Identifying the significance of >100K BAB-minted Binance accounts

Please fol­low and like us:
Pin Share

Can BNB‘s mar­ket final­ly return to the midterm bull­ish trend giv­en sig­nif­i­cant devel­op­ments around the ecosys­tem? Its recent upgrades have incor­po­rat­ed secu­ri­ty aspects to strength­en their wall and stand firm against hacks.

Even so, it’s worth pon­der­ing – Are there any cracks with­in these built walls?

Brick-by-brick

Binance Coin (BNB) was in the bull­ish zone, at the time of writ­ing, as the altcoin’s price lay above the $292-mark. Ergo, the ques­tion – Can the exchange token go any high­er as devel­op­ment upgrades see two sig­nif­i­cant faces?

Less than 48 hours ago, Binance Coin (BNB) released the Binance Account Bound (BAB) token, a soul-bound token used as proof of iden­ti­ty for Binance users who com­plete KYC ver­i­fi­ca­tion. Fol­low­ing this, BNB reg­is­tered gains of more than 6% on the charts. In fact, the alt­coin even reg­is­tered >1B in trad­ing vol­ume with­in the same period. 

Dur­ing the ear­ly hours on 10 Sep­tem­ber, 97,464 accounts mint­ed Binance Account Bound (BAB). At press time, the said bal­ance had reached 116,524 on BSCscan.

Source: BSC­scan

That being said, are the num­ber of accounts BIG enough? Con­sid­er this – In July 2022, Binance claimed that the total num­ber of users exceed­ed 120 mil­lion. Sim­ply put, only 0.08% of users have mint­ed BAB.

Accord­ing to jour­nal­ist Col­in Wu’s tweet,

“It shows that the role of BAB is cur­rent­ly unclear and the par­tic­i­pa­tion is low. There are also com­mu­ni­ty mem­bers who report that the mint process is not smooth enough.”

Need­less to say, BNB sup­port­ers have been quick to take offence. One of its sup­port­ers added,

“The real rea­son is, its not rolled out to every­one. Not all reg­is­tered mem­bers know about this…”

Worth point­ing out, how­ev­er, that such remarks didn’t quite deter the platform’s accel­er­a­tion towards new heights. The Binance plat­form also rolled out the new and rev­o­lu­tion­ary zkBNB, which has the exact layer‑1 secu­ri­ty lev­el that BNB Smart Chain pro­motes secure build­ing mech­a­nisms with.

The afore­men­tioned update would aid the plat­form in speed­ing up trans­ac­tion times while reduc­ing fees. Fur­ther­more, it would allow BNB to process between 5,000 and 10,000 trans­ac­tions per sec­ond. There­by, vast­ly out­per­form­ing the blockchain’s cur­rent capabilities.

Did it help?

Absolute­ly, yes.

Devel­op­ers count con­tribut­ing to the good cause rose along­side BNB’s trad­ing vol­ume. Both of these met­rics high­light­ed a grow­ing inter­est in the afore­men­tioned plat­form and token.

Source: San­ti­ment

In addi­tion to this, oth­er met­rics such as aver­age daily/weekly trans­ac­tions too reit­er­at­ed a sim­i­lar scenario.

And yet, BNB’s price failed to rec­i­p­ro­cate the sen­ti­ment. In fact, at the time of writ­ing, the exchange token was down 3% over a 24-hour window.



Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published. Required fields are marked *