Binance multiplies its conquests – Binancethe world’s largest cryptocurrency platform in terms of volume, continues to grow, as evidenced by its recent conquest of Europe, in France recently, then in Italy. However, the yellow diamond giant does not just charm the regulation to develop better. Not content with his successful conquests, he sends his soldier, Binance Labsa venture capital subsidiary of Binance, is looking for new talent and sets its sights on PancakeSwap (CAKE).
Binance Labs: blockchain laboratory 3.0
It should not be confused Binance, the cryptocurrency platform, with Binance Labs, branch of the platform. Like a laboratory, the mission of the latter is to support start-ups in their development towards web 3.
Real venture capitalist, incubator for young promising companies, the firm wishes to participate to the development andadoption of cryptocurrencies in the world. Binance Labs’ mission is therefore to facilitate the next wave of blockchain adoption. The subsidiary would then allow technological development as well as marketing and logistical support.
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Would Binance Labs drool over CAKE?
The firm therefore raised an investment for the token CAKE. This one has 2 uses. First, it is a governance token, that is, its holders have the right to vote and decide on the application. Second, it is a utility token within thedecentralized exchange.
As a reminder, PancakeSwap is a decentralized exchange (Automatic Market Maker). It is built on the BNB Chain, Binance’s blockchain. These results in May are self-explanatory. 14.43% DEX trades have taken place on Pancake Swap. The volume for this same month is $18.94 billion.
Opened in September 2021, PancakeSwap has over 1,300 decentralized applications active on the BNB Chain. At the time of writing this article, we count approximately 400,000 users. DeFi, metaverse, blockchain games and NFT: the BNB Chain has more 3 billion transactions and 163 million addresses since its debut in 2020.
Working for Blockchain Adoption
Binance Labs encourages and supports the entrepreneurs, start-ups and communities it chooses to support. The principle is therefore to finance projects that allow the development of the ecosystem. Bill Qianhead of Binance Labs, confirms this voice:
“ PancakeSwap has been leading the development and mass adoption of BNB Chain. As PancakeSwap is the most widely used dApp and the highest TVL DeFi project on the BNB Chain, we have and will continue to provide strong support for the project. »
If we observe the curves, the token CAKE knew respond positively to this ad. He then took 9% in a sluggish market environment. However, this new investment is not enough to stop the long-term bearish trend of the governance token. The CAKE is not isolated. In effect, them altcoins seem mostly follow this trend.
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