Venture capital firm Andreessen Horowitz (a16z) has voted against a final proposal to implement Uniswap v3 on the BNB chain using the Wormhole bridge, the Uniswap DAO forum shows.
The governance proposal to implement the latest iteration of Uniswap on the BNB chain was submitted on February 2 by 0xPlasma Labs on behalf of the Uniswap community, after passing a temperature check with 20 million (80.28%) votes. in favor and 4.9 million (19.72%) votes for no. On February 5, the venture firm used its UNI 15 million stake to vote against the measure.
At press time, only 3% of UNI tokens had cast a vote, resulting in 23.4 million votes. The voting period is scheduled to end on February 10.
Uniswap DAO – Proposal to implement Uniswap V3 on the BNB Chain using the Wormhole bridge. Source: Account
Behind the disagreement is the cross-chain bridge chosen for deployment. The proposal uses the Wormhole bridge, while a16z supports the use of LayerZero as the interop protocol.
The venture firm’s partners expressed their intention to vote for LayerZero as the implementation bridge during the temperature check. Eddy Lazzarin, head of engineering for a16z, commented in the discussion of the proposal on January 31:
“To be completely unequivocal, we at a16z would have voted 15 million tokens in favor of LayerZero if we were technically able to. And we will be able to in future instant 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 implementation on the BNB Chain.”
Based on technical evaluations of four bridges and “very complex discussion and voting on the snapshot, the community chose the Wormhole Bridge for the Uniswap v3 implementation on the BNB Chain,” the proposal notes. The second position was occupied 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 in Solana without collateral before exchanging it for ETH
LayerZero Labs is part of the a16z portfolio of companies. In March, the protocol dedicated to decentralized applications omnichain raised $135 million in a funding round led by a16z and Sequoia, among other investors, earning unicorn status with a $1 billion valuation.
This post a16z votes against the proposal to implement Uniswap v3 on BNB Chain
was published first on https://cointelegraph.com/news/a16z-votes-against-proposal-to-deploy-uniswap-v3-on-bnb-chain