Binance Crypto Exchange: What’s happening?
A blockchain-based company called Binance caters to worldwide cryptocurrency consumers. Established in 2017 as a platform for trading cryptocurrency-related assets. But Binance has subsequently expanded to become a far larger and more well-known platform. Within the crypto community, its proprietary technology is regarded as cutting edge. In 2019, BNB Chain introduced its first blockchain. Since then, it has developed a strong perception reputation. This guide covers all of its offerings. The first-ever Soulbound Token is the Binance Account Bound token with the ticker $BAB. Of course, its creation happened on the BNB chain. On the blockchain, soulbound tokens serve as identity verification.
Every Binance user who passed the KYC verification process successfully may now create $BAB tokens. The $BAB tokens will be introduced to several BNB chain-based projects’ local communities. It was unclear up until a few hours ago which projects would make use of the $BAB token. This warning from Binance on Twitter states that 14 top projects on the BNB Chain will offer special user incentives for the $BAB coin. ApeSwap is one of these initiatives.
There is no intrinsic value to the $BAB token. You will be able to receive incentives with your $BAB token, nevertheless, according to Binance. The $BAB token has a few unique characteristics. You cannot transfer your $BAB tokens to other users, to start. No one can transfer them. One cannot trade them on any market and have zero monetary value. Additionally revocable are the $BAB tokens. They are revocable at any time. $BAB tokens are exclusive, just like NFTs. You can only mint one distinct $BAB token per confirmed Binance user ID per chain.
What is the Binance Smart Chain, or BNB Chain?
Binance Smart Chain was the previous name for BNB Chain. It is a very practical and highly effective blockchain for both enterprises and lone cryptocurrency consumers. There are no Layer 2 networks or scaling solutions connected to the blockchain, which provides independent services. BNB Chain supports numerous dapp, or decentralized application initiatives. PancakeSwap and Binance DEX are a couple of the most well-known in this group.
The Ethereum Virtual Machine, also known as the EVM, allows dapp developers to use programs like MetaMask. The smart contracts on the BNB Chain are also strong and helpful for a number of decentralized apps. The maximum fee imposed by BNB Chain is 0.1%, and it is well renowned for its reasonable fees. Additionally, the blockchain features quick block finality times, which has increased customer demand. Its chain promotes cross-chain interoperability and supports BEP2, BEP8, and ERC-20 tokens. These BNB crypto tokens, formerly known as Binance Smart Chain tokens, include Dogecoin (DOGE), Polkadot (DOT), Zcash (ZEC), and others.
How to mint $BAB Tokens?
You can create your own special $BAB token after you validate your account. Make sure you have the Binance app installed because this only functions with it. You’ll be responsible for paying the gas charge associated with minting your $BAB token. One $BUSD is the initial gas fee amount.
You need to connect the Binance app to your non-custodial wallet. Depending on the kind of wallet you use, there are three different ways to link it. Please see this Binance support page for a very thorough step-by-step tutorial on how to mint $BAB tokens. Your on-chain wallet address will be the only place where your $BAB coin is ultimately visible.
