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Pirate Chain Declares wARRR On DeFi

wrapped ARRR
Author: 
Published: 
September 18, 2021

Pirate Chain Declares wARRR On DeFi

wARRR 1

This is wARRR

Pirate Chain is now entering the world of DeFi with the addition of wrapped ARRR (aka wARRR) to the Binance Smart Chain. This will happen on Monday 20th of September 2021, at 1:00pm EDT (5pm UTC).

BSC was voted by the community for its lower fees compared to the Ethereum network. wARRR will provide a service to offer a privacy exit option on the BSC network as well as broaden the usage and reach of ARRR.

wARRR can be held in any Binance Smart Chain compatible wallet.

A total of 5% of the ARRR supply is being made available with another 10% reserved in case of demand and to stop individual actors from buying up the supply and block others from doing so. 15% of the supply of ARRR is minted as tokens on BSC. 5% gets placed into the bridge, and the remaining gets locked in a gnosis multisig vault that requires 4 of 7 people to approve sending more to the bridge.

Prerequisites

  • Install a Metamask wallet
  • Add BSC Network to List of Networks on Metamask
  • Have funds on the BSC network

Fees

There is a 1% fee on all transactions with wARRR, whether users buy, sell or send wARRR. 0.5% of this goes to liquidity stakers, 0.5% of this goes to the project for marketing and development funds.

How to convert ARRR to wARRR

You will be able to do this by going to warrr.io which is only going to become available at launch.

How to buy wARRR on PancakeSwap

  1. Go to pancakeswap.finance
  2. Connect Metamask
  3. Click on Trade
  4. Click on "Select a Currency" on the bottom input box
  5. Type in the wARRR contract address (0xcdaf240c90f989847c56ac9dee754f76f41c5833)
  6. Type in the amount you want to buy
  7. Set slippage to 2% by clicking on the gear button
  8. Click swap
  9. Approve swap on Metamask when it pops up
  10. Done

How To Add wARRR on the Metamask wallet

  1. Connect Metamask
  2. Click on add token
  3. Type in the wARRR contract address (0xcdaf240c90f989847c56ac9dee754f76f41c5833)
  4. Click next
  5. Click add token

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Warning about the sections below

Liquidity staking carries risk in the form of impermanent loss. Impermanent loss happens when the price of your wrapped tokens changes compared to when you deposited them in the pool. The larger the change is, the bigger the loss.

Impermanent loss happens when you provide liquidity to a liquidity pool, and the price of your deposited assets changes compared to when you deposited them. The bigger this change is, the more you are exposed to impermanent loss. In this case, the loss means less dollar value at the time of withdrawal than at the time of deposit.

Stablecoins or different wrapped versions of a coin, for example, will stay in a relatively contained price range. In this case, there’s a smaller risk of impermanent loss for liquidity providers (LPs).

So why do liquidity providers still provide liquidity if they’re exposed to potential losses? Because impermanent loss can still be counteracted by trading fees. In fact, even pools on Uniswap that are quite exposed to impermanent loss can be profitable thanks to the trading fees. Please DYOR about this matter before proceeding.

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To provide liquidity

Note: Make sure you have both wARRR and BNB, as both are needed to provide liquidity.

  1. Go to pancakeswap.finance
  2. Set slippage to 2% by clicking on the gear button
  3. Select BNB in the first box, click on select a currency in the second box and type in the wARRR contract address (0xcdaf240c90f989847c56ac9dee754f76f41c5833)
  4. Type in the amount of wARRR you would like to provide in liquidity (the matching amount of BNB will automatically be typed in)
  5. Click on enable Supply then Confirm supply
  6. Confirm on the Metamask pop-up
  7. After it confirms, click on "supply"
  8. Approve the transaction on Metamask
  9. Done

Note: There are transactions fees of 1% on BUY/SELL/TRANSACTIONS also when Staking or UnStaking

To stake liquidity

  1. Go to https://warrr.io
  2. Click on approve
  3. Confirm the transaction on Metamask
  4. Click on max, then click on stake
  5. Approve the transaction on Metamask
  6. You can claim rewards at any point, as well as unstake liquidity at any point.

Note: There are transactions fees of 1% on BUY/SELL/TRANSACTIONS also when Staking or UnStaking

FAQ

Read the FAQ to find out more about wARRR and how it works: https://piratechain.com/warrr-faq/

Find out more about wARRR by watching this video:

4 comments on “Pirate Chain Declares wARRR On DeFi”

  1. metamask literally stole $180 from me i moved it to the wallet and my money literally disappeared ive waited 5 hours to see if it would show again and its gone.
    The warrr.io site doesn't work either so is my standard Arrr obsolete is it still going to increase with Warrr now available? What should i do here cause im getting tired of making an effort to be kicked in the nuts?

  2. hello pirate team

    I am following the instructions to stake arrr but in the warrr.io site there is no trade button nor liquidity button... the instructions say click on trade and then on liquidituy... where are those buttons?

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