Binance Invests in PancakeSwap’s Utility Token CAKE -Breaking
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Binance Invests in PancakeSwap’s Utility Token CAKE- Binance has invested in Pancake Swap’s utility token.
- Pancake Swap has more than 400,000 active daily users on the BNB Chain.
- Since its inception, the Binance Smart Chain has handled more than 3 Billion transactions at 163 Million unique addresses.
Binance, the largest cryptocurrency marketplace, announced early hours of today, June 6, 2022, that it has invested in PancakeSwap’s utility and governance token, CAKE.
This investment package was made possible by Binance Labs, the exchange’s venture capital and incubator arm. Their mission is to support the next generation of blockchain adoption.
Binance Labs is known for supporting viable startups and entrepreneurs in the blockchain space. This is done by offering the necessary funding, community support and Web3 enterprise solutions.
Binance Labs spokesperson said that:
PancakeSwap was the pioneer in mass adoption and development for BNB Chain. We are proud to support the BNB Chain project, as PancakeSwap has been the most popular dApp.
PancakeSwap, a decentralized exchange built on Binance Smart Chain (DEX), is PancakeSwap. The exchange uses an automated market maker model (AMM), which allows you to trade, swap and stake BEP-20 tokens. In September 2020, the DEX went live.
With over 400,000 daily active users, PancakeSwap has become the most popular decentralized application (dApp). PancakeSwap is currently a decentralized marketplace for NFT powered by BNB.
Since its inception, the Binance Smart Chain has processed over 3 billion transactions at 163 million addresses. More than 1,300 active and diverse dApps are part of the BSC ecosystem. You can find Defi, Metaverse and other blockchain-based games.
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