Binance Triggers Rally for Decentralized Finance Altcoin With Announcement of Strategic Investment

The native token of a decentralized exchange (DEX) is heating up after news broke that it was receiving an investment from the venture capital wing of crypto behemoth Binance. Today, Binance Labs announced it has invested an undisclosed amount in PancakeSwap (CAKE). Binance says the investment will provide both technological and marketing support as part The post Binance Triggers Rally for Decentralized Finance Altcoin With Announcement of Strategic Investment appeared first on The Daily Hodl.

Timeline of Pancakeswap

Recently, Binance has established a $500 million fund to help the Web3 economy and cryptocurrency start-ups in general. On Monday, Binance Labs, the world's largest crypto exchange's venture capital and investment arm, made a strategic investment in PancakeSwap.

PancakeSwap's CAKE token has jumped in price after Binance Labs announced it had bought an undisclosed amount of the governance token. The post PancakeSwap (CAKE) price rises 9% as Binance Labs purchases tokens appeared first on The Block.

Binance Labs, the venture capital and investment arm of the world's largest crypto exchange, announced a strategic investment into PancakeSwap on Monday. According to the official statement released by the company, the capital was deployed into CAKE, the governance and utility token for the protocol.

The world's largest crypto exchange Binance on Monday said its venture arm Binance Labs has made a strategic investment in PancakeSwap's governance and utility token CAKE. Binance Labs envisions leading the next wave of global blockchain adoption by providing technology development, marketing and community support, and Web3 solutions.

So, you were hoping to see some tasty gains after scooping up some CAKE at its recent lows. Now you are wondering whether you made the right choice after it failed to cook up noteworthy gains.

Pancake Swap (CAKE) maintains a competent hold on the leaderboard of project built on the Binance Smart Chain (BCS). Meanwhile, Kucoin Token (KCS) has raised around $150 million with a $10 billion valuation for the next step in the Web 3.0 world.  Chronoly (CRNO) is attracting top-grade investors from every field and has gained remarkable …

Pancakeswap's new proposal to cap CAKE supply at 750 million while now it has a circulating supply of 300 million so let's read more about it in our latest cryptocurrency news. The DEFI application PancakeSwap released a governance proposal that details a few goals of its native token CAKE.

With claims of having the most users than any decentralized platform with over $4.3 billion in funds, Pancake Swap, on 12 May, published a new governance proposal. It put forth the idea to cap the supply of its native token, CAKE, at 750 million.

Bitcoin moved past the $30k mark in recent hours after finding some support at $28.5k, and this move upward prompted many altcoins to rally. Decentraland saw a 45% rally in recent hours, and EOS flipped its bias toward bullish after a week of intense selling.

PancakeSwap, a decentralized financial (DeFi) app built on Binance Smart Chain that is known for its automated market maker service and distinctive branding, has published a governance plan for the second iteration of its tokenomics road map. Since its inception, the PancakeSwap team's snap decision has received over 11 million CAKE votes, with most participants.