Binance, the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider announced that fourteen leading web3 projects will provide exclusive user incentives for Binance’s newly announced BAB token. ApeSwap, Apollox PearDAO, Project Galaxy, X World Games, Summoner’s Arena, Ultiverse, Cyberconnect , P12, Mathwallet, Liveart, OpenOcean, TinyWorld, and The Harvest are the world’s first web3 projects to adopt Soulbound Tokens and give BAB token holders exclusive incentives.
Binance users can leverage these perks by minting BAB tokens to their wallet address on BNB Chain. The benefits range from exclusive airdrops and VIP benefits to newly launched feature access to the Binance BAB community. After Binance launched the BAB token on August 1, 2022, this is the first time that multiple Web3 projects are incorporating BAB tokento provide real-world use cases for soulbound tokens.
“The feedback from the community has been encouraging as we support the top Web3 projects to bring these benefits to BAB token holders. This is where innovation is taking place, as we demonstrate to the world how soulbound tokens can share web3 credentials and identity in a secure and democratic manner. We’ve seen a lot of interest from the dApp community, and we can’t wait to see more projects using BAB token to make this one of the biggest innovations on soulbound tokens in the world,” said Gwendolyn Regina, Investment Director at BNB Chain
While, ApeSwap will create a claimable NFT that represents a raffle exclusively for BAB holders, Apollox will provide BAB holders a privileged reward program.
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 NFT platform, The Harvest will have exclusive community and membership benefits for Binance BAB token holders.
These fourteen projects are the first to offer BAB token-related benefits to their communities. The BNB Chain community will continue to encourage the use of BAB tokens by more projects to provide more benefits to users.
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.
Disclaimer: BAB Token is a non-fungible token issued by Binance characterized as a soulbound token. Getting a BAB Token is optional for Binance users and it is not, and is not intended as, an invitation, inducement, or requirement to use any products or services offered by Binance. Binance’s role is limited to issuing (upon request) the BAB Token for users who have completed identity verification procedures for their Binance account, which may vary depending on the user’s country of residence. Third-party projects such as decentralized protocols, decentralized autonomous organizations, or decentralized applications have sole authority and discretion to decide whether or not to use BAB Token and the purposes for which they will use it, without any involvement of Binance. Use of BAB Tokens by third-party projects in any way should not be construed as a recommendation, vetting, or endorsement of such third-party projects by Binance, BNB Chain, or any other affiliated entity. ALWAYS DO YOUR OWN RESEARCH – you are solely responsible for your investment decisions and your use of any third-party projects using BAB Token is at your own risk.
Binance is the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users, and features an unmatched portfolio of crypto products and offerings, including: trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more. For more information, visit: https://www.binance.com. Trade on the go with Binance’s mobile crypto trading app. Download for Android or iOS.
About BNB Chain
BNB Chain is a community-driven, decentralized and censorship-resistant blockchain, powered by BNB. It consists of BNB Beacon Chain and BNB Smart Chain (BSC), which is EVM compatible and facilitates a multi-chain ecosystem. It is the world’s largest smart contract blockchain in terms of transaction volume and daily active users. It has processed 3 billion transactions to date from 163 million unique addresses, bringing developers massive user access with ultra-low gas fees and zero downtime since inception. The ecosystem has more than 1,300 active dApps across multiple categories such as DeFi, Metaverse, blockchain games, NFT, and more.