Binance together with PancakeSwap launches a Mini Program allowing users to use DeFi dApps directly on the crypto-exchange’s centralized app.
Binance and PancakeSwap launch Mini Program: connecting DeFi with CEX
The most popular of crypto-exchanges, Binance, has announced that it is partnering with PancakeSwap to jointly launch the first DeFi project on Binance’s centralized app: the PancakeSwap Mini Program.
Bridging DeFi and CEX.
— CZ 🔶 Binance (@cz_binance) March 17, 2022
“Bridging DeFi and CEX”
And indeed, as stated by Binance CEO Changpeng Zhao or CZ, the aim is to connect decentralized finance (DeFi) with the centralized exchange (CEX).
In practice, Binance will integrate multiple dApps to allow users to experience DeFi within the centralized platform which is easier to use.
Through the Binance DeFi Wallet, users can create a wallet, transfer funds and use dApps, all from the Binance mobile app.
Within a few days, scrolling down from the top of the Binance App homepage will reveal the Mini Program Marketplace, namely PancakeSwap. Alternatively, users can search from the Mini Program Marketplace.
The launch of the DeFi Wallet
Along with the PancakeSwap Mini Program, the crypto-exchange is also launching the Binance DeFi Wallet which turns out to be a decentralized Web3 wallet, not custodial but to be used within the Binance app.
The Binance DeFi Wallet experience is designed to simplify the onboarding and fund transfer process for new users, making it very easy to switch between Binance and DeFi, without worrying about selecting certain blockchains or copy/pasting the right addresses.
In this regard, Mayur Kamat, Binance Head of Product, defines this CeDeFi experience as follows:
“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”.
On the other hand, also for PancakeSwap, the new integration with the world’s most popular centralized ecosystem is supportive of attracting more and more users to the DeFi world. Chef Snowball, Head Chef at PancakeSwap, also commented as follows:
“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”.
The price of CAKE
The 57th crypto by market capitalization, PancakeSwap (CAKE) has seen a boom in its price over the past week, thanks precisely to Binance’s announcement.
Indeed, looking at the chart, on 17 March CAKE went from $5.55 to $7.19 and then hovered around $6.40. At the time of writing, CAKE’s price is $6.75.
Meanwhile, the Binance crypto-exchange recently announced that it will host Binance Blockchain Week in Dubai, scheduled for 28-30 March 2022.
It will be three days of exclusive programming, including live panels and side meetings, bringing together some of the industry’s leading players and bold innovators to discuss the most relevant technological developments of the century.