(Binance) PancakeSwap native token CAKE rose almost 10% on Monday after Binance Labs made a “strategic investment” in the utility governance token.
Binance Labs said it intends to channel the investment to reinforce PancakeSwap’s technology marketing and community support. The investment will also help drive Web 3-based services.
Binance Labs head Bill Qian lauded PancakeSwap as a leader in the development and mass adoption of the BNB Chain. He says that PancakeSwap is the most used dApp and DeFi project with the highest TVL on the chain.
Launched in September 2020, PancakeSwap offers an automated market maker, allowing users to trade and swap DeFi tokens.
CAKEUSD is up +9.12%.
