Opium Protocol adds Binance soulbound tokens to NFT avatars

The DeFi team behind Opium Protocol has added support for Binance Account Bound (BAB) tokens to NFT avatars designed for user verification.

It is amazing: Opium Cheshire cats NFTs can recognise @binance “proof of identity” (BAB tokens)!
🐱🐯🦁
Check if your cat got yellow fur with black stripes, read this great piece, and also contribute to the standard 💡https://t.co/0z5OjWQ2tJ

— Opium (@Opium_Network) September 28, 2022

In December 2021, the Opium Protocol developers introduced Cheshire Cat NFT avatars. The latter can also be used to pass KYC procedures.

BAB — soulbound tokens launched by Binance in September 2022. Clients who completed exchange verification issue these assets on the BNB Chain network. They allow verifying credentials.

According to the press release, BAB holder NFT avatars will receive a Binance-style colour scheme. Their owners will be able to interact with certain products to which other users do not have access.

“Projects will know that the yellow cat can belong only to someone who has completed verification on Binance. This means that this person is real and does not live in the US or another jurisdiction prohibited on the platform,” according to the statement.

In an interview with ForkLog, Opium Protocol founder Andrey Belyakov noted that for some projects the issue of blocking prohibited jurisdictions is a problem.

“Many projects are forced to address the problem of blocking the US market in various ways. At the VPN level this has become much harder, because Apple recently introduced the Private Relay feature, which does not allow traditional geo-blocks,” he explained.

Belyakov added that integrating NFT avatars with BAB will help teams that must conduct compliance. In his words, the DeFi sector cannot mature or replace the traditional financial system if it does not adhere to the simplest regulatory practices.

“We see that oversight authorities can still regulate DeFi by a crude force. To prevent this from happening, the community must move to the simplest self-regulation and comply with local laws. This does not contradict innovation; simply no one can imagine a truly large alternative financial system that does not comply with the basic laws that prevent financial crimes,” — said the Opium Protocol founder.

Back in June 2022, 1inch Network integrated liquidity pools of the Opium Protocol’s crypto-derivatives platform into its decentralised application.

Follow ForkLog’s Bitcoin news on our Telegram — cryptocurrency news, rates and analysis.