A low-cap altcoin is up after the world’s high crypto alternate platform by quantity introduced the itemizing of perpetual futures for it.
In a brand new announcement, Binance says it would launch help for Bitcoin (BTC) decentralized finance (DeFi)-focused platform Lorenzo Protocol (BANK) to Binance Futures.
Binance’s announcement got here on the identical day as BANK’s official launch on the BNB Chain.
Information of the addition despatched BANK flying because the digital asset went from a low of $0.03 on April 18th – its launch day – to a peak of $0.057 just some hours later. The token has since retraced and is buying and selling for $0.044 at time of writing, a 13% decline over the last 24 hours. BANK is a low-cap altcoin with a market cap of $18.85 million.
In keeping with Binance, BANK/Tether (USDT) perpetual contracts with as much as 50x leverage can be found as of April 18th.
On its official web site, Lorenzo Protocol says it permits customers to stake Bitcoin to acquire staked liquid tokens, which may then be used on DeFi platforms.
“Lorenzo is the Bitcoin Liquidity Finance Layer. With the worldwide adoption of Bitcoin rising, there’s a considerably increased demand for Bitcoin liquidity, by methods of Layer-2s, DeFi, buying and selling, and so on., and platforms are promising yield in alternate for Bitcoin liquidity…
Lorenzo creates an environment friendly market wherein Bitcoin holders can simply discover the perfect alternatives to speculate their unused Bitcoin liquidity and serves because the premier DeFi ecosystem wherein to finance Bitcoin staking tokens.”
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