BANK Token Soars 150% After Listing on Binance Futures
Token BANK, the native crypto asset of Lorenzo Protocol, recorded a 150% price surge within just six hours of its official launch.
This increase came after the token was listed on several platforms, including Binance’s Alpha Market, and the launch of the perpetual BANKUSDT contract on Binance Futures with up to 50x leverage.
BANK Token Details and TGE
According to information cited from BeInCrypto, the Token Generation Event (TGE) for BANK took place on April 18 via Binance Wallet, in collaboration with PancakeSwap.
During the event, Lorenzo Protocol successfully raised US$200,000 through the sale of 42 million BANK tokens, representing 2% of the total supply, at a price of US$0.0048 per token.
Currently, the BANK token is traded on PancakeSwap, Bitget, and CoinEx, with a market capitalization reaching around US$22 million.
BANK Token Function and Utility
BANK serves as both a governance and utility token for Lorenzo Protocol, a DeFi platform focused on enhancing Bitcoin liquidity.
The protocol allows users to earn yields from BTC without relinquishing custody rights, using financial instruments such as Liquid Principal Tokens (LPTs) and Yield-Accruing Tokens (YATs).
Holders of BANK tokens can stake them to receive veBANK, which grants governance rights and a share of future emissions.
Future Outlook and Development
With such an impressive debut, the BANK token shows significant growth potential in the crypto market.
However, as with other crypto assets, price volatility remains a factor investors need to be mindful of.
Further development of Lorenzo Protocol and broader adoption of the BANK token will be key factors in determining its long-term performance.
