10.000 wCRW airdrop for PancakeSwap liquidity providers
Airdrop details and short BSC DeFi guide for wCRW
10.000 wCRW will be airdropped to liquidity providers of the PancakeSwap wCRW-USDT pool during March. Weekly snapshots will take place and LP token holders will be rewarded with wCRW according to the percentage of the liquidity they hold in the pool. Keep reading to learn all the details.
If you have not onboarded to Binance Smart Chain (BSC) yet, this might be a handy time to do it. Not only is DeFi a major trend in the space that as an aware blockchain enthusiast you should keep up with and understand, you can also get a chunk of the airdrop by swapping some CRW to wCRW and providing liquidity on PancakeSwap, Binance’s most innovative and biggest DeFi exchange. Here is a short guide on how to do it.
What is Binance Smart Chain
In essence BSC is an Ethereum clone. While fees in the Ethereum DeFi universe have become unsustainable as every action requires an on-chain transaction, BSC has emerged as a worthy competitor. BSC has the same set of tools and functionalities as Ethereum and innovative projects such as PancakeSwap have gained traction in the last months. PancakeSwap has become the second biggest DeFi platform after Uniswap with billions of USD in locked value.
The DeFi technology, just like blockchain-tech, is still very young and experimental. Please make sure that you understand all the risks. Do not use these technologies if you think you are not aware of the risks and willing to run them.
What is wCRW?
wrappedCrown (wCRW) is a Binance Smart Chain token. It belongs to the BEP-20 token standard, a clone of the ERC-20 tokens. Wrapping.services is the maintainer of the CRW<->wCRW bridge and of the wCRW BSC smart contract. Users can opt to swap an amount of CRW for wCRW in order to use them on the Binance Smart Chain. Users are able to swap these tokens back to CRW at any time. For every CRW you send to the bridge, you will receive 1 wCRW on the BSC. The total amount of wCRW in circulation is always the total amount of CRW wrapped through the bridge. wCRW that are unwrapped are burnt periodically by wrapping.services. wCRW was created end of January in an effort to amplify CRW functionality and visibility:
What can I do with wCRW?
wCRW gives you access to the whole BSC DeFi ecosystem. wCRW has become firstly available at PancakeSwap with a wCRW-USDT pool where you can exchange your wCRW for USDT or any other asset that has a pool on PancakeSwap, even if it is not directly connected. This is done through a set of smart contracts that provide an automatic routing process. You can also opt to add wCRW liquidity to an existing pool or to create a new liquidity pool to pair wCRW to any asset of your choice.
How do I get started?
Here is a short guide in some easy steps. To complete this process, you will need an amount of CRW and BEP-20 BNB for the gas fees on BSC.
1) Download the Metamask extension for Chrome and create a new wallet. Make sure to back up your passphrase and store it in a safe place. Other wallets are also supported and you may choose to use one of them. This guide only covers Metamask for Chrome. Metamask also supports Ledger and Trezor.
2) Connect Metamask to the BSC. Metamask is an ETH native wallet but you can configure it to run on BSC. Make sure that you are using Metamask on the right chain and do not send any BEP-20 tokens to an ERC-20 address. They look exactly the same.
Now you have a wallet and a BSC address. You can send any BEP-20 tokens to this address just like you would hold any ERC-20 tokens on an Ethereum address.
3) Swap CRW for wCRW through the wrapping.services gateway:
To complete the swap, you will first input the amount that you want to swap and indicate the BSC address where you want to receive them. In the next step you will be prompted to send the CRW to an address. Once completed, you will receive the wCRW to your BSC address.
IMPORTANT!
- Always send the exact net amount and consider the deducted fees.
- Make sure that you are using the authentic bridge. Do not use any other gateways, this is the only original and legitimate gateway to receive wCRW.
The swap process is almost instant. If you run into any difficulties, you can hit up the wrapping.services team in the Crown Discord channel. To unwrap wCRW you can use the same gateway. Just click “WCRW BEP-20 -> CRW”.
4) Now you have wCRW in your BSC address. If they do not show up directly in your balance, select add token / custom token in Metamask and search wCRW by its contract address:
0x4b04fd7060ee7e30d5a2b369ee542f9ad8ada571
Here is the link to the wCRW contract on BSC. It is open source and anyone can read and audit it:
5) Connect Metamask to pancakeswap.finance:
6) Go to trade and search for wCRW by token contract address. Then click “add”. Now you will always be able to see wCRW in the exchange/liquidity UIs.
7) Add liquidity to the wCRW-USDT pool. To do this, you will need a given ratio of both tokens and some BNB for the fees. Once you have added liquidity, you will be a liquidity provider for this pool, where users can exchange wCRW for USDT or any other asset on PancakeSwap. Welcome to the world of automated market makers!
That’s cool but when are the airdrops taking place?
To get the ball rolling and incentivise early liquidity providers, a series of weekly airdrops is taking place starting in March. The community may choose to execute further airdrops by submitting governance proposals.
The current airdrop proposal is for 10.000 CRW at superblock height 3,283,200. 100% will be swapped to wCRW and disbursed to liquidity pool token holders of the wCRW-USDT pair. Here is the current distribution of LP tokens for this pool:
This distribution will be snapshot 4 times. After each snapshot a total of 2500 wCRW will be airdropped to the LP token holder addresses according to the percentage of the pool they hold. Save the dates!
- Monday 15 March snapshot 10:00 UTC
- Monday 22 March snapshot 10:00 UTC
- Monday 29 March snapshot 10:00 UTC
- Monday 5 April snapshot 10:00 UTC
Important links
- Swapping gateway for CRW-wCRW
- wCRW token contract address
- wCRW-USDT liquidity pool contract
- Pancakeswap.info pair information
(currently out of sync, use the bscscan explorer) - List of Liquidity Provider token holders of the wCRW-USDT pair on PancakeSwap
At Crown Platform we are committed to continuous innovation. In 2020 the blockchain space saw the rise of decentralised finance (DeFi), a set of technologies that had been under the radar during the previous years, cooking mainly in the Ethereum space. Already in September 2020 we started onboarding CRW to the REN multichain, a technology that we integrated. We were not able to get listed by Loong and his team due to marketcap requirements. Currently Ethereum has become vastly unusable for small token projects due to the massive fees charged for every action on the network. Binance Smart Chain has emerged as a functional alternative with minimal fees. When Ethereum fixes its fees through layer 2 technology, we will again commit time and resources to become available as an ERC-20 token.
Thank you for supporting Crown Platform. Stay in touch with the community through our official channels and come to ask any questions that you might have:
