We have exciting news for you BNB Chain Fam!
Following our previous announcement of our intention to launch our first soulbound token, we present you with the Binance Account Bound (BAB) token, launched at 09:00 UTC on September 8th. The token will be exclusively used as a proof of identity for Binance users who have adequately completed the KYC verification process.
Upon completing the aforementioned process users will be eligible to mint their very own BAB tokens on BNB Chain. The tokens will serve as identity credentials, and allow users to participate in initiatives from multiple projects where they’ll be able to earn rewards.
Fourteen projects across our ecosystem have already pledged to offer users exclusive usecases that are tied to the BAB tokens. The following list outlines the relevant projects set to be the world’s first Web3 platforms to adopt Soulbound tokens:
Binance and BNB Chain users will be able to leverage these perks by minting BAB tokens to their wallet address on BNB Chain. Learn about the minting process here.
The benefits of owning your own BAB token range from exclusive airdrops and VIP benefits to newly launched feature access across our ecosystem. This initiative will mark the first time that multiple Web3 projects and Binance have teamed up to provide real-world use cases for soulbound tokens.
I imagine you’re wondering exactly what these incentives might entail. Let’s get right into it. With a mix of GameFi, Metaverse and Social platforms a part of this initiative, there is a lot for users to look forward to:
BAB holders will receive PearDAO’s GameFi tokens. This would provide BAB holders special voting rights to enhance DAO governance and dispute handling in the PearDAO ecosystem, among other benefits such as 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 as a mechanism against Sybil Attacks. Meanwhile, these BAB token holder credentials will be published on an individual's Galaxy ID to indicate that they have completed the KYC verification process on Binance.
Gaming ecosystem, X World Games will incorporate BAB token with all existing and future games. BAB token-holders who completed KYC will receive a one-time airdrop prize upon first login to each game. Depending on the game or mode, BAB token holders will additionally get VIP perks.
Metaverse platform, Ultiverse will exempt BAB holders from KYC and grant daily bonus points in Terminus City, among other unique benefits like minting SBT tokens, voting rights, and more.
Decentralized social graph protocol, Cyberconnect will display BAB on a user's profile to signify a real user (not bots) and access to proof of attendance for Link3, a new feature to streamline online event creation.
Metaverse platform, P12’s benefits will include admission ticket to all BNB Chain and P12, P12 x BAB Exclusive OAT, premium user access, and token airdrops.
Furthermore, 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 have exclusive community and membership benefits for Binance BAB token holders.
These fourteen projects are the very first to offer BAB token-related benefits to their communities. The BNB Chain community is actively working toward more collaborations that will provide further benefits for users in our ecosystem.
We understand that the benefits of SBTs are wide-ranging, complementing areas such as NFTs, DeFi, GameFi, and the Metaverse. BAB token, aimed at tackling identity-verification issues within Web3, represents a further effort to drive adoption in the space by introducing and incentivizing an element of trust.
We welcome and encourage further projects on our ecosystem to utilize the possibilities of BAB tokens and integrate effective use cases. We will be on hand to help and support with this process, for which you can reach out here: email@example.com
Recap on Soulbound Tokens & BAB
Soulbound tokens are a new type of tokenized credential, identity, or affiliation. SBT’s are non-transferable and non-financialized. Ethereum creator, Vitalik Buterin first introduced the idea along with E. Glen Weyl and Puja Ohlhaver, earlier this year.
First issued on the BNB Chain by Binance, Binance Account Bound (BAB) tokens are identity credentials for Binance users who completed KYC verification. 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.