BNB continues to hold its position in the top five ranking cryptocurrencies on CoinMarketCap. The coin maintained stability despite the bear phase and increased FUD incited by the current market condition. It continues receiving support from investors and custodians of the asset.
BNB Among The Top Gainers This Week
Cheng Zhou, the founder, and CEO of Binance, the largest cryptocurrency exchange in the world, has not held back from providing utility through BNB. As the founder once affirmed, BNB is not the same as any other token that comes and goes. But instead, it is a utility provider and is capable of withstanding any form of setback.
In the middle of the bear market, the token held its spot on the list of leading digital assets. Although it was affected by the bear market that hit in June, it demonstrated resilience by recovering faster than every other token. BNB has attracted new investors who see its potential and are ready to stand by it.
Binance coin recently made 6% gains to investors in just twenty-four hours. The pump seen yesterday placed the token among the top ten gainers by market cap this week. However, nobody knows the reason behind the sudden uptick.
Another aspect of Binance’s success is its stablecoin BUSD. Earlier this week, the firm had announced its intention to auto-convert most stablecoins on its exchange to BUSD. And this was because of the instability displayed by these coins over time.
Binance Introduces New Tech
To further exhibit its potential as a firm keen to succeed, Binance plans to unveil a new technology. The exchange named the token Binance Account Bound (BAP), the first developed soulbound token on BNB-Chain. It is a non-transferable token to serve identity verification purposes for customers who have completed their KYC.
Introducing the #Binance Account Bound BAB Token, the first-ever Soulbound Token on @BNBCHAIN!
BAB tokens are non-transferable tokens that work as identity credentials for Binance users who have completed KYC verification.
Find out more ➡️ https://t.co/03TKuyXZBC pic.twitter.com/BKSWnM4jJL
— Binance (@binance) September 8, 2022
The company announced the new technology via Twitter on September 8. Mayur from its product team shared some insights on the BAB token. It is not a utility token but one that would identify the users legally authorized to operate on Binance.
According to Mayur from the product team, users will decide if they want it or not. That is, they would decide whether or not to mint it. Because it is not a tradable asset but a card to recognize unique members and opportune them to build on BNB-Chain.
Interesting new tech. Here's a good insight from our product team. https://t.co/8cmUJSdABX pic.twitter.com/Ws7zyfaVrg
— CZ 🔶 Binance (@cz_binance) September 8, 2022
Users can refuse the token if they wish since it is a matter of choice. But if they are willing to keep it, they can mint it and move it to their non-custodial wallets. By holding the token, a decentralized finance enthusiast can consciously build similar projects.
Apart from BAB, Binance had also previously mentioned releasing a new token called zkBNB. It is a utility token on the BNB smart-chain developed to improve the scalability of the network. Also, to ensure it is a safe token, the firm subjected it to the Layer-one security model used by the BNB smart-chain.