Binance's Venture and Incubation Arm Announces Strategic Investment in Decentralizedthe PancakeSwap exchange based on the BNB Chain network.
Binance Labs has acquired CAKE project tokens for an undisclosed amount.
Launched in September 2020, PancakeSwap has over 400,000 daily active users, according to the announcement.
"Given that PancakeSwap is the most widely used application with the highest BNB-based TVL, we have provided and will continue to provide strong support to the project," a Binance Labs spokesperson said.
Against the backdrop of the news, the price of CAKE rose by 10% - the token is trading at around $4.8.
CAKE/USDT hourly chart on Binance. Data: Trading View.
According to DeFi Llama, the TVL of the project is $3.91 billion. In the overall rating for this indicator, PancakeSwap ranks eighth.
What is PancakeSwap? Overview of the Uniswap counterpart on the Binance Smart Chain network
Recall that in May, the DeFi project community voted for changes in tokenomics, the key of which will be to limit the emission of CAKE to 750 million coins.
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