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PancakeSwap’s Native Token Once Surged by Nearly 10% after Binance Labs Sets Foot in Ecosystem

After Binance Labs, the incubation and venture capital arm of crypto exchange Binance made a strategic investment in PancakeSwap, the network’s utility and governance token, CAKE, which has once soared by nearly 10%.

As the leading decentralized exchange (DEX) built on BNB Chain, PancakeSwap’s daily active users have reached at least 400,000 since its launch in September 2020.

CAKE was up by 5.3% to hit $4.62 before dropping over 2.5%, hitting $4.35 during the Asia trading section, with its 24-hour trading volume clocking $159 million, according to CoinMarketCap.

The investment made by Binance Labs is meant to open the doors to the next wave of blockchain adoption like Web3 exploration by providing enterprise solutions, marketing and community support, and technology development.

Bill Qian, the head of Binance Labs, pointed out:

“PancakeSwap has been leading the development and mass adoption of BNB Chain. Given that PancakeSwap is the most widely used dApp and the DeFi project with the highest TVL on BNB Chain, we have and will continue to provide strong support for the project.”

Unlike most other decentralized exchanges, PancakeSwap unitizes the BNB Chain, which uses a next-generation consensus mechanism known as Proof of Staked Authority (PoSA) to enhance efficiency levels.

Therefore, PancakeSwap represents a turning point for decentralized finance (DeFi) on BNB Chain since it paves the way for many DeFi solutions, including yield farms, synthetics, and wrapped asset swaps. 

PancakeSwap’s AMM model

Using an automated market maker (AMM) model, PancakeSwap enables the swapping of BEP-20 tokens and permits users to trade against a liquidity pool.

BNB Chain is a decentralized public blockchain network launched by Binance. It has played an instrumental role in powering the decentralized application (dApp) sector. For instance, it hosts more than 1,300 active dApps in different areas like non-fungible token (NFT), Metaverse, blockchain games, and DeFi.

As a result, BNB Chain has carried out at least 3 billion transactions undertaken by 163 million unique addresses since its inception in 2020.

BNB Chain Partners with University of Zurich to Boost Blockchain Education

Binance-backed smart contract platform BNB Chain has announced a new partnership with the Blockchain Center of the University of Zurich to participate in the forthcoming three weeks of the University’s International Summer Schools for blockchain education.

With a central theme to explore a “Deep Dive into Blockchain,” students will be educated on the essentials of crucial blockchain concepts,, including the Consensus Model, assets in the ledger, data storage in blocks, identity, governance, and smart contracts. Per the announcement, BNB Chain will be represented in the program by Alvin Kan, its Ecosystem Coordinator for Games and NFT and Director of Data & Research.

“BNB Chain wants to accelerate the development of blockchain technology and empower students to build innovative projects. This collaboration is an opportunity for the students to dive deeper into blockchain technology and contribute to the future of Web3, as well as for us to amplify the mass adoption of blockchain,” said Alvin in a statement.

Specifically, Alvin will help in designing a section of the course on fundamental blockchain concepts and host an NFT workshop for students. He will also help develop a use case that will see a group of 5 students collaborate on projects utilising BNB Chain’s strength.

Participation in the program will be accompanied by an issued certificate and a Proof-of-Achievement certificate in the form of NFT. The broader Binance ecosystem is well in tune with the inherent innovations of blockchain as a disruptive technology in several areas of the economy.

The exchange raised $500 million earlier this month to drive blockchain innovation and Web3 adoption, with education a crucial element of this vision. The trading platform also recently signed a pact with the government of Kazakhstan in which it will look to foster blockchain education as the country seeks to align more with digital transformation.

BNB Chain Partners with Google Cloud to Enhance Web3 DApps

Layer-1 blockchain technology, BNB Chain, has announced its partnership with Google Clouds, a collaboration that will see decentralized applications and smart contracts hosted on the protocol gain access to the cloud service provider’s infrastructures.

While there is a growth in the number of decentralized cloud infrastructure service providers in the blockchain world, centralized alternatives still have some competitive advantage over protocols looking to host their servers. As a major player in the cloud infrastructure world, Google Clouds has somewhat been less visible when compared to Amazon Web Services (AWS) amongst crypto firms.

The partnership between BNB Chain and Google Cloud is a strategic cooperation and will see as many as 1500 DApps residents on the former utilize the cloud’s advanced analytics for on-chain data. Per the terms of the partnership, “about 150 projects under a BNB-focused accelerator program will also get ‘accelerated access’ to Google Cloud’s startup support program.”

“Google Cloud is a very good Web2 player and has really done a lot of Web3 stuff. It’s important for us to just work with big players who have big visions, and we share the same DNA and same visions,” said Gwendolyn Regina, investment director of BNB Chain.

