PancakeSwap’s cryptocurrency, the CAKEappreciated in the market this Friday (28), after the decentralized exchange (DEX) announced a strategic partnership with Binance Earn.
Considered one of the largest DEXs by market volume, UniSwap’s main competitor, PancakeSwap continues to try to develop its ecosystem.
Since 2021, at the height of the brokerage negotiations, the price of CAKE has crashed hard in the market. Two years ago, in April 2021, each CAKE traded at $44.00 when it reached its highest price in history.
However, two years later, with a brutal drop of 93% in dollars, each PancakeSwap token reached a price of US$2.74.
Despite the negative backlash in the exchange’s cryptocurrency price, the new integration has excited investors.
PancakeSwap integrates with Binance in the Ethereum rewards system
In a post to the cryptocurrency market this Friday, PancakeSwap stated that the news of its integration with Binance Earn is exciting.
This is because all clients of the decentralized brokerage can now more easily exchange ETH for WETH. That is, by staking Ethereum and earning a profit through practice, users can continue trading with their WETH.
“Exciting news! We’ve teamed up with Binance Earn to offer liquid staking integration for the WBETH (Wrapped Beacon Ethereum) Token! This means you can easily convert and exchange ETH to WBETH. Our goal at PancakeSwap is to provide a To provide an innovative and user-friendly platform for the DeFi space, so we are excited to introduce you to all the benefits of this liquid staking integration.”
PancakeSwap explained in detail what the new partnership with Binance Earn entails, after Ethereum has migrated to a Proof of Stake (PoS) consensus mechanism.
Users who want to take advantage of the novelty will need to have ETH in their wallets on the Ethereum or BNB Chain network to convert it into WBETH.
PancakeSwap cryptocurrency price reacts with Binance partnership
PancakeSwap is still trying to maintain its position as one of the largest decentralized exchanges in the BNB Chain ecosystem. However, CAKE’s fall undermines the project’s intent to attract new investors and traders, even with new features.
For example, in the past 30 days, CAKE’s price registers a 24% loss against the dollar. The community even presented a project to reduce the supply of coins in the market, but even that did not help.
With the new partnership with Binance, the DEX exchange is trying to show that it still has market potential, and CAKE’s rising price showed that investors are watching its performance.
However, in the medium to long term, the price of CAKE remains in a downtrend and traders should proceed with caution when trading the currency.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
