{"id":572089,"date":"2022-06-06T11:50:02","date_gmt":"2022-06-06T10:50:02","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=572089"},"modified":"2022-06-06T12:10:22","modified_gmt":"2022-06-06T11:10:22","slug":"binance-labs-invests-pancakeswap-token","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/binance-labs-invests-pancakeswap-token\/","title":{"rendered":"PancakeSwap (CAKE) Jumps 10% Following Investment From Binance Labs"},"content":{"rendered":"\n<p>Summary:<\/p>\n\n\n\n<ul><li>The company said it is a strategic investment in the decentralized exchange.<\/li><li>Binance Labs has not disclosed the specific amount deployed into $CAKE.<\/li><li>PancakeSwap currently champions the adoption of Binance Smart Chain per data.<\/li><li>The DEX also has the largest total value locked in Binance&#8217;s ecosystem.<\/li><li>Binance recently announced a $500 Million fund earmarked to support the broader Web3 economy and crypto start-ups.<\/li><\/ul>\n\n\n\n<p>Binance Labs, the venture capital and investment arm of the world\u2019s largest crypto exchange, announced a strategic investment into PancakeSwap on Monday. According to the official statement <a href=\"https:\/\/www.binance.com\/en\/blog\/ecosystem\/binance-labs-makes-strategic-investment-in-pancakeswap-421499824684903961\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/www.binance.com\/en\/blog\/ecosystem\/binance-labs-makes-strategic-investment-in-pancakeswap-421499824684903961\" rel=\"noreferrer noopener nofollow\">released<\/a> by the company, the capital was deployed into CAKE, the governance and utility token for the protocol.<\/p>\n\n\n\n<p>Commenting on the move, Head of Binance Labs Bill Qian said the decision aligns with the company\u2019s mandate to support Web3 development and crypto adoption.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p>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.<\/p><\/blockquote>\n\n\n\n<p>The news comes on the heels of increased efforts from Binance to bootstrap crypto startups and blockchain firms. EWN <a href=\"https:\/\/en.ethereumworldnews.com\/binance-labs-500-million-web3-blockchain\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/en.ethereumworldnews.com\/binance-labs-500-million-web3-blockchain\/\" rel=\"noreferrer noopener\">reported<\/a> that Binance Labs unveiled a new fund worth $500 Million, the first of its kind featuring outside capital.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Binance Labs Makes Strategic Investment in PancakeSwap | Binance Blog <a href=\"https:\/\/t.co\/GoGE1F5vVX\" rel=\"nofollow\">https:\/\/t.co\/GoGE1F5vVX<\/a><\/p>&mdash; Binance Labs Fund (@BinanceLabs) <a href=\"https:\/\/twitter.com\/BinanceLabs\/status\/1533751192660099073?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">June 6, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Another $105 million initiative was also announced to bolster the Web3 economy in France shortly before the exchange bagged a crypto license in the European giant.<\/p>\n\n\n\n<h2>PancakeSwap Dominates The BNB Chain&nbsp;<\/h2>\n\n\n\n<p>PancakeSwap debuted in September 2020 and lives on Binance Smart Chain (BSC), the peer-to-peer blockchain developed by the leading cryptocurrency exchange per trading volume. The protocol serves as a decentralized exchange (DEX) for tokens within BSC\u2019s ecosystem, similar to UniSwap\u2019s role on Ethereum.<\/p>\n\n\n\n<p>Since its launch, the DEX has become a leading protocol and BSC with over 400,000 daily active users making transactions on the platform. A governance token dubbed CAKE also rolled out with the DEX.<\/p>\n\n\n\n<p>The utility token has pumped around 10% following the announcement from Binance, per data from CoinMarketCap.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img width=\"851\" height=\"518\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/06\/CAKEUSDT_2022-06-06_11-44-39.png\" alt=\"\" class=\"wp-image-572090\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/06\/CAKEUSDT_2022-06-06_11-44-39.png 851w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/06\/CAKEUSDT_2022-06-06_11-44-39-300x183.png 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/06\/CAKEUSDT_2022-06-06_11-44-39-770x469.png 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/06\/CAKEUSDT_2022-06-06_11-44-39-269x164.png 269w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/06\/CAKEUSDT_2022-06-06_11-44-39-746x454.png 746w\" sizes=\"(max-width: 851px) 100vw, 851px\" title=\"\"><figcaption>CAKE Price Chart (Source: CoinMarketCap)<\/figcaption><\/figure>\n\n\n\n<p>In addition to the protocol&#8217;s massive daily user data, PancakeSwap also boasts the highest total value locked (TVL) on BSC with $3.9 billion locked, according to on-chain aggregator <a href=\"https:\/\/defillama.com\/chain\/BSC\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">DefiLama<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Summary: The company said it is a strategic investment in the decentralized exchange. Binance Labs has not disclosed the specific amount deployed into $CAKE. PancakeSwap currently champions the adoption of Binance Smart Chain per data. The DEX also has the largest total value locked in Binance&#8217;s ecosystem. Binance recently announced a $500 Million fund earmarked to support the broader Web3 economy and crypto start-ups. Binance Labs, the venture capital and investment arm of the world\u2019s largest crypto exchange, announced a [&hellip;]<\/p>\n","protected":false},"author":55,"featured_media":572093,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[825,2],"tags":[1119,108291],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/572089"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/55"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=572089"}],"version-history":[{"count":4,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/572089\/revisions"}],"predecessor-version":[{"id":572102,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/572089\/revisions\/572102"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/572093"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=572089"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=572089"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=572089"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}