PancakeSwap's CAKE Rallies 27% on Binance Announcement
The decentralized exchange has launched a “mini-program” on the Binance app.
Mar 17, 2022 at 4:37 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/4X6IBBNZXZFYPPCNUYALXC42M4.jpg)
Binance Coin and PancakeSwap Cryptos Are Soaring: Here's Why
The token was trading around $5.50 prior to the announcement and reached $7.00 afterwards. At press time, the token was trading at around $6.40.
The partnership launches a "PancakeSwap Mini-Program" on the Binance app, which is the first decentralized finance (DeFi) project on Binance’s mobile platform, according to the press release. The Mini Program will start rolling out Thursday and eventually be available to all users of the app.
The idea behind the launch is to give Binance users easy access to PancakeSwap through the Binance app, lowering the barrier to DeFi. Binance has also announced a DeFi wallet within its app, allowing users to transfer funds and use decentralized applications (dapps) such as PancakeSwap.
Although CAKE was trading up 27% at one point, that was still 85% off its all-time high, which was reached in April 2021. Data from blockchain analytics platform Nansen shows that, on the whole, on-chain volume is still small compared to 2021.
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/HTGK4J3DTRGBNI5NMNWSGF55WM.png)
UPDATE (March 17 14:30 UTC): Corrects percentage in headline and article.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
:format(webp)/www.coindesk.com/resizer/Nmp3uOLrfZuoxAeaCg5z6b27KoU=/arc-photo-coindesk/arc2-prod/public/S65B2QZAVNEBRBOGNCIVH5F7F4.png)
Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.