Binance Funding: Binance Labs Invested Huge Amount in Pancakeswap Token
Binance Funding: Binance Labs has announced that it has invested an undisclosed amount in Pancakeswap. Binance Labs, A venture capital and incubation arm of Binance Company, has invested an undisclosed amount in PancakeSwap’s utility and administration token CAKE.
Binance says the investment will provide technical and marketing support as part of a wider push for blockchain adoption as Web 3.0 transforms the Internet. Binance Funding on PancakeSwap Token CAKE.
PancakeSwap uses an Automated Market Maker (AMM) with constantly updating exchange rates to bypass the need for order books or to rely on central trading markets like Binance and Coinbase. Binance Funding on PancakeSwap Token CAKE.
According to the project’s website, the CAKE token enables a variety of functions, including voting, stocking, and agriculture.
The cake is built on Binance’s own BNB Smart Chain (BSC) using BEP-20 tokens and competes with Uniswap (UNI) and SushiSwap (SUSHI), which operate on ERC-20 tokens. Binance Funding on PancakeSwap Token CAKE.
Bill Kian, head of Binance Labs, talks about the decision to invest in a decentralized application (DAPP),
“PancakeSwap is leading the development and mass adoption of the BNB chain. PancakeSwap is the most widely used DeFi project in the widely used DApp and BNB chain, and we strongly support the project and will continue to do so.
Blockchain’s Total Value Locked (TVL) represents the total investment in its smart contracts. The metric is calculated by multiplying the amount of collateral locked to the network by the current value of the assets. According to the analytics platform Diffie Lama, Pancakeswap is currently the ninth-largest blockchain protocol in terms of TVL for $ 3.89 billion.
News of the Binance list initially sent PancakeSwap about 10% off at $ 4.38 to $ 4.82.
After a slight correction, CAKE is up again at 5.79% on the day and is priced at $ 4.67.
What is the PancakeSwap Token CAKE’s Total Supply?
As a leading BNB chain platform with more than 40,000 active daily users, PancakeSwap provides a robust ecosystem where users can access various DeFi features, including decentralized exchange and multiple stocking pools.
CAKE reached its peak in April 2021 and traded at $ 44, but at the time of writing, the token was down 90% from its ATH. Since its most recent announcement, CAKE has gained 8% and is currently trading at $ 4.7
Previously, CAKE had an unlimited supply and the platform used a burning mechanism to control the token’s circulation supply. However, in May, the Pancakeswap team decided to limit CAKE’s total supply to 750 million tokens, but the new supply limit is in line with its objectives and better supports the BNB chain.
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Q: What is the name of Pancakeswap Token?
Q: How Binance Labs have invested in Pancakeswap’s token CAKE?
A: Binance Lab has invested over $500 Million in Pancakeswap token CAKE