After Binance Labs, the incubation and venture capital arm of crypto exchange Binance made a strategic investment in PancakeSwap, the network’s utility and governance token, CAKE, which has once soared by nearly 10%.
CAKE was up by 5.3% to hit $4.62 before dropping over 2.5%, hitting $4.35 during the Asia trading section, with its 24-hour trading volume clocking $159 million, according to CoinMarketCap.
The investment made by Binance Labs is meant to open the doors to the next wave of blockchain adoption like Web3 exploration by providing enterprise solutions, marketing and community support, and technology development.
Bill Qian, the head of Binance Labs, pointed out:
“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.”
Unlike most other decentralized exchanges, PancakeSwap unitizes...
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