The Google Cloud and BNB Chain partnership is not a new thing, given that many tech giants nowadays are exploring avenues to link up with active players in the space. Back in October 2020, Google Cloud joined the EOS blockchain as a block producer candidate.

Besides the active engagement on the part of Google Cloud, other major players, including Microsoft Azure and AWS, also have highly acclaimed partnerships with exchanges and protocols. In one of such deals, Crypto.com revealed it adopted AWS as its cloud service of choice for scalability and security back in December 2020 as it looks to establish its footholds in the ecosystem at the time.

Binance Labs to Invest in 7 Startups from the MVB Accelerator Program

Binance Labs, the incubation and Venture Capital arm of Binance Exchange, has announced it will invest in 7 startups under the Season 5 of The Most Valuable Builder (MVB) Accelerator Program.

Co-led by the BNB Chain, the MVB program focuses on helping innovative projects establish their brands on the BNB Chain.

While the current iteration of the MVB Program is the most contested, with over 700 people participating, the seven startups that are bound to be backed are proven to be ingenious and innovative and will make a good addition to the current Binance ecosystem and beyond.

The projects that will be bootstrapped include SpaceID, a startup building decentralized, censorship-resistant, and open-sourced universal identifiers; Overeality, a protocol building the infrastructure for Web3 interoperability and scalability; Multichain Event Protocol, an interoperability communication protocol.

Others include Meta Apes, a free-to-play and win-to-earn mobile strategy game; Velvet Capital which makes DeFi sleeker and safer by helping users invest into tokenized portfolios automatically; Web3Go, a multichain open data analytics platform that supports push notifications for on-chain events, and; Gameta, a platform that allows users to play different casual games under one roof.

“The MVB Accelerator Program helps innovative projects scale on the BNB Chain so they can reach their full potential,” said Yi He, Binance Co-Founder who was appointed as the Head of Binance Labs, “Binance Labs supports founders on their product, operations, community, and capital needs. These projects will grow further and positively impact the BNB Chain and the broader crypto ecosystem.”

Binance currently occupies a pivotal point in the digital currency ecosystem today and is approached alongside FTX Derivatives Exchange as the lender of last resort. With the crypto industry roiled up with price slumps and bankruptcies, financial prop-up from Binance and FTX has been relied on as a major avenue for embattled startups to get back on their feet.

Binance Launches Oracle Services on BNB Chain

Crypto exchange Binance has launched an oracle service called Binance Oracle to power the BNB chain ecosystem, making it the first-ever blockchain to use Binance Oracle.

Though the team at Binance has stated they have plans to expand it to other chains. “The ability to connect smart contracts with off-chain data will be made available for other blockchains in due time,” said BNB Chain investment director Gwendolyn Regina.

The Binance oracle will be used to help blockchain applications track real-world data. It will also allow existing decentralized applications (dApps) and other Web3 ecosystem partners on the BNB Chain to gain access to data sources and leading computations.

Gwendolyn Regina added, “Binance Oracle will emerge as a significant contributor to Web3 by offering a stable, reliable, and efficient Oracle network with comprehensive accuracy and accessibility features.” Binance has confirmed more than ten BNB Chain projects have already integrated with the Binance Oracle.

Furthermore, Binance revealed the Oracle solution would combine off-chain data needed by applications such as those in the decentralized finance ecosystem. It will also make use of regional domains to secure the system’s uptime during an unpredictable global crisis.

In addition, The components used to develop the Binance oracle include internal “threshold signatures” – a cryptographic tool used to sign in the individual data feed and price aggregation into blockchain applications securely using an algorithm – this cryptographic mechanism will ensure the oracle’s high dependability and guarantee that there is no single point of failure in the data security, according to Binance.

The crypto exchange has been standing its ground in many areas of the industry lately, taking advantage of its prominent position. Earlier this week, the CEO of Binance, Changpeng Zhao or CZ, announced via Twitter that the firm is investing heavily in DeFi (decentralized finance). CZ tweeted, “Binance is investing heavily in DeFi. (not financial advice).”

Weeks before that, the crypto exchange also launched a $500 million fund on October 14 for miners unable to cope with the ongoing downturn of the crypto-market conditions.

Kazakhstan to Integrate its Digital Tenge into the BNB Chain

The National Bank of Kazakhstan (NBK) is set to integrate its Central Bank Digital Currency (CBDC) dubbed the Digital Tenge into the BNB Chain ecosystem.

Taking to Twitter to announce the news, Changpeng Zhao, the co-founder and Chief Executive Officer (CEO) of Binance Exchange said its efforts to drive the mainstream adoption of digital currencies were not halted when it secured the license to operate in Kazakhstan about 2 weeks ago.

