Welcome to Kafycrypto, your number one crypto news and marketing channel. In this article, you will learn Binance to Launch Binance Account Bound (BAB) Token
The BAB Token serves as identification for verified Binance users. Holders of the soulbound token receive benefits and perks on BNB Chain projects.
What is BAB Token
Binance Account Bound tokens have been introduced to identify verified profiles or accounts on Binance.
These SBT tokens will serve as “Binance identity,” They will be used and verified by third-party protocols for various purposes.
The most important use case is that these BAB tokens can aid in the eradication of fake airdrops and bots. As a result, users should be able to build dependability and reliability within the exchange’s ecosystem.
What is a Soulbound token?
Soulbound tokens are NFTs that are not transferable between wallets. This inability to trade soulbound tokens aids in the general detection of wallet activity.
Because soulbound tokens are non-transferable, their use cases can extend beyond the crypto industry to include medical details, educational achievements, and personal information, all via blockchain.
Vitalik Buterin is one of the proponents of soulbound tokens. He previously proposed these non-transferable NFTs using World of Warcraft.
Binance Account Bound (BAB) tokens have arrived!
[1/11] 🧵 pic.twitter.com/y2EkamdBXk
— BNB Chain (@BNBCHAIN) September 8, 2022
BAB Release Date Speculation
Binance provided no information about the BAB token’s anticipated release date. The announcement post simply stated that Binance was planning to issue these tokens without providing any timeline or additional timing information.
When discussing the advantages, it did say: “This is a key element to remember in Binance’s initial pilot of BAB tokens.”
This implies that the BAB token will first be released as a pilot program, followed by a larger release later.
BAB Token Price Live Data
Binance Account Bound (BAB) tokens serve as identification credentials for Binance users who have successfully completed KYC verification. Binance will first issue it on the BNB Chain. A few BNB Chain projects will introduce BAB tokens as identity credentials to their communities. Once a verified Binance user creates a BAB token, the user will be able to participate in the development of the chain’s supporting projects and receive rewards. BNB Chain will provide more information at a later date.
BAB Tokens have the following characteristics: They are non-transferable: Users cannot transfer BAB tokens to other users. Revocable: Users have the ability to revoke their BAB tokens. Once verified, Binance user ID allows the user to mint only one BAB token on a single chain.
- Non-transferable: Users cannot transfer BAB tokens to other users.
- Revocable: Users can revoke their BAB tokens.
- Unique: One verified Binance user ID allows users to mint one BAB token only on a certain chain.
How BAB Token Will be Utilized
According to the blog post, Apeswap BAB holders will have first access to NFTs representing raffles that can be used on the Decentralized Finance (DeFi) protocol. BAB holders on ApolloX will also benefit from a special reward program.
Holders of BAB on PearDAO will receive GameFi tokens in exchange for special voting rights in the DAO’s governance and dispute resolution within the PearDAO ecosystem. Furthermore, holding BAB on Project Galaxy entitles the holder to be added to Project Galaxy’s credential database, which will protect against Sybil attacks.
BNB also stated that BAB token holders on X World games would receive a one-time airdrop prize upon their first login. They are also entitled to a variety of VIP benefits. BAB holders are exempt from KYC on Ultiverse and are entitled to various benefits on the social gaming metaverse.
Furthermore, Cyberconnect BAB holders will display it on their profiles to demonstrate that they are not bots. BAB tokens will provide P12 holders with access to token airdrops and admission to all BNB Chain and P12 events.
Finally, Summoner’s Arena, Math Wallet, LiveArt, OpenOcean, TinyWorld, and The Harvest BAB holders receive exclusive community and membership benefits.
Tutorial on How to Claim BAB Token on Binance