Binance Labs led the $ 1.6 million investment round for MOUND, the developer of Binance’s investment arm, Pancake Bunny. Other investors included names such as IDEO CoLab, SparkLabs, Andrew Lee.
So far, 2.3 billion dollars’ worth of money has been ‘locked’ on the yield platform called Pancake Bunny developed by MOUND. Increasing the number of daily active users to over 30,000, Bunny is in the leading position among Binance Smart Chain-based yield platforms.
“To promote DeFi and blockchain infrastructure”
Capital received from Binance Labs and other investors will be used for the development of products such as smart vaults. The MOUND team will partner with Binance to accelerate DeFi efforts on Binance Smart Chain.
Binance Labs Manager Wei Zhou said the DeFi world on Binance Smart Chain can “take it to the next level” with Pancake Bunny. Developing cross-chain technologies, the MOUND team plans to penetrate the Ethereum ecosystem as well.
Binance Smart Chain, one of Ethereum’s competitors, continues to grow together with Binance Coin. The BNB price went up to over $ 610 on April 12, breaking its own record.