Binance Labs, the venture capital and incubation arm of Binance, has made an investment in CAKE, the utility and governance token of decentralized exchange (DEX) PancakeSwap.
⠀
The undisclosed investment is part of Binance Labs’ "mission to facilitate the next wave of global blockchain adoption by providing technology development, marketing and community support, and enterprise solutions for Web3 transformation."
⠀
Launched in September 2020, PancakeSwap is an automated market maker (AMM) that allows users to trade, swap, and stake BEP-20 tokens issued on Binance's BNB Chain.
⠀
“PancakeSwap has been leading the development and mass adoption of BNB Chain. Given that PancakeSwap is the most widely used dApp and the DeFi project with the highest TVL on BNB Chain, we have and will continue to provide strong support for the project.”
⠀
Following the announcement, CAKE was up nearly 10%, reaching a high of $4.84. However, the token is down 36% from $7.45 last month and a long way from its all-time high of $43.96 set on April 30, 2021.
⠀
For more from us at Waivly, join our free fun-to-read and to-the-point newsletter enjoyed by hundreds of people across the internet every day of the week 👇
Create your profile
Only paid subscribers can comment on this post
Check your email
For your security, we need to re-authenticate you.
Click the link we sent to , or click here to sign in.