Binance Labs has invested in PancakeSwap, one of the most well-known decentralized exchange (DEX) platforms, causing DEX coins to rally.
Binance.US has been valued at $4.5 billion as of Q1 2022 and the crypto exchange also serves international customers – with the largest trading volume of any crypto platform in the world, and 600+ altcoins listed to buy and trade.
Binance Labs is their ‘venture capital and incubation arm’, the announcement reads.
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Invest in DEX Coins
The native governance coin of PancakeSwap, CAKE, rallied almost 10% on Monday when Binance announced the strategic investment, both in the exchange and their utility token.
Like many decentralized exchanges, PancakeSwap is built on the Binance Smart Chain. It was launched in 2020 as a way for crypto investors to execute crypto swaps without the need for any centralized entity, instead making use of automated market marker (AMM) technology. PancakeSwap has 400,000 daily users as of mid 2022.
Head of Binance Labs Bill Qian commented:
‘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.’
The exact amount Binance invested in PancakeSwap wasn’t revealed in the announcement.
The Binance announcement also mentions their commitment to helping the larger blockchain ecosystem grow and ‘facilitate the next wave of global blockchain adoption, by providing technology development, marketing and community support, and enterprise solutions for Web3 transformation’.
On this site we reviewed a top 10 list of DEX coins to buy in 2022, one of which was $CAKE alongside the native tokens of Uniswap (UNI) and DeFi Swap (DEFC), two other decentralized exchanges.
DeFi Coin (DEFC) – Undervalued Project
- Listed on Bitmart, Pancakeswap
- Native Token of New DEX – defiswap.io
- Up to 75% APY Staking
- Whitepaper and DeFi Tutorials – deficoins.io
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Source: Business 2 Community
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