PancakeSwap’s native CAKE tokens have surged by 10% after Binance Labs announced a strategic investment in the decentralized exchange.
Binance Labs’ head Bill Qian says that the venture arm will continue providing support for the project since it has been leading in the advancement and mainstream adoption of the chain.
The Binance venture unit aims to invest and further develop PancakeSwap to support Web3 services. CAKE is currently trading at $4.77 but still subdued from the $7.46 in the past month.
BNB Chain has reportedly processed over 3 billion transactions from 163 million distinct accounts since its debut in 2020. The chain has over 1,300 active decentralized applications across DeFi, NFTs, Metaverse, and gaming.
PancakeSwap is a decentralized exchange on the BNB Chain unveiled in September of 2020. The platform has expanded to a daily active user base of 400,000.