BSC News

PancakeSwap Receives Strategic Investment From Binance Labs

Binance Labs throws its weight behind PancakeSwap through a strategic investment with an undisclosed amount.

BNB Chain’s Biggest dApp

Binance Labs announced that it had invested in $CAKE, the utility and governance token in PancakeSwap, recognizing the platform’s contribution to BNB Chain’s ecosystem. 

Since the development and adoption of the BNB Chain, PancakeSwap has been leading the way, according to Bill Qian, former Head of Binance Labs, as reported by Binance. PancakeSwap is the most widely used dApp and the DeFi project with the highest TVL on BNB Chain, and Qian assures the protocol will continue to receive support from BNB Chain. Binance Labs is the venture capital and incubation arm of Binance. 

Chef Snowball in an exclusive quote to BSC News said:

“Since $CAKE was a fair launch, we didn't have any private round investors. However, Binance Labs purchased $CAKE in public markets, which typically poses much higher risks compared to private markets, showing their greater confidence in our project.”
Source: PancakeSwap has $3.78 billion in Total Value Locked (TVL) and almost touched $8 billion in TVL in May last year

Additionally, Chef Snowball clarifies that this is not the only way Binance has supported PancakeSwap by adding:

“In addition, as the biggest DEX on BNB Chain, Binance Labs has provided strong and consistent support in areas, including marketing and community. We look forward to further strengthening the partnership in order to build a more prosperous BNB Chain Ecosystem together.”

The price of $CAKE took a significant hit as the crypto market tumbled. $CAKE was trading at its all-time high price of $43.96, according to CoinGecko, on April 30, 2021.  

PancakeSwap’s Roadmap

PancakeSwap provides a robust platform with various features ranging from Initial Farm Offering (IFO) to lotteries. In January, the team finally unveiled its Q1 roadmap in a concerted effort to chart its milestones and reiterate its commitment to meet the specific targets within a fixed timeline. 

Source: The team in PancakeSwap reiterates their commitment through a structured and ambitious roadmap, a departure from an earlier stance of merely having a ‘to-do list.’

Q2 promises a range of upgrades, including fixed-term staking, multi-currency prediction, the lottery by staking, and a quick liquidity solution. The platform has more than 400,000 active daily users despite being only launched in September 2020. 

What is PancakeSwap:

PancakeSwap is a Decentralized Exchange (DEX) built on BNB Chain. It offers users various features such as Liquidity Pools, Swapping, Yield Farming, Syrup Pools, Automated Market Maker, Initial Farm Offering (IFO), NFT profile system, and many others. 

In addition, the protocol helps users make the most out of their crypto assets by trading, earning through yield farming, and winning via lottery, prediction, and NFT collectibles. PancakeSwap is the leading DEX on the BNB Chain with the highest trading volumes in the market. 

Where to find PancakeSwap:

Website | Twitter | Medium | GitHub

Don’t forget to download the BSC News mobile application on iOS and Android to keep up with all the latest news for BNB Chain and crypto!

Follow us on Twitter and Instagram!

For those looking for tools and strategies regarding safety and crypto education, be sure to check out the Tutorials, Cryptonomics Explainers, and Trading Tool Kits from BSC News.

Check out the Web3Wire Linktree to keep up with all relevant Web3 and Crypto!

How would you rate this article?

Related News