The venture firm used its 15 million UNI holding to vote against the deployment using the Wormhole bridge.
Venture capital firm Andreessen Horowitz (a16z) voted against a final proposal to deploy Uniswap v3 on the BNB Chain using the Wormhole bridge, the Uniswap DAO forum shows.
The governance proposal to deploy the latest Uniswap iteration on the BNB Chain was submitted on Feb. 2 by 0xPlasma Labs on behalf of the Uniswap Community, after it passed a temperature check with 20 million (80.28%) votes for yes, and 4.9 million (19.72%) votes for no. On Feb. 5, the venture firm used its 15 million UNI holding to vote against the move.
At the time of publication, only 3% of UNI tokens had cast a vote, resulting in 23.4 million votes. The voting period is scheduled to end on Feb. 10.
Uniswap DAO - Proposal to deploy Uniswap V3 on BNB Chain using the Wormhole bridge. Source: Tally
Behind the disagreement is the cross-chain bridge chosen for the deployment. The proposal uses the Wormhole bridge, while a16z supports the use of LayerZero as the interoperability protocol.
Partners of the venture firm expressed their intention to vote for LayerZero as the deployment bridge during the temperature check. Eddy Lazzarin, head of engineering at a16z, commented in the proposal discussion on Jan. 31:
“To be totally unambiguous, we at a16z would have voted 15m tokens toward LayerZero if we were technically able to. And we will be able in future Snapshot votes. So, for the purposes of a “temperature check”, please count us this way.
In the proposal, 0xPlasma Labs notes that stakeholders within the Uniswap ecosystem "have expressed a desire to see trust-minimized bridges used for governance for the new Uniswap v3 deployment on BNB Chain.”
Based on technical assessments of four bridges and “a very complex discussion and voting on the Snapshot, the community chose the Wormhole bridge for the Uniswap v3 deployment on BNB Chain,” notes the proposal. The second position was held by the LayerZero team, with 17 million votes.
In 2022, the Wormhole protocol suffered one of the largest exploits targeting bridges, resulting in the loss of 120,000 Wrapped Ether (wETH) tokens, worth $321 million at the time. An attacker found a vulnerability in the protocol’s smart contract and was able to mint 120,000 wETH on Solana without collateral before swapping it for ETH
LayerZero Labs is part of a16z venture’s portfolio. In March, the protocol dedicated to omnichain decentralized applications raised $135 million in a funding round led by a16z and Sequoia, among other investors, earning unicorn status with a $1 billion valuation.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
US presidential election outcome could shape the future of crypto
US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).
Bitcoin ETFs beat Gold ETFs with 65% gain since launch
Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand
Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF
Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.