LeverFi (LEVER), the decentralized margin trading protocol formerly known as RAMP DeFi, has rallied 34% in the last 24 hours to $0.002323. Trading volumes have also exploded by over 430% to $210 million during this period.
For some background, LeverFi operates a platform that allows users to trade cryptocurrencies with borrowed funds for amplified gains and losses. The protocol rebranded from RAMP DeFi earlier this year to adapt to evolving DeFi trends.
The LEVER token serves as the core utility asset on LeverFi, used for governance, staking rewards, and fee discounts. The main catalyst behind this latest price pump appears to be the upcoming launch of LeverPro, LeverFi’s new premium DeFi launchpad for BRC20 projects.
The announcement of this new product seems to have renewed interest in the project and kicked off strong upside momentum for LEVER. The token has also been trending on the Binance exchange amid high social media buzz.
As with most crypto pumps, FOMO is likely also playing a role here as traders pile in to speculate on the short-term surge. LeverFi has carved out a niche in the crowded crypto lending space, and the new launchpad product leverages the team’s experience in incubating DeFi projects.
The sustainability of this pump will depend on the execution of LeverFi’s ambitious roadmap. The project shows long-term promise, but prudent risk management is warranted during periods of hype.
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