BNB
by BSCN
September 11, 2022
The BAB Token is proof of identiy for verified Binance users. The soulbound token gives holders benefits and perks on BNB Chain projects
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.
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.
Latest News
October 22, 2024
Do Betting Odds Know Best?
October 22, 2024
Michael Saylor's Legacy: Donating His Bitcoin Wealth to Humanity, Inspired by Satoshi Nakamoto
October 22, 2024
MakerDAO May Return as Core Brand After Sky Rebrand Faces Backlash
October 22, 2024
Bitcoin Spot ETFs Records $2.67B in Inflows in Just One Week
October 22, 2024
Chainlink and ANZ Collaborate on Private Transactions for Tokenized Real-World Assets
October 21, 2024
Transak Data Breach Exposes 92K Users: Employee Phishing Attack, Ransomware Group Claims Responsibility
October 21, 2024
Ripple Co-Founder Chris Larsen Donates $10 Million to Kamala Harris' Presidential Campaign Amid Divided Crypto Industry Support
October 21, 2024
Pump.fun Unveils New "Pump Advance" Trading Terminal, Teases Native Token Release