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a16z votes against proposal to deploy Uniswap v3 on BNB Chain

Published on

February 6, 2023
Read Time:2 Minute, 13 Second

Enterprise capital agency Andreessen Horowitz (a16z) voted in opposition to a closing proposal to deploy Uniswap v3 on the BNB chain by way of the Wormhole Bridge, the Uniswap DAO discussion board shows.

The governance proposal to deploy the most recent Uniswap iteration on the BNB chain was submitted on February 2nd by 0xPlasma Labs on behalf of the Uniswap group after passing a temperature test with 20 million (80.28%) sure votes and 4 .9 million (19.72%) voted no. On February 5, the enterprise firm used its 15 million UNI stake to vote in opposition to the transfer.

On the time of publication, solely 3% of UNI tokens had solid a vote, leading to 23.4 million votes. The voting interval is anticipated to finish on February tenth.

Uniswap DAO – Proposal to deploy Uniswap V3 on BNB Chain utilizing Wormhole Bridge. Supply: Tally

Behind the disagreement is the cross-chain bridge chosen to deploy. The proposal makes use of the Wormhole Bridge, whereas a16z helps utilizing LayerZero because the interoperability protocol.

Companion of the enterprise firm expressed their intention to vote for LayerZero because the deployment bridge on the temperature test. Eddy Lazzarin, Head of Engineering at a16z, commented within the January 31 proposal dialogue:

“To be very clear, we at a16z would have voted 15 million tokens for LayerZero if we have been technically in a position to take action. And we can vote snapshots sooner or later. So for the aim of a “temperature test” please rely us like this.”

Within the proposal, 0xPlasma Labs notes that stakeholders inside the Uniswap ecosystem have “expressed a need to see minimized belief bridges used for governance for the brand new Uniswap v3 deployment on the BNB chain.”

Based mostly on technical assessments of 4 bridges and "a really complicated dialogue and vote on the snapshot, the group has chosen the Wormhole Bridge to deploy Uniswap v3 on BNB Chain," the proposal reads. The second place was taken by the LayerZero staff with 17 million votes.

In 2022, the Wormhole protocol suffered one of many largest exploits focusing on bridges, ensuing within the lack of 120,000 Wrapped Ether (wETH) tokens price $321 million on the time. An attacker discovered a vulnerability within the protocol's good contract and was in a position to mint 120,000 wETH on Solana with out collateral earlier than buying and selling it for ETH

LayerZero Labs is a part of the a16z enterprise portfolio. In March, the protocol for omnichain decentralized purposes raised $135 million in a funding spherical led by a16z and Sequoia, amongst others, and was granted unicorn standing with a valuation of $1 billion.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : February 6, 2023
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