Yield farming aggregator Mound has raised $1.6 million from a strategic investment round led by Binance Labs to power PancakeBunny.
In an April 13 announcement, the venture capital and incubator of the Binance exchange reported that it has led the round of strategic investment of $1.6 million for Mound, the protocol behind Pancake Bunny. Other participants included IDEO CoLab, SparkLabs Korea, and Handshake co-founder, Andrew Lee.
The move has added to a growing list of decentralized finance (DeFi) protocols that Binance is aggressively promoting on the Binance Smart Chain (BSC). Although, some researchers claim that the chain is too centralized.
DeFi Aggregating Rabbits
Mound is the team behind the Pancake Bunny yield aggregator. It has more than 30,000 daily users and has accumulated more than $2 billion in total value locked (TVL) since its launch on BSC in December 2020.
The Pancake Bunny protocol empowers farmers to optimize yield compounding strategy on the PancakeSwap DEX.
Binance Labs stated that the new investment would enable the DeFi startup to accelerate the development of new features and products. These could include cross-chain collateralization and smart vaults, in addition to higher-yielding farms.
Smart Vaults are for farming single-asset yields on leveraged lending products. Cross-chain collateralization is yield farming that lets users keep their original assets on the native blockchain instead of relying on bridge tokens.
The two will work together to innovate “across the full spectrum of DeFi activity on BSC,” the announcement added. This enables the platform to deliver the “uniquely high returns that BSC makes possible to users outside the BSC community.”
Jun Hur, CEO and Co-Founder of MOUND, stated:
“Innovations such as cross-chain collateralization and smart vaults expand our reach to Ethereum and beyond, bringing us one step closer to realizing our vision to put the power of DeFi in everyone’s hand.”
There is currently a BUNNY token liquidity farming program running on the platform. It will distribute tokens until May 14 to foster liquidity.
BUNNY Tokens Hop to New Highs
The DeFi platform’s native BUNNY token has surged to an all-time high. It managed to reach $460 early on April 13 off the back of the news.
BUNNY has surged 62% over the past seven days and 187% since the same time last month. At the beginning of 2021 it was trading at just $4.60 marking a monumental surge of 9,900% to current levels.
DappRadar is currently reporting a BNB balance of $353 million on the protocol and a daily volume of $2.7 billion.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
