A New Altcoin Surges After Binance Listing Perpetual Futures
A low-cap altcoin has experienced a significant boost in its value following the recent announcement from Binance, the world’s leading cryptocurrency exchange platform by volume. Binance revealed that it will be introducing perpetual futures for the Bitcoin (BTC) decentralized finance (DeFi) platform, Lorenzo Protocol (BANK).
BANK Launches on BNB Chain
BANK officially launched on the BNB Chain, coinciding with Binance’s announcement. The news of the listing propelled BANK’s price from a low of $0.03 on its launch day, April 18th, to a peak of $0.057 shortly thereafter. As of the latest update, BANK is trading at $0.044, representing a 13% decline in the past 24 hours. With a market cap of $18.85 million, BANK is considered a low-cap altcoin.
Perpetual Contracts with Leverage
Binance has introduced BANK/Tether (USDT) perpetual contracts with leverage of up to 50x, effective from April 18th. This move provides traders with more flexibility and opportunities to engage with BANK in the futures market.
Lorenzo Protocol’s Offering
Lorenzo Protocol enables users to stake Bitcoin to acquire staked liquid tokens, which can be utilized on various DeFi platforms. The platform aims to address the increasing demand for Bitcoin liquidity and offers avenues for users to earn yields by providing liquidity for Bitcoin-related activities like Layer-2 solutions, DeFi projects, and trading opportunities.
“Lorenzo creates an efficient market for Bitcoin holders to maximize their unused Bitcoin liquidity and serves as a premier DeFi ecosystem for financing Bitcoin staking tokens,” stated the official website of Lorenzo Protocol.
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