CAKE, the proprietary token of the PancakeSwap which uses the Binance’s smart chain BEP-20, rises by 9.8% and is now trading at $4.78. The value of CAKE jumped up after Binance announced the investment in the token through its venture capital and incubation arm, Binance Labs.
“The investment is part of Binance Labs’ mission to facilitate the next wave of global blockchain adoption by providing technology development, marketing, and community support, and enterprise solutions for Web3 transformation” — Binance says in its statement.
The PancakeSwap platform launched in September 2020 and has grown into the largest decentralized app on the BNB network with more than 400,000 daily active users. With more than 1,300 active dApps in various categories (DeFi, Metaverse, blockchain gaming, NFT, etc.) BNB Chain has processed more than 3 billion transactions from 163 million unique addresses since its launch.
According to The Block Data Dashboard, PancakeSwap is one of the leading decentralized exchanges. It accounted for 14.43% of DEX trading volume in May (which was $18.94 billion total).
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However, CAKE is still in a long-term downtrend. The historical high, on April 30, 2021, was $43.96.
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