Wrapped Navcoin Has Launched on the Binance Smart Chain Testnet!
We are happy to announce that our community can now test a wrapped version of Navcoin (wNAV) on the Binance Smart Chain (BSC) testnet.
Today we are releasing both the Smart Contract code and the bridge to swap with wNAV connected to both the Navcoin and Binance Smart Chain testnets.
Launching a wrapped version of Navcoin allows us to bring the value of the NAV and xNAV technologies, and its privacy-enhanced features, to the vibrant world of DeFi and the BSC ecosystem.
Using the wNAV bridge
In order to use the bridge 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 browser, 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 have not done so previously. You can add the BSC servers manually by following the instructions here. With this done, you should be able to first select and then connect to the Smart Chain testnet.
Once you are connected to Smart Chain testnet, you should be able to register your wallet with the bridge.
To register your wallet with the bridge, you will need to load your wallet with some test BNB. Thanks to Binance’s Faucet, this is a very simple task that can be performed by visiting the Binance Smart Chain Faucet and filling in your wallet’s BNB address.
Once you have filled your wallet with BNB coins to cover the gas costs, you will be seeing a Navcoin address to which you can deposit test NAV. This address is static and derived from your BNB wallet. As they are linked cryptographically forever, every time you send NAV to this address, they will automatically convert to wNAV, even if the bridge is not open!
To receive some test NAV, you can swing by our Discord where one of our community members will provide you with some coins so you can test the bridge.
Swapping back from wNAV to NAV is as easy as going into the withdraw section and filling the form.
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 it. This will also allow for automatically showing wNAV as a supported token in the different DEX’s.
Please be aware that during the testing phase which will last the next weeks, we might need to reset the bridge or re-deploy the smart contract, hence balances might be reinitialised.
What can I do with wNAV?
wNAV works as a BEP-20 token and it is therefore compatible with the BSC ecosystem, profiting from their permissionless, decentralised and low cost applications family.
One of the best examples of what is possible once inside the BSC network is the possibility to do KYC-free fast trades using many of the available DEX’s.
In order to ease the testing process for our community, we have set up a liquidity pool in BakerySwap, but you are welcome to add liquidity yourself to this pool or create others in this or other DEX’s.
Doing your first wNAV trade is as easy as going here and selecting wNAV as one of the tokens to swap.
In case wNAV is not showing in the list, because you did not add it to your Metamask, you can find it by pasting the contract address which shows at the bottom of the bridge website.
This is only one example of what will be possible with wNAV, and it is the beginning of a new world of opportunities for NAV holders.
If you have any questions or find any issue while using the bridge during the testing phase, please don’t hesitate to tell us on Discord.
