What is wARRR?
wARRR is a tokenized version of ARRR on Binance Smart Chain (BSC) – and potentially other platforms in the future. wARRR allows users to exit transparent platforms and make their funds private by sending their wARRR through a bridge and converting it to ARRR (also known as unwrapping). Users convert their ARRR to wARRR via the bridge, and can then trade on Pancakeswap, as well as provide liquidity to the wARRR/BNB pair. If a user provides liquidity, then can then stake it to receive rewards over time from the transaction fees that occur. There is a 1% transaction fee that happens when a user buys/sells/transacts with wARRR, half of which gets distributed to liquidity stakers, the other half gets used for marketing and development of ARRR.
Is there a fee on Buy/sell/transactions?
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.
What is a bridge?
The bridge is used to convert ARRR to wARRR. When a user sends funds to the bridge, the bridge receives it and releases wARRR to the user’s specified address. wARRR is 1:1 with ARRR, so if the user sends 20 ARRR through the bridge, they will receive 20 wARRR.
What is multisig, and how is it being used in wARRR?
a total of 30 million wARRR in total has been created. 10 million will be available on the bridge at launch. The remaining will be held in a multisig wallet where 4 out of 7 team members have to approve releasing additional wARRR to the bridge.
What does APY stand for?
APY stands for Annual Percent Yield. This has to do with staking and how much funds someone receives per year in relation to how much funds they put in. For wARRR (and most other staking projects), there is no realistic number that can be said because it’s completely variable. The more volume and transactions that occur with wARRR, the more liquidity stakers receive, so the APY changes every time there is a transaction.
How do I swap from ARRR to wARRR, and wARRR to ARRR?
To swap ARRR for wARRR (or wARRR for ARRR), visit https://warrr.io and click on the network you would like to send to (if you are converting wARRR to ARRR, select Pirate Chain. If you are converting ARRR to wARRR, select Binance Smart Chain), then type in your address for the network you are receiving funds on, and click convert. It will then generate an address for you to send to. Send your funds to the address provided and you will receive the converted funds in approximately 10-15 minutes. There will also be a tutorial video showing how to convert, how to provide liquidity and how to stake 1-2 days after the launch of wARRR.
Is wARRR backed 1 to 1?
Yes. The bridge for wARRR works in such a way that wARRR is available in the bridge for users to convert their ARRR to. The amount of wARRR in the bridge is NOT in circulation. When a user converts their ARRR to wARRR, the ARRR is sent to the bridge where it stays, and the equal amount of wARRR is released to the user (example: 10 million wARRR and 0 ARRR is in the bridge. User sends 1000 ARRR to the bridge to convert to wARRR. Now there is 9,999,000 wARRR and 1000 ARRR in the bridge. The user now has 1000 wARRR in their BSC wallet). This works the same way with a user going from wARRR to ARRR. When a user “unwraps” their wARRR, they send their wARRR back to the bridge, which removes that amount of wARRR from circulation and the user receives an equal amount of ARRR.
How much wARRR is available, and does this add to the existing supply of wARRR?
30 million wARRR was generated (10 million will be in the bridge at launch, the remaining 20 million is locked in a multisig wallet in case more needs to be added to the bridge), and NOT in circulation, and therefore doesn’t add to the existing supply. Users can only receive wARRR by converting ARRR (The ARRR remains in the bridge and is locked until someone converts wARRR back to ARRR).
Is there a status how many ARRR/wARRR are available on the bridge?
Yes, there will be real-time stats on how much wARRR is available and how much ARRR is currently in the bridge.
What happens if I send more ARRR to the bridge than is available in wARRR?
If a user sends ARRR to the bridge to convert to wARRR but there is not enough wARRR available on the bridge, the user will be credited back to the amount of excess ARRR to the address they sent from, and will receive the available wARRR on the bridge in the wallet address they provided.
What happens when the total supply of wARRR is reached?
If the total supply on the bridge is reached, wARRR will be moved from the multisig wallet to the gateway, in increments of 1 million wARRR. If the total supply of wARRR is in circulation, no user is able to convert ARRR to wARRR until wARRR is converted back to ARRR.
What are the bridge fees to swap?
The fee to convert ARRR to wARRR is 0.5 ARRR. The fee to convert wARRR to ARRR is 0.5 wARRR.
(This does fluctuate depending on the ARRR price if it goes up the fees will be reduced and vice-versa)
Who gets the swap fees?
50% of the swap fees go to liquidity stakers and 50% goes to the project for marketing and development funds.
What is impermanent loss?
When providing liquidity on exchanges like Pancakeswap, the rise and fall of the price of a trading pair affect the total amount of funds a user has when they remove liquidity (this has less of an effect when users provide liquidity for wARRR for a long period of time and stake it). The higher/lower the price goes compared to when the liquidity was provided, the more of an effect this has. Please see the following article for more information on impermanent loss: https://academy.binance.com/en/articles/impermanent-loss-explained
What is Liquidity Staking?
Liquidity staking is when a user provides liquidity to the wARRR/BNB pair on pancakeswap. When a user does this, pancakeswap gives them Liquidity Pool Tokens (LP Tokens). These LP tokens represent the amount of wARRR and BNB they have provided to the pool. The user can then visit warrr.pirate.black and stake their LP tokens to receive the benefit of getting with a portion of the fees that are generated from buys/sells/transactions.
Is wARRR Private?
wARRR is on a transparent chain and is NOT private. This does NOT AFFECT ARRR’S NATIVE CHAIN. wARRR is a service that allows users on Binance Smart Chain to convert their funds quickly and easily to wARRR and send them through the bridge to receive ARRR, which then makes their funds private since they are then holding ARRR on it’s native chain.
Is wARRR intended for all users?
No. wARRR is intended for those who are familiar with DeFi. While we will be producing instructional videos and content on how to utilize wARRR, it’s main purpose is as a service to those on BSC (and other platforms in the future) to exit the platform and make their funds private by converting their funds to wARRR, and then converting them to ARRR. It is also intended for those users familiar with DeFi that have ARRR to be able to enter, provide liquidity, and stake it for rewards, receiving additional ARRR over time as transaction fees occur.
(artwork courtesy of sems)