BAB

What is Binance Account Bound (BAB)?

Binance has also released its Soulbound tokens known as the “Binance Account Bound (BAB)” for user certification. As a result, Binance’s Soulbound tokens would function as credentials for users who have passed the exchange’s Know Your Customer (KYC) process. The token is non-transferable and can only be revoked or cancelled by the user in question, as it is a unique token that can only be minted upon completion of KYC.

BAB functions in the same way as other SoulBound tokens. However, since it is based on the Binance chain, it is only intended for Binance users. BAB is intended to be an opt-in feature that would allow only Binance users who are in compliance with Know-your-customer (KYC) to mint BAB directly on their wallets while using the site.

How to get Binance Account Bound (BAB)?

BAB is only available to mobile app users who have completed KYC process of Binance. The tokens will be used by third-party protocols and may be minted on existing or new wallets.

Use Cases for BAB:

The BAB’s principal use case, according to the main objective of Soulbound tokens, is to act as a certification to verified Binance users. As a result, Binance users may be certified and have documentation of it.

Furthermore, BAB may be used by decentralized apps (dApps) and NFT protocols. They may utilize the tokens for a variety of reasons, such as airdropping to BAB token addresses or permitting minting from BAB addresses to avoid bot manipulation, among others.

Notably, third-party protocols may use BAB tokens to validate BAB tokens for a variety of activities such as avoiding bots, airdropping NFTs, and a DAO utilizing it for quadratic voting, among others.