Bank, the native token of Lorenzo Protocol, recorded a 150% price surge within six hours of its official launch.
Token’s Rapid Climb follows a list of multiple platforms, including Binance’s Alpha market and the launch of BankUSDT’s permanent contracts for Binance Futures with up to 50x leverage.
What are the new bank tokens for Binance futures?
The Bank’s Token Generation Event (TGE) was held today via the Binance Wallet on April 18th, in collaboration with Pankaykwap. Lorenzo Protocol raised $200,000 through sales of $0.0048 each, with 2% of total supply (2% of total supply).
Tokens are currently traded at Pancakeswap, Bitget and Coinex. After its debut, the bank reached a market capitalization of around $22 million.
Banks are governance and utility tokens from Lorenzo Protocol, a Defi platform focused on improving Bitcoin liquidity.
This protocol allows users to earn returns in BTC without giving up custody. It uses financial primitives such as liquid principal tokens (LPTs) and yield tokens (YATs).
The claims are that bank holders can bet on tokens and receive Vebank. Vebank provides governance rights and a percentage of future emissions.
Bank token price chart after launch. Source: CoinMarketCap
The Lorenzo protocol is also built on a Cosmos-based Ethermint Appchain. It allows for reconfiguration and interoperability of BTC using Bitcoin Layer 1. The design supports the issuance and settlement of assets backed by BTC on the chain.
The Bank/USDT’s permanent contract list on Binance futures is gaining even more momentum in the tokens. Binance Futures is a derivatives platform that allows users to trade permanent contracts with high leverage.
Binance historically preferred new tokens in the BNB chain for early futures trading. The rapid price rise of banks and rapid market integration highlights a strong early interest in Lorenzo Protocol’s approach to BTC-based Defi infrastructure.
It is very clear to predict whether Exchange will list this newly launched token. However, a new community vote at Binance’s Token listing has brought positive hopes to the small market capitalization project.
