The world’s largest cryptocurrency exchange, Binance, continues to make digital assets more accessible. Additionally, it has brought decentralized trading platforms to mobile phones this year.
On May 11th, 2022, PancakeSwap announced that users will be able to use Binance Mini-Program to farm on its, platform. Let’s learn more about this new feature.
DeFi to Mobile with Binance
PancakeSwap is the largest platform on the Binance Chain ecosystem. It has just under $4 billion in total value locked according to DeFiLlama.
The Binance DeFi wallet is designed to simplify the onboarding and fund transfer process for new users. As a result, it is easy to switch between the CEX and DeFi. Users do not have to worry about selecting certain blockchains or copying/pasting the right addresses.
Therefore, Binance Head of Product, Mayur Kamat, said that the PancakeSwap Mini Program is the beginning of the integration of DeFi projects into the Binance ecosystem. To access the PancakeSwap Mini Program, swipe down from the top of the Binance mobile app home screen and select PancakeSwap.
🚜🥞🔶 Users on the Binance Mini-Program can now farm on the PancakeSwap farms!
Add liquidity, receive LP tokens, and start farming now. pic.twitter.com/bLCGnV0vt6
— PancakeSwap 🥞 #BSC (@PancakeSwap) May 11, 2022
Moreover, the Venus Protocol announced that it too would be added as a Mini Program to the Binance app in April 2022. Venus is BNB Chain’s second-largest protocol offering stablecoin lending and borrowing.
More About Binance’s Mini Program
Furthermore, the PancakeSwap Mini Program announced in March, would be the first DeFi project on its mobile platform. The program allows Binance users to access the decentralized exchange and DeFi yield farming opportunities via the app.
Additionally, the company also unveiled the Binance DeFi Wallet, a non-custodial decentralized Web3 wallet within the smartphone app. It added that it would integrate more dApps to allow users to experience DeFi within its CeFi platform.
Furthermore, the programs work with the Binance Marketplace. This provides DeFi applications outside of the Binance ecosystem with an opportunity to be integrated within its platform.
CAKE and BNB Price Outlook
Binance’s native token BNB has been hit hard in the crypto market slump this month. As a result, BNB has lost 1.1% over the past fortnight. However, it is trading at $296 at the time of writing according to CoinGecko. It has a marketcap of $49.7 billion.
On the other hand, the CAKE token has done even better with a 5.1% gain on the day. CAKE was changing hands for $4.47 during the Monday morning Asian trading session. Nonetheless, the DeFi token has tanked 89% since its April 2021 all-time high of $44. Nowadays, it has a marketcap of $1.3 billion.
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