PancakeSwap's CAKE rallied 28% after it announced its new “mini-program” on the Binance app. LedesmaLyllah reports
PancakeSwap , a decentralized exchange built on the Binance Smart Chain, is up 28% in the last 24 hours. This comes after PancakeSwapThe 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 according to the press release, is the first decentralized finance project on Binance’s mobile platform. 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 DApps such as PancakeSwap.
Although CAKE is trading up 28% on the day, the token is still 85% off its all-time high, which was reached in April 2021. Data from Nansen shows that on the whole, on-chain volume is still small compared to 2021.
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