Lorenzo Protocol’s native token, BANK, has recorded a 150% worth surge inside six hours of its official launch.
The token’s fast climb follows its itemizing on a number of platforms, together with Binance’s Alpha Market and the launch of a BANKUSDT perpetual contract on Binance Futures with as much as 50x leverage.
What’s the New BANK Token on Binance Futures?
The Token Technology Occasion (TGE) for BANK befell at the moment, April 18, by way of Binance Pockets, in partnership with PancakeSwap. Lorenzo Protocol raised $200,000 via the sale of 42 million BANK tokens—2% of the overall provide—priced at $0.0048 every.
The token is now buying and selling on PancakeSwap, Bitget, and CoinEx. Following its debut, BANK reached a market cap of roughly $22 million.
BANK is the governance and utility token for Lorenzo Protocol, a DeFi platform targeted on enhancing Bitcoin liquidity.
The protocol permits customers to earn yield on BTC with out giving up custody. It makes use of monetary primitives like Liquid Principal Tokens (LPTs) and Yield-Accruing Tokens (YATs).
In keeping with its claims, BANK holders can stake their tokens to obtain veBANK, which supplies governance rights and a share of future emissions.
Additionally, Lorenzo Protocol is constructed on a Cosmos-based Ethermint appchain. It permits BTC restaking and interoperability with Bitcoin’s Layer 1. The design helps on-chain issuance and settlement of BTC-backed belongings.
The itemizing of the BANK/USDT perpetual contract on Binance Futures provides additional momentum to the token. Binance Futures is a derivatives platform that permits customers to commerce perpetual contracts with excessive leverage.
Binance has traditionally most well-liked new tokens on the BNB chain for early futures buying and selling. BANK’s sharp worth improve and fast market integration spotlight sturdy early curiosity in Lorenzo Protocol’s method to BTC-based DeFi infrastructure.
At the moment, it’s far-fetched to mission whether or not the alternate will checklist this newly launched token. Nonetheless, Binance’s new neighborhood voting on token itemizing has supplied constructive hopes for small market cap initiatives.
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