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The CAKE token has made a massive rally during the past day. CAKE is the native token of PancakeSwap, a leading decentralized exchange (DEX). The gains made by the token come amidst a major partnership between the Binance cryptocurrency exchange and Pancake Swap.
Binance and PancakeSwap have worked together for several months. The two have now announced that they will release the beta version of the PancakeSwap Mini Program. The program will be supported on the Binance mobile application.
PancakeSwap partners with Binance mobile app
CAKE has made a significant gain during the past 24 hours following the partnership between Binance and PancakeSwap. The token has gained by around 7% during the past 24 hours, and it was trading at $6.16 at the time of writing, according to data from CoinGecko.
The token had made a major rally during the past 24 hours, and it managed to peak at $7 before making a slight correction. The launch of the PancakeSwap Mini-Program on the Binance app will make the DEX the first DeFi project that has been launched on Binance.
Once the Mini-program has been rolled out on the Binance app, it will now be available to all users available on the platform. The concept behind the launch of this platform is to allow users on the Binance exchange to easily access PancakeSwap. This will make it easy for people to access the decentralized finance (DeFi) sector.
“Starting from today, access to PancakeSwap will gradually open to all Binance users through the Binance app. Users can simply swipe down from the top of the Binance app homepage to find the Mini Program Marketplace where you will see PancakeSwap,” the announcement said.
The value of the PancakeSwap Mini Program extends beyond the centralized exchange (CEX) sector and the decentralized finance (DeFi) sector. A partnership between Binance and PancakeSwap will boost the access and the range of the offerings available in the two platforms.
One of the new products that users will not enjoy because of this partnership is accessing the tokens created on BNB Chain (BEP-20). Some of these tokens are not listed on the Binance CEX, but through the Binance Mini Program, users can access them easily by doing a quick search.
Currently, access to the Mini Program has been limited to selected users. However, it will be rolled out to a larger user base in the coming days. The Mini Program also currently supports the swap feature alone. However, this is an important feature, as it will allow Binance users to access tokens that have not been listed on the exchange. More features will also be available on the Mini Program in the coming days.
PancakeSwap is currently the leading decentralized exchange platform regarding the number of users that have registered and are active on the platform. By having many users and having access to resources, the platform gives a better DeFi trading experience with high liquidity on a wide range of assets.
Binance DeFi wallet
Binance is also pushing further into the decentralized finance sector following the launch of the Binance DeFi wallet. The Binance DeFi wallet will be a non-custodial Web3 wallet integrated within the Binance app.
This DeFi wallet can only be used to transfer tokens in and out of the Binance CEX. It is easy to use because users do not need to copy-paste or check their wallet address. It makes it easy for new and inexperienced users to venture into the decentralized finance sector.
To learn more about this token visit our Investing in PancakeSwap guide.
Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.