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Soul Searching - Soulbound Tokens

An in-depth look at Soulbound Tokens
Binance Research (Stefan Piech)


  • SBTs offer a publicly visible, non-transferable token that can help to foster a decentralized society by creating an “immutable” record

  • Currently, there is no ERC standard for SBTs. As such, currently, most SBTs are built on ERC-721, with mintability and voting

  • The design of an SBT should satisfy specific product requirements and the type of credential that the token encompasses. These requirements include but are not limited to Issuance, Acceptance, Control, Expiration, Discoverability, Queryability, and Trust

  • The Binance Account Bound (BAB) token represents the credentials of Binance Know-Your-Client (KYC) users. BAB aims to tackle identity verification issues in Web3, serving as a digital verification tool for Binance users who have completed KYC

  • The use cases for SBTs are wide-ranging, complementing the current NFT landscape. We see a majority of the benefits associated with projects rather than users

  • Within the NFT space, one advantage comes with the provenance of NFTs. Another benefit introduced includes the ability to design minting in a way that only wallets with a specific SBT can mint an NFT collection

  • With the proof of KYC credentials, a lot of new allies open up for DeFi protocols and the interaction between CeFi and DeFi

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