Binance Labs, the venture capital and incubation arm of Binance, has made an investment in PancakeSwap’s utility and governance token ‘CAKE’ for an undisclosed amount. CoinGecko data reports that as a result of the investment, CAKE’s price soared nearly 10% in the past 24 hours and is currently trading at $4.78. Binance Labs Invests in CAKE Tokens According to an official announcement made today, Binance Labs revealed that it made a strategic investment in PancakeSwap’s CAKE tokens. However, the company did not disclose the amount invested in the said tokens. PancakeSwap is a decentralized exchange (DEX) built on the BNB chain that has grown to become the biggest dApp on BNB Chain with over 400,000 daily active users. It allows users to trade, swap, and stake BEP-20 tokens via an automated market maker (AMM) model. Commenting on the development, a spokesperson from Binance Labs said: “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.” With more than 1,300 active dApps across multiple categories such as DeFi, Metaverse, blockchain games, NFT, and more, BNB Chain has processed more than 3 billion transactions from 163 million unique addresses since its launch in 2020.The post Binance Announces Investment in PancakeSwap’s CAKE To...