With Central Bank Digital Currencies now a big push for apex monetary authorities around the world, Kazakhstan has made a significant milestone with its Digital Tenge by launching its pilot test in a controlled environment with real users and merchants.

According to Zhao, the affirmations on the integration came from the successful negotiations with the First Deputy of the Governor of the National Bank of Kazakhstan, Berik Sholpankulov, and the Head of the Payment and Technological Center, Binur Zhalenov.

“We introduced them to the #BNB Chain community to discuss testing integrating their CBDC (Digital Tenge) with @BNBCHAIN, “ Zhao said in the short Twitter thread.

The crypto veteran did not give any elaborate indications as to how and what the Kazakhstani Central Bank will do or by how far innovators and builders in the BNB Chain ecosystem will launch real-world use cases featuring the Digital Tenge. Zhao also noted that he is eager to see how things will shape up per the proposed integration in the near term.

“Looking forward to NBK preparing CBDC use cases to see how they could be integrated into #BNB Chain to bridge the gap between traditional banking and the crypto ecosystem,” he said.

Binance’s global expansionary drive has recognized Kazakhstan as being very strategic in the long term. From the meeting between the country’s President Kassym-Jomart Kemeluly Tokayev to sign a Memorandum of Understanding (MoU), to landing its license, Binance has remained glued to the prospect the country’s digital transformation push can offer its ecosystem users.

Uniswap Officially Live on BNB Chain

Decentralized exchange Uniswap has now officially launched on BNB Chain, the smart contract blockchain platform created by Binance, following a successful governance proposal. This marks a significant milestone in the growth and adoption of decentralized finance (DeFi) within the cryptocurrency ecosystem.

Back in February, more than 55 million Uniswap (UNI) token holders voted in favor of a governance proposal initiated by 0x Plasma Labs to deploy Uniswap v3 on BNB Chain. The proposal was driven by the need for Uniswap to expand its reach and potentially drive further growth and adoption of DeFi. Prior to this event, Wormhole was chosen as the protocol’s designated bridge to BNB Chain in a Temperature Check vote. This process was undertaken to gauge the level of interest in making changes to the existing status quo.

According to the official announcement, Uniswap’s expansion to BNB Chain presents several advantages, including user growth, lower fees, and tapping into new geographical markets. Furthermore, the move to BNB Chain will bolster the Uniswap Protocol’s ability to serve users within the Web3 space, marking a significant step towards increasing accessibility and liquidity for its user base.

Uniswap Protocol users can now leverage the BNB Chain ecosystem to trade and swap tokens across the network. The integration also enables Uniswap to access a pool of liquidity within BNB Chain’s decentralized finance (DeFi) developer community, which could lead to increased awareness and adoption among both retail and institutional investors.

The announcement highlights that the launch aligns with the DeFi industry’s requirement for greater accessibility and cross-blockchain compatibility. Both Uniswap and BNB Chain are expected to experience further growth as a result of this collaboration.

Uniswap is a decentralized exchange built on the Ethereum blockchain, which allows users to trade various cryptocurrencies without the need for a centralized authority. Binance is one of the largest cryptocurrency exchanges in the world, known for offering a wide range of digital assets for trading. The launch of Uniswap on BNB Chain signifies a convergence of two major players in the cryptocurrency space, potentially benefiting both platforms and their users.

As the cryptocurrency ecosystem continues to evolve, the integration of Uniswap with BNB Chain could serve as a catalyst for further innovation and growth within the DeFi space, providing users with more options and opportunities for managing their digital assets.

AI-powered project steals $1M from consumers.

A project that is claiming to be a “AI-based” decentralized application has taken almost one million dollars from its users in what is suspected to be a scam. This comes at the same time that artificial intelligence (AI) has recently become a topic of interest due to the capabilities displayed by ChatGPT v4.

At the time of this writing, the blockchain security platform CertiK has just revealed that Harvest Keeper has been responsible for the theft of about $933,000 worth of customers’ money. According to CertiK’s findings, users on the Ethereum, BNB Chain, and Polygon networks have together suffered losses of around 219 thousand dollars as a result of ice phishing transactions. The cybersecurity company pleaded with customers to take back whatever rights they had granted to the initiative and cautioned users to avoid engaging with the organization’s website.

The Artificial Intelligence (AI) initiative known as Harvest Keeper claims that it “optimizes the trading process for maximum payout” and guarantees a return of 4.81% on customer deposits. The platform advertises on its website that it would provide a return on investment of 101% within 21 days and an 8% incentive for referrals. The initiative has more than 32,000 people following it on its Telegram channel and approximately 30,000 people following it on Twitter.

