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A low-cap altcoin, BANK, has surged following the announcement by BINANCE, the world’s leading cryptocurrency exchange by trading volume, that it will list perpetual futures for the token.
On April 18th, BINANCE revealed its decision to support LORENZO PROTOCOL’s decentralized finance (DeFi)-focused platform BANK on its futures platform. This announcement coincided with BANK’s official launch on the BNB CHAIN.
The news triggered a sharp price increase for BANK, as the token climbed from a low of $0.03 on its launch day to a peak of $0.057 within hours. Despite a subsequent retracement, BANK is currently trading at $0.044, marking a 13% decline in the last 24 hours. The altcoin has a market capitalization of $18.85 million.
BINANCE has made BANK/USDT perpetual contracts available with leverage of up to 50x as of April 18th.
LORENZO PROTOCOL, the platform behind BANK, enables users to stake Bitcoin to obtain staked liquid tokens, which can then be utilized across various DeFi platforms.
“Lorenzo is the Bitcoin Liquidity Finance Layer. With the global adoption of Bitcoin growing, there is a significantly higher demand for Bitcoin liquidity, by ways of Layer-2s, DeFi, trading, etc., and platforms are promising yield in exchange for Bitcoin liquidity… Lorenzo creates an efficient market in which Bitcoin holders can easily find the best opportunities to invest their unused Bitcoin liquidity and serves as the premier DeFi ecosystem in which to finance Bitcoin staking tokens,” the protocol states.
Generated Image: Midjourney
Sources: Binance, Lorenzo Protocol
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