The price of Lorenzo Protocol’s BANK token has jumped by 150% in hours as Binance announces to launch BANKUSDT perpetual contract on its Futures trading platform.
Binance, the world’s leading cryptocurrency exchange, shared the official announcement and said that the BANKUSDT perpetual contract will go live on April 18, 2025, at 18:30 UTC. The contract will allow traders to speculate on BANK price with up to 50x leverage.
The BANK token was already available for traders on the Binance Alpha Market with it positioned as an asset of interest for speculative traders. Now this addition of BANKUSDT perpetual contract on Binance Futures will further enhances its visibility and accessibility to millions of traders and potentially attract more trading volume as well as attention to Lorenzo Protocol.
As per CoinMarketCap data, the price of BANK token has surged 160% after the announcement from Binance with it hitting as high as 0.05622 with market cap reaching near $24 million. At the time of writing, BANK is trading near $0.05504 – up 163.67% in the past 24 hours.
What is Lorenzo Protocol?
Lorenzo Protocol operates as a Bitcoin liquidity finance layer, creating an efficient market for Bitcoin holders to invest their unused liquidity. It tokenizes staked Bitcoin into Liquid Principal Tokens (LPTs) and Yield Accruing Tokens (YATs) to incentivize staking, while also offering products like the BTC Liquid Staking Token (stBTC) and wrapped BTC (enzoBTC).
The platform consists of a Cosmos appchain – built with Cosmos Ethermint, a relayer system to synchronize Bitcoin’s Layer 1 with the Lorenzo appchain, which issues and settles Bitcoin liquid restaking tokens. BANK serves as the native governance token for Lorenzo Protocol and holders can stake it to receive veBANK rewards and participate in governance.
The launch of the BANKUSDT perpetual contract marks a significant milestone for Lorenzo Protocol as it will likely increase the token’s exposure within the crypto ecosystem.
As the protocol continues to develop its Bitcoin liquidity finance solutions, the crypto community will be watching closely to see how this listing impacts BANK’s adoption and market performance.
Also read: XRP Targets $3 As Price Looking to Breakout from Golden Cross
