected, you’ll need to register your wallet with the bridge.
To do so, you’re required to first load your wallet with some BNB. These will be used to pay for the gas needed for the smart contract operations. Registering your wallet and swapping wNAV back to NAV both incur a cost in BNB.
Once you’ve filled your wallet with BNB coins, you will be directed to a Navcoin address into which you can deposit NAV. This address is static and derived from your BNB wallet. As these two are cryptographically linked forever, every time you send coins to this address, your NAV/xNAV will automatically convert to wNAV, even if the bridge is not open!
Swapping back from wNAV to NAV is super straightforward. All you need to do is go into the withdrawal section and fill out the form. As stated above, withdrawing incurs a cost in BNB as well as a small withdrawal fee in NAV.
Depositing NAV also results in a small fee directly deducted from the wNAV received. The latter is used to pay for the minting operation.
By clicking Add token to Metamask, you will add wNAV to your token list and you will be able to see your wNAV balance from within.
Using wNAV in Decentralized Exchanges
Now that the wNAV smart contract has been deployed, the first step needed for its success is creating liquidity in the Decentralized Exchanges.
It’s really important to have some sort of synchronisation within the community in order for the liquidity to not be split across different exchanges or pairs.
We’re suggesting to initially focus on Pancakeswap, as it is currently the one getting most of the attention.
You’re welcome to visit our reddit thread if you want to take part in the discussion and help coordinate the liquidity provision as well as participating in the poll that will help our community decide which pairs to provide liquidity to.
In order to provide liquidity to a pair, visit Pancakeswap, click Trade -> Liquidity on the left menu bar and select Add Liquidity. For the first currency of the pair, paste the smart contract address (0xBFEf6cCFC830D3BaCA4F6766a0d4AaA242Ca9F3D) and select wNAV.
Next; select the second currency you would like to provide as liquidity. Input the amounts and complete the process! 0.17% of all the traded amounts in the pair will be transferred equally to the LPs based on the % they contribute to the pool.
Performing a swap
If you wish to perform a swap, the process is very simple in Pancakeswap!
Select Trade -> Exchange on the left menu and you will be directed to the Swap section, where you will be able to input the amount and currencies to trade.
What’s coming next
Over the coming weeks, the main focus will be on building as much liquidity as possible on Pancakeswap.
During this time, our team will start working on enabling farming for the LP tokens received from providing liquidity to the exchange.
In addition to the usual trading fees, the tokens will be able to be staked or farmed (in DeFi jargon) leading to greater wNAV earnings. The wNAV used for farming will be coming from staking real NAV previously deposited in the bridge. Initially, these rewards will be equally and exclusively split over the different LP providers. As long as not every wNAV holder is providing liquidity in a DEX, the rewards can be very appealing and exceed those coming from staking in the NAV network.
Besides farming, we’ve already started reaching out to other projects who might be looking to implement the same technology to their platforms.
wNAV has great potential for use on dApps. Whether it be as collateral for borrowing other currencies; as a lending currency or even as a trading currency for NFT transactions.
Given that wNAV is directly swappable with our private currency xNAV and that this is the first of its kind in the BSC ecosystem, we’re beyond excited to see what the coming months have in store for the community. This is a big stepping stone for all of us as Navigators and we’re confident that it will open new doors for the project as a whole.
We’re going to wrap this up with a big thank you! Stay tuned and take care!
