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Introduced by Binance, BNB token is the first-ever Soulbound Token on BNB chain. It may be quite similar to NFT at a glance, but it actually serves a whole different purpose.
The giant crypto exchange Binance just recently launched its very own Soulbound Token (SBT) that goes by the name of Binance Account Bount (BAB) token.
Lately, SBTs have become a rather hot topic in the world of cryptocurrency and Web3. They are basically non-transferable digital tokens that represent a certain entity in the Web3 ecosystem. Thus, SBTs are mainly viewed as a form of digital identity card or Curriculum Vitae (CV) that holds detailed credentials of their holders.
BAB token is special because it's the first-ever SBT on the BNB chain. Since it's an SBT, this brand-new token is unique and permanently attached to its owner.
But unlike NFTs, they are non-transferable and hold no monetary value. As a result, BAB tokens are used as a digital verification tool for all Binance users who have completed the KYC verification process.
Let's find out more about it in the article below.
Contents
Get to Know Binance Account Bound Token
On 8 September 2022, the Binance exchange, which is arguably the largest crypto trading platform in the world at the moment, announced the launch of its first-ever SBT called Binance Account Bound (BAB) tokens.
To begin with, BAB tokens have three key properties:
- Non-transferable
- No monetary value
- Revocable
BAB tokens essentially function as digital verification for Binance users who have completed KYC identity verification. It's a sort of unique, permanent marker of account ownership and proof of identity and account verification. Therefore, BAB token owners can use the SBT to prove that they're verified users because only those who already passed the KYC procedure can mint it.
However, please note that one verified Binance user can only mint one BAB token. You can revoke it at any time you want, but you'll have to wait 72 hours before you can mint a new one. It is also worth mentioning that in order to mint or revoke a BAB token, you must pay a certain amount of gas fee. The fee will be deducted straight from your funding or spot wallet.
How to Mint BAB Tokens on Binance
1. Log in to your Binance app and tap "More" on the front page.
2. Scroll down until you find the "Gift & Campaign" section. Select "BAB Token".
3. You will see a list of requirements that must be fulfilled to mint a BAB token. This includes completing the identity verification, connecting a compatible wallet, and verifying the wallet's ownership. If you haven't completed the first requirement (identity verification) in Binance, click "Verify Now" and follow the instructions.
4. To complete the second requirement, you must first select what type of wallet you're going to use. There are two wallets supported for this process, namely Binance DeFi Wallet and Trust Wallet. Keep in mind that Binance DeFi Wallet is already embedded in the Binance app, while Trust Wallet is a third-party wallet, so if you want a faster method, choose the former.
5. Once your wallet is in-sync with the app, simply tap "Sign Message" and then "Sign" to verify your wallet ownership.
6. You can now mint the BAB token. Tap "Get BAB Token".
7. The very last step is to pay for the gas fee. Choose to pay from your Spot Wallet or Funding Wallet in Binance, and then choose your preferred currency. Tap "Continue" to conclude the process.
8. All done! You'll be informed that your BAB token has been successfully minted. Click "View on BscScan" to get further details.
Why You Should Mint Binance Account Bound Token
As a BAB token holder, you can participate in supporting various projects on the BNB chain and in exchange, earn rewards. The benefits of minting a BAB token range from exclusive airdrops to premium access to newly launched features across the ecosystem.
Currently, there are at least 12 projects that are offering unique incentives for BAB token holders:
- X Metaverse will gift BAB token holders some tier-3 Gems in their gaming space, which are useful in PVP matches.
- OpenOcean will distribute a one-time free lottery ticket for every BAB token holder. Simply connect your wallet to OpenOcean to claim the ticket.
- Stader will give extra stake rewards of up to 25% for BAB token holders. You can get even more rewards by using your BAB token to refer other BAB token holders in the referral program.
- Dracoo World will reward BAB token holders with one extra Fighting Ticket daily that can be used to enter the Dracoo World Cup Prediction.
- ApeSwap will set up a special claimable NFT representing a BAB holders raffle.
- Yuliverse will introduce an exclusive airdrop and special in-game characters for BAB token holders.
- X-World Games will gift a one-time airdrop for logging in to each game.
- Plant Empires has made a special Lucky Wheel on their dApp site that will distribute many valuable rewards such as NFTs and in-game items for BAB token holders.
- Izumi is making a global giveaway with a prize pool of up to $1000 for BAB token holders that participate in their campaign.
