Home Crypto News Soar and a16z Battle for Uniswap Bridge Privileges

Soar and a16z Battle for Uniswap Bridge Privileges

by Cryptoroz

Key Takeaways

  • Uniswap needs to deploy on BNB Chain.
  • Nevertheless, two crypto corporations are disagreeing on which cross-chain bridge the protocol ought to use.
  • Soar and a16z are each pushing for bridge options they’re invested in—Wormhole and LayerZero, respectively.

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A Uniswap proposal to deploy the protocol on BNB Chain through the use of Wormhole is being contested by crypto agency a16z, which needs the decentralized alternate to make use of LayerZero as a substitute.

Soar vs. Andreessen Horowitz

Two crypto corporations are preventing over Uniswap.

The Uniswap group is at present voting on whether or not to deploy the decentralized alternate onto the BNB Chain—and whether or not the protocol ought to use Wormhole or the LayerZero cross-chain bridge resolution to take action. 

The proposal has come beneath scrutiny within the crypto group because it pits two outstanding crypto corporations—a16z and Soar—towards one another. Soar is a significant backer of Wormhole, whereas a16z is invested in LayerZero. 

The preliminary “temperature test” vote noticed the Uniswap group overwhelmingly vote in favor of utilizing Wormhole as a bridge (80.28% “sure” votes towards 19.72% “no” votes). Nevertheless, a16z companion Eddie Lazzarin indicated that the agency had not been in a position to commit its 15 million UNI tokens towards the proposal attributable to technical causes close to its custodial set-up. As a result of its large holdings, VC’s participation might have swung the vote.

Nonetheless, a16z’s stash might not be adequate to stop the ultimate proposal from passing. On the time of writing, a complete 39.63 million votes had been solid, with over 61.67% in favor of deploying Uniswap on BNB Chain utilizing Wormhole and 38.32% towards. Whereas a16z is the most important UNI holder to have dedicated its tokens to vote thus far, it has solely courted a further 190,000 votes, bringing the overall of votes towards the proposal to roughly 15,190,000. In the meantime, Wormhole backers have secured over 24,440,000 votes due to UNI whales resembling Robert Leshner, GFX Labs, and Argent.

Nevertheless, it’s value noting that solely 3.9% of all UNI tokens have been dedicated to vote thus far: the method is subsequently removed from a completed deal and will nonetheless swing both approach. Voting concludes on February 10. 

Disclaimer: On the time of writing, the creator of this piece owned BTC, ETH, and several other different crypto belongings.

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