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Quick Guide on Binance Account Bound ($BAB) Token

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About BAB Token

The Binance Account Bound (BAB) token was launched on September 8th. The token will be a proof of identity for Binance users who have completed the KYC verification process.

Once new users complete the KYC process, they will be able to mint their BAB tokens on BNB Chain. The tokens act as identity credentials, allowing users to participate in initiatives from various projects where they can earn rewards.

Fourteen projects across BNB ecosystem can already offer users unique use cases tied to the BAB tokens. Here are the world’s first Web3 platforms to adopt Soulbound tokens:

ApeSwap, Apollox PearDAO, Project Galaxy, X World Games, Summoner's Arena, Ultiverse, Cyberconnect P12, Mathwallet, Liveart, OpenOcean, TinyWorld, and The Harvest.

Binance and BNB Chain users can leverage these perks by minting BAB tokens to their wallet address on BNB Chain.

Owning your own BAB token gives you access to exclusive airdrops and VIP benefits to newly launched feature access to the BNB ecosystem. This initiative will mark the first time multiple Web3 projects and Binance have teamed up to provide real-world use cases for soulbound tokens. 

You need to go here if you feel like minting the BAB token. Once truly interested in the topic, we suggest you listen to the following podcast, which is full of fruitful information about a BAB token.

 

BAB Tokens Features

  • Users can't transfer BAB tokens to other users
  • BAB holders can revoke their BAB tokens
  • Once verified, Binance user ID allows users to mint one BAB token only on a particular chain

 

$BAB Use Cases

So, what about using a BAB token? Why would you need one? Let’s look at the projects that will interact with the token in the nearest future.

  • ApeSwap is creating a claimable NFT with an exclusive raffle only for BAB holders, and Apollox will offer BAB holders a privileged reward program.
  • BAB holders receive PearDAO’s GameFi tokens. That gives them special voting rights to developing DAO governance and dispute handling in the PearDAO ecosystem. Other benefits include minting Pear's own NFT and gaining greater incentives and higher trading limits.
  • BAB token holders will be added to Project Galaxy’s credential database to prevent Sybil Attacks*. These BAB token holder credentials will be published on an individual's Galaxy ID to prove that they have completed the KYC verification process on the Binance platform.
  • The gaming ecosystem is also in business. X World Games will integrate the BAB token with all existing and future games. BAB token-holders who completed KYC will receive a one-time airdrop prize upon the first login to each game. BAB token holders will also get VIP perks depending on the game or mode.
  • Metaverse platform, Ultiverse will free BAB holders from KYC and give daily bonus points in Terminus City. Moreover, the holders will have such benefits as minting SBT tokens, voting rights, and more.
  • Decentralized social graph protocol, Cyberconnect will show BAB on a user's profile to verify it's a real user (not a fake one) and access to a new feature — a proof of attendance for Link3.
  • Metaverse platform P12's grants admission tickets to all BNB Chain and P12, P12 x BAB Exclusive OAT, premium user access, and token airdrops.
  • On top of that, play-to-earn protocol, Summoner's Arena, multichain wallet, Mathwallet, NFT marketplace, Liveart, DeFi protocol, OpenOcean, blockchain gaming protocol, TinyWorld, and GameFi platform, The Harvest will create exclusive community and membership benefits for Binance BAB token holders.

 

*Sybil Attacks — uses one node to operate many active fake identities within a peer-to-peer network simultaneously.

SBT & BAB

Soulbound tokens are pioneers in credential tokenization, identity, or affiliation. Vitalik Buterin, an Ethereum creator, introduced the idea along with E. Glen Weyl and Puja Ohlhaver earlier this year. These tokens can keep medical records, work history, and any type of information that makes up a person or entity.

Once a verified Binance user creates a BAB token, the user will be able to participate in building the supporting projects on the chain and receive rewards. The BAB token is non-transferable, it doesn’t have any monetary value, and it is the first-ever SBT issued on the BNB Chain.

What Is Next?

The projects mentioned above are the first to offer BAB token-related benefits to their communities. Of course, there will be even more collaborations that will benefit users in the Binance ecosystem.

BAB token’s main aim is to solve identity-verification issues within Web3 and represent a further effort to drive adoption in the crypto space by introducing a special element of trust.

 

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