Binance, a leading cryptocurrency exchange, announced it will list BANK perpetual futures contracts, causing a significant price increase for the low-cap altcoin. In announcing the partnership, Binance noted its continued support for BANK, which is the token of a decentralized finance (DeFi)-focused platform with an $18.85 million market cap. Beginning April 18th, traders will be able to trade BANK/Tether (USDT) perpetual contracts. These contracts provide a massive leverage of up to 50x.
The launch comes with BANK’s official introduction on the BNB Chain, making the excitement surrounding the project even greater. As a platform, BANK provides users with the ability to stake Bitcoin and receive their staked liquid tokens in exchange. You can then distribute these tokens to different DeFi platforms. This move aims to address the increasing need for Bitcoin liquidity in the expanding DeFi landscape.
Lorenzo Protocol, the Bitcoin Liquidity Finance Layer underpinning BANK, seeks to make accurate price discovery possible in an efficient market for all Bitcoin holders. The protocol's goal is to establish a premier DeFi ecosystem where users can maximize the utility of their Bitcoin holdings. Lorenzo Protocol is making Bitcoin staking possible and offering liquid tokens. This groundbreaking feature opens up new possibilities for Bitcoin holders to participate in the DeFi world.
In the wake of Binance’s announcement, BANK went on to a meteoric price rally. Their price increased from $0.03 to $0.057 in just a few hours, showing how eagerly the market had received this news positively. The launch of perpetual contracts on Binance Futures will further drive trading volume and liquidity for BANK.
This development underscores the rapidly growing demand for DeFi and creative new solutions that bridge Bitcoin to the DeFi universe. The listing provides traders with greater exposure to BANK. It further has the ability to propel additional development for the Lorenzo Protocol, moving it closer to its vision of a more efficient Bitcoin-backed DeFi market.