On the other hand, in the midst of the renewed interest in ChatGPT on Twitter, hundreds of profiles on the social platform have arisen with the claim that they are associated with “CryptoGPT.” On March 10, a hashtag dubbed “CryptoGPT” that was related with an ongoing token project was trending on Twitter. As a result of it, a number of accounts that are quite similar to it have appeared, some of which advertise phony freebies. On top of that, dozens of Twitter accounts with the same name have been plaguing the social platform, and some of these accounts have been advertising freebies and airdrops that may or may not be real.

Once the most recent version of ChatGPT shown that it was capable of auditing smart contracts on Ethereum, many people began to wonder whether or not it would one day replace coders. Yet, when asked about this topic at the most recent ETHDubai event, blockchain engineers voiced their confidence that the newest version of the widely used AI tool would not replace developers but rather assist them.

BNB Chain Dominates Q1 2023 Rug Pull Scams

In the first quarter of 2023, BNB Chain has been identified as the network with the highest percentage of rug pull scams, according to a report by blockchain security firm Immunefi. The report, titled “Crypto Losses in Q1 2023,” investigated a variety of crypto hacks and scams in the first quarter of the year. It found that BNB Chain saw 73.3% of all rug pulls in the crypto ecosystem, with Ethereum coming in second at 26.7%.

The report also revealed that BNB Chain and Ethereum were the two largest targets for hackers and scammers, accounting for 68.8% of total losses from these networks combined. Of these two networks, BNB Chain was hit the hardest, with 41.3% of total losses from hacks and scams.

One particular type of scam stood out on BNB Chain: rug pulls. This type of scam involves developers raising funds and then shutting down their project without delivering the promised product or service. According to Immunefi, BNB Chain saw 73.3% of all rug pull scams in the crypto ecosystem during Q1 2023.

The Immunefi report highlights the need for increased security measures in the crypto industry, particularly on BNB Chain. As the network continues to grow in popularity, it is likely that more hackers and scammers will try to exploit vulnerabilities in the system. This makes it essential for investors to remain vigilant and do their due diligence before investing in any crypto project.

While BNB Chain has faced its fair share of challenges in Q1 2023, it remains one of the most widely used networks in the crypto ecosystem. Its popularity can be attributed to its low transaction fees, fast confirmation times, and support for smart contracts. As the network continues to evolve and improve, it is likely that it will remain a dominant force in the crypto industry for years to come.

In conclusion, BNB Chain dominated Q1 2023 rug pull scams, accounting for 73.3% of all such scams in the crypto ecosystem. While this is certainly concerning, it is important to remember that the crypto industry as a whole is still in its early stages of development. As the industry matures, it is likely that new security measures will be implemented to prevent these types of scams from occurring in the future. In the meantime, investors should remain cautious and do their own research before investing in any crypto project, particularly on networks like BNB Chain that are more susceptible to scams and hacks.

BNB Chain's Red Alert Flags 191 High-Risk Projects

Binance’s BNB Chain has taken a proactive step to help users in their investment research by updating its red alarm list to include 191 high-risk projects and decentralized applications (DApps). The list, which is updated every Friday, is based purely on smart contract assessment and includes projects that are suspected of issuing fake tokens, having high or opaque tax fees, or simply because their websites or Twitter handles don’t work.

The red alarm list serves as a warning to users to carry out their own due diligence before investing in any of the flagged projects. It is important to note that the list is not investment advice and does not represent the risk level of the underlying DApp projects. Instead, it is aimed at helping users make informed decisions by highlighting potential risks associated with the projects.

In addition to the red alarm list, BNB Chain has also launched a portal that allows users to scan any BNB Chain project for risks. The portal provides users with detailed information about the flagged projects, including the reasons for the red alert, the smart contract address, and the token symbol.

Out of the 191 new projects added to the list, three were flagged for suspected funding by assets originating from Tornado. These projects are CycGo, Piston token, and Shorter Finance. BNB Chain’s red alert serves as a warning to users to be cautious when investing in these projects.

On April 10, BNB Chain also began testing BNB Greenfield, an in-house attempt to deliver decentralized storage solutions. The move is part of Binance’s larger strategy to expand its offerings beyond cryptocurrency trading and into the broader blockchain industry.

With the increasing popularity of decentralized finance (DeFi) and non-fungible tokens (NFTs), the risk of fraud and scams in the blockchain industry has also increased. BNB Chain’s red alarm list is a timely reminder for users to conduct thorough research before investing in any project. By providing users with relevant information about potential risks associated with projects, BNB Chain is playing an important role in promoting transparency and accountability in the blockchain industry.