- PearDAO will distribute GameFi tokens that grant voting rights to support the DAO governance, exclusive NFTs, and higher trading limits.
See Also:
How to Revoke BAB Token
BAB is a Soulbound Token that is completely revocable, so you can cancel the existing token and create a new one. This solution is also useful for when you lost access to your wallet's private keys. The token can be revoked by only using your Binance account.
In order to do so, here's what you need to do:
- Access your Binance App and open the BAB Token page.
- Scroll down until you see the "Revoke Token" option.
- Tap the link to revoke your BAB token.
Keep in mind that the BAB token has a 72-hour lock period. This means you'll need to wait for 72 hours before you can mint a new BAB token. You'll also need to pay a gas fee every time you revoke or mint a BAB token.
See Also:
The Bottom Line
Binance Account Bound (BAB) token is undoubtedly a significant advancement in the BNB chain because it is able to showcase the first real-life use of Soulbound Tokens and tackle identity verification issues within Web3.
Binance users who have passed KYC identity verification can mint their BAB token and use it in various supported projects to earn exclusive rewards. In addition to the twelve projects that have pledged to offer BAB token holders special privileges, the BNB chain community continues to work toward more collaborations in the future.
So, all in all, this is quite a huge breakthrough in the Web3 space and one that you wouldn't want to miss.
FAQs on BAB Token
- How does BAB tokens differ from NFTs?
SBTs like BAB tokens essentially operate in a similar manner to NFTs. However, unlike NFTs, SBTs are non-transferable and hold no monetary value. So, while NFTs are basically digital certificates that demonstrate ownership over an asset, SBTs are digital tokens that store non-transferable data about a specific individual or other entity. As a result, SBTs are mainly used as proof of identity as opposed to NFTs that can be bought and sold freely on the market for capital gains. - Is there any downside to the BAB token?
One of the downsides of SBTs is that they are not as versatile as NFTs. Since they are non-transferable and hold no monetary value, they may not be as useful in certain applications or projects like gaming. Aside from that, SBTs can only be used by their owners and the data is permanently attached to the token, which may limit their potential functions. - Where can I see my BAB token?
Right after the minting process, your BAB token will be sent directly to your connected Binance wallet. So, to view the token, you can simply check on your crypto wallet. If you want to use a third-party wallet, make sure that it supports NFTs on the BNB chain (BSC). Don't forget to choose "BNB Smart Chain" as the wallet's network to view the token. - Do I get a refund for revoking my BAB token?
Unfortunately, no. The process of both minting and revoking the BNB token happens on-chain and requires a gas fee, so you'll need to pay the fee every time you mint or revoke your token.
Apart from the Soulbound token, Binance has launched a number of crypto products to help users gain new experiences in their ecosystem. One interesting feature to try might be the Binance Cross Collateral which allows users to borrow funds.
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10 Comments
Harold
May 24 2023
Learning about cryptocurrency is always fun and exciting to me because you always find something new every single day. This is also what makes me very interested in Binance in the first place. I think no other exchange can top Binance in terms of technology and product innovation (at least so far).
Anyway, it's my first time learning about soulbound tokens and I need a little more explanation here. Aside from allowing users to participate in DeFi projects to earn rewards, what other functions do these tokens offer? Is it really worth it for us to mint the token, even though it's non-transferable and can't be sold to other users?
Bob Woo
May 24 2023
Generally speaking, soulbound tokens have several common use cases:
Each SBT offers different set of functions though, so ensure to learn about the token before you mint one.
Sylvia
May 25 2023
Okay, let me explain. SBTs are practically the building blocks of an individual's digital identity. The token can store various data about an individual such as proof that they graduated from university, attended a certain event, have contributed a certain amount to a certain project, obtained a certain certificate, etc. It doesn't stop there. SBTs can also store medical history, criminal record, and identity verification documents.
That being said, SBTs can be used for various functions. The possibility is endless. However, one must understand that it definitely serves a different purpose than NFTs because unlike NFTs, SBTs are not for sale. So, don't expect to sell it to make profit one day.
Johannah
May 24 2023
I totally get the hype surrounding SBTs, but I'm pretty concerned about the user's privacy and security. Is it really safe to store your personal information such as medical records in a public blockchain? I've always thought that one of the benefits of using crypto is the ability of being anonymous and make safe cross-country transactions. Enlighten me please.
