BANK Token Surges 150% After Binance Listing

Lorenzo Protocol’s native token, BANK, experienced a remarkable 150% price surge within just six hours of its official launch. This significant increase in value followed its listing on multiple platforms, including Binance’s Alpha Market. The launch also saw the introduction of a BANK/USDT perpetual contract on Binance Futures, offering up to 50x leverage.

The Token Generation Event (TGE) for BANK took place on April 18, facilitated through Binance Wallet in partnership with PancakeSwap. Lorenzo Protocol successfully raised $200,000 by selling 42 million BANK tokens, which represented 2% of the total supply, at a price of $0.0048 each. Following its debut, BANK quickly reached a market capitalization of approximately $22 million.

BANK serves as the governance and utility token for Lorenzo Protocol, a decentralized finance (DeFi) platform designed to enhance Bitcoin liquidity. The protocol allows users to earn yield on their Bitcoin holdings without relinquishing custody. It employs financial primitives such as Liquid Principal Tokens (LPTs) and Yield-Accruing Tokens (YATs). BANK holders can stake their tokens to receive veBANK, which grants them governance rights and a share of future emissions.

Lorenzo Protocol is built on a Cosmos-based Ethermint appchain, enabling BTC restaking and interoperability with Bitcoin’s Layer 1. This design supports the on-chain issuance and settlement of BTC-backed assets, further enhancing the protocol’s functionality and appeal.

The listing of the BANK/USDT perpetual contract on Binance Futures has added significant momentum to the token. Binance Futures is a derivatives platform that allows users to trade perpetual contracts with high leverage. Historically, Binance has shown a preference for new tokens on the BNB chain for early futures trading. The sharp price increase and rapid market integration of BANK highlight the strong early interest in Lorenzo Protocol’s approach to BTC-based DeFi infrastructure.

While it is premature to predict whether the exchange will list this newly launched token, Binance’s new community voting system for token listings has offered positive hopes for small market cap projects. This system allows the community to have a say in which tokens are listed, potentially providing a boost to lesser-known projects like Lorenzo Protocol.