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BAB Token (SBT) Adoption Insight

2022.10.5  •  4 min read
Blog post image.

The Binance Account Bound token has proven to be an alluring prospect for many users on our ecosystem as they continue to enjoy the incentives the Soulbound token opens up for them on a myriad of different platforms.

Here we take a closer look at the data, and find out which users have opted for the BAB token at this early stage.

Key Takeaways

~60% of BAB holders are new wallet addresses (likely created due to BAB).

  • Of these holders, almost one-third went on to make another transaction (this will increase since minting has only just begun).
  • As of September 22nd, we still see a significant chunk (~41% of all BAB Minters) of New Wallets not doing an on-chain tx yet

~Existing wallets’ dApp usage behavior is largely similar to active wallets across BNB Chain, with the exceptions of:

  • They don’t interact with high risk dapps as often (eg Drip, Fstswap, etc..)

~Some prominent gamefi projects like Gameta and XWG are missing in top ranks

  • Apollo X, Tiny World seems to be popular amongst the New Wallets1
  • Even after ~ 2 weeks since BAB Minting was launched, new wallets1 have had minimal interaction with the liquid staking protocols (pStake, Ankr, Stader) as well as Wombat and Helio.
  • In terms of drawing new wallets to each respective dapp, BABT has drawn a lot of new wallets to ApolloX, Quest3, XWG, Galaxy and PearDAO as evidenced by the relatively high % of all new walelts on these DApps that are BABT holders (~>45%)

BABT Holder Distribution

Segment

No. of BAB holders

Percentage

Existing wallet

135,218

40.11%

New wallet1 - no on-chain tx yet

137,252

40.72%

New wallet1 with at least one txn

64,611

19.17%

* Data Source: link

Projects/Dapp distribution amongst the BABT minters

In this section we observe the similarities and differences in distribution of dapps that BABT minters have interacted with








Legend








Part of the initial list of projects with benefits tied to BAB


Liquid Staking, critical Defi lego dapps








Existing Wallets




New Wallets










project_name

SUM of tx_count

SUM of au


project_name

SUM of tx_count

SUM of au

Pancake

192836

40591


Pancake

22913

13463

Quest3

50182

21723


USDT

13509

5576

USDT

46033

17304


Quest3

12814

6331

BUSD

44004

22340


ApolloX

11412

2845

Tiny World

34773

6940


BUSD

6466

4767

Radio Caca

28872

1314


Tiny World

5452

2274

Galaxy

19116

14245


Element

3512

1014

Element

17671

4870


Galaxy

2240

2116

ApolloX

15739

3698


SecondLive

1121

480

SecondLive

14273

3182


Peardao

1114

506

Metamask

8672

4466


tofuNFT

1035

306

tofuNFT

7924

2314


Metamask

871

601

MOBOX

7366

562


WBNB

857

261

Xworld Game

5923

454


BitKeep

762

625

WBNB

5861

1870


Izumi

481

286

Wombat Exchange

5740

1027


1inch

477

346

BiSwap

4139

1076


Venus

462

127

era7

4051

306


WETH

343

239

1inch

3900

1898


Thetan Arena

284

128

Thetan Arena

3860

1082


Transit Swap

226

174

ApeSwap Finance

3755

821


ApeSwap Finance

140

66

Summoners Arena

3253

242


Binance

137

116

USDC

2731

1718


SHIB

112

79

WETH

2655

1768


USDC

107

82

Izumi

2620

1580


Radio Caca

102

20

Peardao

2216

949


BiSwap

89

31

APEmove

2153

298


DODO

86

19

Venus

2135

387


Xworld Game

85

66

BitKeep

2069

1681


TRX

79

60

Transit Swap

1734

935


FstSwap

71

5

BinaryX

1723

472


TrustWallet

61

47

Monsterra

1256

336


Forsage

48

42

BabySwap

976

345


BTCB

40

32

Elemon

932

124


era7

38

16

BABt Contribution to each dapp new wallets

So far we have analyzed the behaviour of users minting BAB tokens, with ‘existing’ vs ‘new’ wallets, and the similarities and differences in dApps that both segments interact with.

In this section, we analyze the ‘propensity’/degree which the BAB token has ‘acquired new wallets’ for each dApp on the BNB Chain ecosystem. Here, we define a ‘new wallet as wallets who interact with a specific Dapp for the first time. For example a new wallet could have interacted with multiple dApps and be counted as their 1st time across a dApp.

The table below (sorted by number of new wallets to dApp) shows the percentage of total number of new wallets to each dApp that are BAB token holders. This relates to  the date range of September 8th to September 22nd.

  • For example, we see that Quest3 had approx 29.7k new wallets, of which 74.62% of them (22.2k) are BAB token holders
  • Whereas for Pancake Swap, this measure is at 2.99% only, suggesting that BAB token is not a strong user acquisition tool
  • As expected, Tiny World, ApolloX, Galaxy, PearDAO, X WorldGame all have higher percentages as they have BAB exclusive rewards
  • However, Summoners Arena seems to have very low % at only ~2% even though it is part of the 15 dApps with BAB exclusive rewards

Date Range of data: September 8th to September 22nd, 2022.

Dapp

Number of new wallets to dapp that are BABT holders

Total Number of new wallets to dapp

% of total number of new wallets

Quest3

22,221

29,777

74.62%

Pancake

9,730

325,473

2.99%

Tiny World

8,647

10,362

83.45%

Galaxy

6,544

20,772

31.50%

ApolloX

5,357

12,310

43.52%

Element

5,329

10,283

51.82%

BitKeep

2,127

4,181

50.87%

SecondLive

1,886

2,259

83.49%

tofuNFT

1,591

6,720

23.68%

Izumi

1,421

1,914

74.24%

Peardao

1,213

1,556

77.96%

Metamask

1,102

25,220

4.37%

1inch

746

21,855

3.41%

Thetan Arena

514

10,697

4.81%

Transit Swap

426

13,637

3.12%

SHIB

413

16,698

2.47%

Stargate

333

1,804

18.46%

Xworld Game

307

707

43.42%

Elfin Kingdom

262

566

46.29%

ApeSwap Finance

261

1,848

14.12%

Wombat Exchange

247

4,256

5.80%

Monsta Infinite

208

10,380

2.00%

Venus

179

1,825

9.81%

BiSwap

174

4,324

4.02%

Mones

167

880

18.98%

Summoners Arena

167

6,053

2.76%

BabySwap

164

841

19.50%

TRX

149

3,306

4.51%

Minereum

141

1,738

8.11%

On the whole we can see new users are making use of BAB tokens and the inherent incentives provided by a broad range of dApps on the BNB Chain ecosystem.

Join us for regular forthcoming data insights relating to timely incentives taking place on BNB Chain!

Follow us to stay updated on everything BNB Chain!

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