The native token of Lorenzo Protocol, Bank, recorded a price increase of 150% within six hours of its official launch.
The quick climb of the token follows its list on several platforms, including the Alpha market in Binance and the launch of a Bankusdt perpetual contract on term contracts on Binance with a lever effect up to 50x.
What is the new bank token on Binance’s term contracts?
The generation of tokens (TGE) for the bank took place today on April 18, via Binance Wallet, in partnership with Pancakeswap. The Lorenzo protocol raised $ 200,000 thanks to the sale of 42 million bank tokens – 2% of the total offer – at a price of $ 0.0048 each.
The token is now negotiated on Pancakeswap, Bitget and Coinex. After its beginnings, Bank reached a market capitalization of approximately $ 22 million.
The bank is the governance and utility token for the Lorenzo protocol, a DEFI platform focused on improving the liquidity of bitcoin.
The protocol allows users to gain BTC yield without abandoning guard. It uses financial primitives such as main liquid tokens (LPT) and yield acceleration tokens (YATS).
According to his allegations, banks holders can spring their chips to receive Vebank, which provides governance rights and part of future emissions.
In addition, the Lorenzo protocol is built on a cosmos -based ether appchain. It allows the recourse and interoperability of the BTC with layer 1 of Bitcoin. The design supports the issue and the payment of assets supported by BTC.
The list of the Bank / USDT perpetual contract on term contracts on Binance adds additional momentum to the token. Binance Futures is a derivative platform that allows users to exchange perpetual contracts with a high lever effect.
Binance has historically preferred new tokens on the BNB channel for the trade of future first. The sharp increase in bank prices and the rapid integration of the market highlights a strong early interest in the approach of Lorenzo Protocol in terms of DEFI infrastructure based on BTC.
Currently, it is eccentric to project if the exchange lists this newly launched token. However, the new community of Binance on the list of tokens has offered positive hopes for small projects with market capitalization.
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