Binance Labs Makes Strategic Investment in PancakeSwap
June 6, 2022 - Binance Labs, the venture capital and incubation arm of Binance, has made an investment in PancakeSwap’s utility and governance token- $CAKE.
PancakeSwap is a decentralized exchange built on BNB Chain. 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.
Launched in September 2020, PancakeSwap has grown to be the biggest dApp on BNB Chain with daily active users of over 400,000.
Bill Qian, Head Binance Labs, said: “PancakeSwap has been leading the development and mass adoption of BNB Chain. Given that PancakeSwap is the most widely used dApp and the DeFi project with the highest TVL on BNB Chain, we have and will continue to provide strong support for the project.”
With more than 1,300 active dApps across multiple categories such as DeFi, Metaverse, blockchain games, NFT, and more, BNB Chain has processed more than 3 billion transactions from 163 million unique addresses since its launch in 2020.
PancakeSwap is a BNB Chain-based decentralized exchange (DEX) with an automated market maker (AMM) model for swapping BEP-20 tokens.
About Binance Labs
Binance Labs identifies, invests, and empowers viable blockchain entrepreneurs, startups, and communities, financing industry projects that help grow the larger blockchain ecosystem. Binance Labs is committed to supporting fast-executing teams who positively impact the crypto space.