Home Crypto News a16z votes in opposition to proposal to deploy Uniswap v3 on BNB Chain

a16z votes in opposition to proposal to deploy Uniswap v3 on BNB Chain

by Cryptoroz

Enterprise capital agency Andreessen Horowitz (a16z) voted in opposition to a ultimate proposal to deploy Uniswap v3 on the BNB Chain utilizing the Wormhole bridge, the Uniswap DAO discussion board reveals

The governance proposal to deploy the most recent Uniswap iteration on the BNB Chain was submitted on Feb. 2 by 0xPlasma Labs on behalf of the Uniswap Neighborhood, after it handed a temperature test with 20 million (80.28%) votes for sure, and 4.9 million (19.72%) votes for no. On Feb. 5, the enterprise agency used its 15 million UNI holding to vote in opposition to the transfer.

On the time of publication, solely 3% of UNI tokens had forged a vote, leading to 23.4 million votes. The voting interval is scheduled to finish on Feb. 10.

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

Behind the disagreement is the cross-chain bridge chosen for the deployment. The proposal makes use of the Wormhole bridge, whereas a16z helps the usage of LayerZero because the interoperability protocol.

Companions of the enterprise agency expressed their intention to vote for LayerZero because the deployment bridge through the temperature test. Eddy Lazzarin, head of engineering at a16z, commented within the proposal dialogue on Jan. 31:

“To be completely unambiguous, we at a16z would have voted 15m tokens towards LayerZero if we have been technically capable of. And we will likely be in a position in future Snapshot votes. So, for the needs of a “temperature test”, please depend us this fashion.”

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

Based mostly on technical assessments of 4 bridges and “a really advanced dialogue and voting on the Snapshot, the neighborhood selected the Wormhole bridge for the Uniswap v3 deployment on BNB Chain,” notes the proposal. The second place was held by the LayerZero crew, with 17 million votes.

In 2022, the Wormhole protocol suffered one of many largest exploits concentrating on bridges, ensuing within the lack of 120,000 Wrapped Ether (wETH) tokens, value $321 million on the time. An attacker discovered a vulnerability within the protocol’s good contract and was capable of mint 120,000 wETH on Solana with out collateral earlier than swapping it for ETH

LayerZero Labs is a part of a16z enterprise’s portfolio. In March, the protocol devoted to omnichain decentralized purposes raised $135 million in a funding spherical led by a16z and Sequoia, amongst different buyers, incomes unicorn standing with a $1 billion valuation.

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