BNB

Binance Launches BAB, the First Soulbound Token on BNB Chain

by BSC News

September 11, 2022

chain

The BAB Token is proof of identiy for verified Binance users. The soulbound token gives holders benefits and perks on BNB Chain projects

Soulbound Tokens on BNB Chain for Verified Binance Users

Leading cryptocurrency exchange Binance launched the Binance Account Bound (BAB) token on BNB Chain Sept. 8. Designed to function as a “soulbound token,” BAB is used as proof of identity for Binance users who have completed KYC verification.

According to Binance, BAB tokens cannot be transferred as they are unique to each user on BNB Chain. Therefore, a verified Binance user ID can only be used to mint one BAB token on a BNB Chain. They are, however, revocable, after which tokens will be locked up for 72 hours.

In a later announcement by BNB Chain on the same day, the network confirmed the selection of 15 projects that have partnered with Binance to offer their users benefits tied to the BAB tokens, such as exclusive airdrops and VIP perks.

These projects include ApeSwap, ApolloX, PearDAO, Project Galaxy, X World Games, Summoner's Arena, Ultiverse, CyberConnect, P12, Math Wallet, LiveArt, OpenOcean, TinyWorld and The Harvest.

How BAB Will be Utilized

According to the blog post, BAB holders on Apeswap will have exclusive rights to NFTs representing raffles that can be utilized on the Decentralized Finance (DeFi) protocol. In addition, BAB holders on ApolloX will have a privileged reward program.

As for holders of BAB on PearDAO, they will receive GameFi tokens which will grant them special voting rights in the DAO’s governance and dispute handling within the PearDAO ecosystem. In addition, holding BAB on Project Galaxy will entitle such a holder to be added to Project Galaxy’s credential database to protect against Sybil attacks.

BNB added further that holders of BAB tokens on X World games would receive a one-time airdrop prize upon their first login to each game. They are also entitled to various VIP perks. On Ultiverse, BAB holders are exempted from KYC and are entitled to a wide range of benefits on the social gaming metaverse.

In addition, BAB holders on Cyberconnect will display it on their profiles to signify that they are not bots. For holders on P12, BAB tokens will provide access to token airdrops and serve as admission ticked to all BNB Chain and P12 events.

Lastly, BAB holders on Summoner's Arena, Math Wallet, LiveArt, OpenOcean, TinyWorld and The Harvest, are offered exclusive community and membership benefits.

Related News

More News

;