Binance to launch first soulbound token BAB
Binance has announced the launch of the Binance Account Bound (BAB) token, designed to identify Binance users who have completed KYC verification.
The clients of the exchange will be able to mint BAB tokens on BNB Chain as credentials, take part in some projects and receive rewards. Now the token serves as a pilot project and is only available in the Binance mobile app.
BAB tokens are designed for online identification of users. These tokens can be used to fight off bots during the NFT distribution and DAO voting.
Users who have completed the KYC procedure will be able to mint tokens. The token can be revoked by the user who minted it.
The token can be created in the Binance’s app, after which it will appear in the wallet. Whilst minting BAB tokens, a fee of 1 BUSD is charged. If a user revokes the token, there will be a 72-hour lock period. After the lock period, it will be possible to mint a new token. A verified user can mint only one token on a certain blockchain.
Binance representatives said that other ways of using the BAB token may appear as Web3 develops. Binance CEO Changpeng Zhao noted that the company will cooperate closely with the community in order to develop the new product.
Earlier, the exchange announced that TrueUSD (TUSD), USDP (USDP) and USD Coin (USDC) will no longer be traded on the platform. All investments in these stablecoins will be converted to BUSD.
Binance is currently holding a promotion to celebrate the Mid-autumn festival. Eligible users will share the prize pool of 50, 000 BUSD. In order to take part in the promotion, you need to have a verified Binance account.