Teddy
May 25 2023
Hey good call Johannah. I think it's a part of the downsides of SBTs. Since these tokens are permanently tied to an individual, they can be an attractive target for hackers to track and monitor the token holder's personal activities. Also, if the person's wallet gets hacked, the hacker may be able to use the SBT to act against the person's will. This can affect communities that he/she's in as well.
However, there are ways to minimize the risks like storing assets in custodial wallets or vaults. Binance, for instance, allows users to revoke their SBTs immediately if their wallet is hacked. I think it's a good solution to the issue.
Teddy
Jun 9 2023
When using Binance Account Bound (BAB) tokens, it is mentioned that in order to mint or revoke a BAB token, users are required to pay a certain amount of gas fee. Could you provide a more detailed explanation of how gas fees work in the context of cryptocurrency transactions?
Firstly, what factors determine the amount of the gas fee? Is it based on the complexity of the transaction or smart contract operation, the network congestion at the time, or a combination of both? Understanding the factors that contribute to the gas fee calculation can help users better anticipate and manage the costs associated with their transactions.
Furthermore, why is it necessary to pay a gas fee when executing transactions or interacting with smart contracts on the Binance Smart Chain network? How does the payment of the gas fee contribute to the overall functioning and security of the network?
rendra
Jun 28 2023
@Teddy: Gas fees in the context of cryptocurrency transactions, including those on the Binance Smart Chain network, serve as a mechanism to allocate computational resources and prevent abuse on the network. Gas fees are paid to incentivize miners or validators to include and process transactions within a blockchain.
The amount of the gas fee is typically determined by two main factors: the complexity of the transaction or smart contract operation and the network congestion at the time. Complex operations or transactions that require more computational resources will generally have higher gas fees. Network congestion, which refers to the number of pending transactions waiting to be processed, can also impact gas fees. During periods of high network activity, gas fees tend to increase as users compete to have their transactions processed faster.
Paying a gas fee is necessary because it ensures that the computational resources required for executing transactions or running smart contracts are allocated fairly and efficiently. It helps prevent spam, denial-of-service attacks, and other forms of network abuse by requiring users to have a cost associated with their actions. Miners or validators who process transactions and execute smart contracts are rewarded with gas fees, incentivizing them to maintain the network's security and integrity.
Aston
Jun 18 2023
Gas fees are an integral part of cryptocurrency transactions, including those involving Binance Account Bound (BAB) tokens. In simple terms, gas fees represent the cost of utilizing computational resources required to process and validate transactions on the blockchain network. When minting or revoking BAB tokens, users need to pay a specific amount of gas fee to compensate network participants for their efforts.
Gas fees consist of the gas price and gas limit. The gas price denotes the cost per unit of gas, while the gas limit represents the maximum amount of gas allocated for a transaction. Users can adjust these parameters to prioritize transaction speed or reduce fees.
Gas fees can vary based on network congestion and demand. Higher complexity or network activity usually leads to higher fees. Paying gas fees contributes to the security and efficiency of the blockchain network, as miners or validators are incentivized to process transactions accurately.
Mia Clarkson
Jun 29 2023
What exactly is Web3 and how does it differ from the traditional concept of the internet that we're familiar with? It seems to be a buzzword these days, but I'm curious to understand what sets Web3 apart and what potential it holds for the future of the online world. Can you shed some light on its key features, principles, and how it is expected to reshape the way we interact, transact, and share information on the internet? Additionally, I'd love to learn about any notable projects or applications that are already leveraging Web3 technologies to give us a glimpse into this exciting new era of the web.
Harry
Jun 30 2023
@Mia Clarkson: Web3 is like the next generation of the internet. It's different from what we're used to (Web2) because it's decentralized and built on blockchain technology. Instead of relying on big companies to control everything, Web3 gives power back to individuals.
One key thing about Web3 is that it focuses on privacy and security. Your data is owned and controlled by you, not by big platforms. It also uses cryptocurrencies for transactions, so you can make secure and instant payments without needing banks.
Web3 is expected to change a lot of things. It can make social networks better by letting you own and earn from your data. It can improve supply chains by making them transparent and traceable. And it can create new kinds of apps that work without a central authority.
Some cool projects using Web3 are Ethereum, which allows for smart contracts and decentralized apps, Brave browser that rewards you for seeing ads, and Filecoin for decentralized storage.
So, Web3 is all about giving you more control, privacy, and exciting new possibilities on the internet.