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CAKE Up 25% as Binance Announces PancakeSwap Mini Program with First DeFi Project

UTC by Bhushan Akolkar · 3 min read
CAKE Up 25% as Binance Announces PancakeSwap Mini Program with First DeFi Project
Photo: Unsplash

The new PancakeSwap Mini Program seeks to bridge the gap between DeFi and the centralized world while offering a seamless experience to Binance App users to participate in DeFi.

CAKE, the native cryptocurrency of the decentralized exchange (DEX) PancakeSwap, has jumped 25% today. The CAKE price surged as high as $7.19 As of press time, it is trading 14% up at a price of $6.39. This comes as Binance and PancakeSwap together announce the launch of a new program PancakeSwap Mini. This is the first DeFi project launch on Binance’s mobile platform the Binance app. Binance said that the PancakeSwap Mini Program was rolled out starting Thursday, March 17, and is available to all users of the app.

PancakeSwap Mini Program for Binance Users

As said earlier, PancakeSwap is a very popular DEX on the Binance Smart Chain (BSC). It is also the most popular DEX in terms of users and trading volumes. The idea behind the launch of this Mini Program is to give Binance users seamless access to PancakeSwap via the Binance app. This will also ensure higher participation by DeFi enthusiasts.

Also, new crypto users might not have the experience of creating Web 3 wallets, staking assets, adding liquidity, etc. Binance adds that this PancakeSwap Mini Program will serve as an easy-to-use platform for getting a Ce-DeFi experience. Speaking of this development, Binance Head of Product Mayur Kamat said:

“CeDeFi is an important strategy for Binance’s development. As part of the strategy, the PancakeSwap Mini Program is only the beginning of integration of DeFi projects into the Binance ecosystem. In the future, the Binance Mini Program feature will be open to more decentralized projects, providing users with smooth Ce-DeFi experience.”

The New Binance DeFi Wallet

Along with the PancakeSwap Mini Program, Binance also introduced its new DeFi wallet. This is a non-custodial decentralized Web3 wallet within the Binance application. Thus, users can access the Binance DeFi wallet via the latest Binance App version to transfer funds, and use DApps.

Additionally, the Binance DeFi wallet simplifies fund transfers for new users. This makes it easy to switch between Binance and DeFi without worrying about copying the right address.

With the recent project, Binance and PancakeSwap are bridging the gap between the CeFi and the DeFi world. With its broad liquidity and asset depth, PancakeSwap can improve the core DeFi trading experience while expanding into other products for the community. Chef Snowball, Head Chef at PancakeSwap said:

“As the first DeFi project to launch a Mini Program, we have been working closely with Binance in the past few months. As we unveil more features and activities, we will also work together to improve the user experience of our DeFi products”.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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