Binance.US is the US partner for Binance and provides secure and reliable access to the world's most popular cryptocurrencies, with some of the lowest fees in the industry. , guides, and strategies for crypto-trading. Keep up on trending crypto trends, news, and updates from America's home for digital asset trading through the Binance.US. Our Mission is to be the infrastructure service provider in crypto. Binance is the world's leading blockchain ecosystem, with a product suite that includes the largest digital asset exchange. Explore articles from our leadership, community, and market insights. Final thoughtsįor the web3 ecosystem, BAB is a significant advancement since it showcases some of the first real-world use cases of the soulbound tokens, which were first introduced as a conceptual idea by Vitalik Buterin.Stay up to date with the latest stories and commentary brought to you by Binance. Since you lose access to your wallet in such a case, all you can do is cancel the existing token and create a new one by revoking it, as explained above. Revoking is also necessary for the unfortunate event of losing your wallet’s private keys. After that, you can mint a new BAB token by connecting the wallet where you want to store it. There’s, however, a lock period of 72 hours. BAB holders can do this by going to the “revoke BAB token” page on the Binance App and following the instructions. But what if you like to transfer it between your own wallets?īinance devised a solution for this by allowing the owner to cancel the existing tokens and create a new one. Since BAB is a soulbound token, i.e., non-transferable, you can’t send it to others. You should select BNB Smart Chain as the network in your wallet to view the token. In the case of BAB, if you want to use a third-party wallet, it must support NFTs on BSC. You need an NFT-compatible crypto wallet to view them. Remember that soulbound tokens are, in essence, NFTs. Your Binance Account Bound token will be issued to the wallet you connected while minting. Binance deducts this gas fee from your spot wallet during the minting process. Note also that minting requires gas fees which, at the time of writing, equals approximately 1 BUSD, Binance’s stablecoin pegged 1:1 to USD. Other requirements for minting are connecting a Binance Smart Chain (BSC) compatible wallet and verifying wallet ownership. Since it serves as proof of identity, you can only mint one token. Once verified, you can mint BAB directly on Binance App. You are eligible to mint BAB only if you’ve already completed the verification process. You can follow the new partnerships on the Binance announcement page. Other BAB partners include the metaverse platforms Ultiverse and P12, as well as play-to-earn game Summoner’s Arena, NFT art platform Liveart, GameFi platforms Tiny World and the Harvest, also MathWallet and OpenOcean. In addition, BAB will function as a POAP (proof of attendance protocol) for live events. CyberConnect, a decentralized social graph protocol, will leverage BAB tokens to signify that the linked social media profile belongs to a real person, not a bot.X World Games will gift a one-time airdrop for logging into each game.The credentials infrastructure Galxe will add BAB holders to its database to strengthen protection against sybil attacks.The decentralized marketplace PearDao will distribute GameFi tokens that grant access to voting rights, exclusive NFT mints, and higher trading limits. The cryptocurrency exchange ApolloX will introduce a reward program.
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