Binance launched the Binance Account Bound Token to every verified Binance Account, and they are twelve projects across the Binance ecosystem that are offering users exclusive incentives that are tied to their BAB tokens. Before we look into this project, let’s, first of all, know what the BAB token is, and how we can mint the Binance account bound token.
What is Binance Account Bound Token
Binance Account Bound (BAB) tokens are the first-ever Soulbound Token (SBT) built on the BNB Chain. BAB token is non-transferable and has no monetary value. It will function as a digital verification tool for Binance users who have completed Identity Verification.
How to mint Binance Account Bound (BAB) tokens on Binance?
Binance users who have completed Identity Verification can mint their BAB directly in their wallets. Let’s see how to mint BAB on Binance.
1. Log in to your Binance App and tap [More] on the homepage. Scroll down to [Gift & Campaign] – [BAB Token].
2. You will see the list of requirements for minting your BAB token, including complete Identity Verification, connecting a compatible wallet, and verifying the wallet ownership.
3. There are three ways to connect your wallet, depending on the type of wallet you’re using.
3.1 Binance DeFi Wallet
The Binance DeFi Wallet is a wallet embedded in the Binance App. Tap [Binance Wallet] and your DeFi Wallet will be automatically connected.
Tap [Sign Message] – [Sign] to verify your wallet ownership.
3.2 Trust Wallet
To connect your Trust Wallet, tap [TrustWallet].
You will be redirected to the Trust Wallet app with the below pop-up. Tap [Connect]. If you can’t see the pop-up, please make sure your network is stable and try again.
After connecting your wallet, you need to sign a message to verify your wallet ownership. Tap [Sign Wallet]. Tap [Confirm] on the Trust Wallet pop-up.
4. You can now mint your BAB token. Tap [Get BAB Token].
5. You will see a pop-up with the gas fee for minting your BAB token. Choose to pay from your Spot Wallet or Funding Wallet and choose the payment currency. Tap [Continue].
6. Your BAB token is minted. Tap [View on BSCScan] to view details.
Frequently Asked Questions on Binance Account Bound (BAB) Token
1. Who can mint BAB tokens on Binance?
BAB tokens are issued by Binance and are non-transferable. Binance users who have completed Identity Verification can mint BAB tokens directly on Binance App.
2. Do I have to pay a gas fee to mint the BAB token?
Yes, you need to pay a gas fee when you mint or revoke your BAB token. Gas fees are charged by the BNB Chain. Binance will deduct the gas fee from your Funding/Spot Wallet directly.
3. Can I mint more than 1 BAB token?
No, each Binance user can only mint one BAB token. However, you can revoke the token and mint a new BAB token if you lose access to the existing token.
Please note that BAB tokens have a 72 hours lock period. This means after revoking your BAB token, you need to wait for the lock period to be over to mint your BAB token again.
4. How to view my BAB token?
Your BAB token will be issued to the wallet you connected during the minting process. You can check your BAB token on a third-party wallet that supports NFTs on BNB Chain (BSC). Before viewing your BAB token, please select your wallet network as [BNB Smart Chain].
5. How to revoke my BAB token?
To revoke your BAB token, go to the BAB token page on the Binance App and scroll down to the FAQ section. You will see a [Revoke Token] link. Visit the link to revoke your BAB token.
6. What happens if I lose access to the BAB token?
If you lost your access to the BAB token, for example, you lost your wallet’s private key, you can revoke the BAB token with your Binance account. Once revoked, you can mint a new BAB token after 72 hours.
7. Can I transfer my BAB token to another wallet address?
If you want to transfer your BAB token to another wallet address, you can revoke it first and mint it to the new address. However, please note that after you revoke your BAB token, you can only re-mint after 72 hours.
8. What can I do with my BAB token?
You can participate in building different projects on the BNB Chain and receive rewards.