A low-cap altcoin is up after the world’s prime crypto change 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 past 24 hours. BANK is a low-cap altcoin with a market cap of $18.85 million.
In response to 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 larger demand for Bitcoin liquidity, by methods of Layer-2s, DeFi, buying and selling, and so forth., and platforms are promising yield in change for Bitcoin liquidity…
Lorenzo creates an environment friendly market through which Bitcoin holders can simply discover one of the best alternatives to speculate their unused Bitcoin liquidity and serves because the premier DeFi ecosystem through which to finance Bitcoin staking tokens.”
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