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Venture capital and incubator Binance has announced a strategic investment in PancakeSwap, a decentralized exchange backed by BNB Chain. .@BinanceLabs has invested @PancakeTakas‘s utility and management token, $CAKE.
Venture capital and incubator Binance has announced a strategic investment in PancakeSwap, a decentralized exchange backed by BNB Chain.
.@BinanceLabs has invested @PancakeTakas‘s utility and management token, $CAKE.
This investment will provide Web3 enterprise solutions as well as technology development, marketing and community support.https://t.co/JHO2P9k9rH
— Binance (@binance) June 6, 2022
Binance Labs purchased CAKE project tokens for an undisclosed amount.
According to the announcement, PancakeSwap, launched in September 2020, has more than 400,000 daily active users.
“Given that PancakeSwap is the most widely used app with the highest value TVL Backed by BNB, we have provided and will continue to provide strong support for the project,” said a Binance Labs spokesperson.
In the background of the news, the price of CAKE is up 10% – the token is trading around $4.8.
According to DeFi Llama, the TVL of the project is $ 3.91 billion. In the overall rating of this indicator, PancakeSwap takes eighth place.
Recall that in May, the DeFi project community voted for tokenomic changes, the key of which would be to limit the emission of CAKE to 750 million coins.
Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
