The Uniswap community at its board forum overwhelmingly supported a “temperature check” proposal to implement the Uniswap v3 protocol on a new chain. With 80% of the vote, Uniswap’s UNI governance token holders had previously approved the move from the decentralized exchange to the BNB Chain, which is often considered a rival to Ethereum.
A16z’s big no to the proposal
However, things got heated when Andreessen Horowitz (a16z), a California-based venture capitalist, voted against the proposal with a massive stake of 15 million UNI. As a result of the 15 million votes cast against the measure on A16z, some skeptics are beginning to question whether the Uniswap board is capable of acting in a manner that is in the best interests of the protocol. Those who own a greater number of tokens typically hold a greater share of the voting power and can significantly influence the path a particular proposal takes.
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During the temperature check, the venture capital firm’s partners said they plan to vote for LayerZero to serve as an implementation bridge. In the discussion on January 31, Eddy Lazzarin, head of engineering at a16z, commented:
To be completely unambiguous, we at a16z would have voted 15 million tokens in the direction of LayerZero if we could have technically done so. And we will be able to Snapshot vote in the future. So, for the purposes of a “temperature check”, please count us this way.
ConsenSys casts the favor
The next big round of voting comes from ConsenSys, which is also responsible for creating the popular digital wallet MetaMask. According to statistics from Tally, the Web3 development company voted in favor of the proposal to deploy the third version of the decentralized exchange Uniswap on Binance’s BNB Chain.
ConsenSys has released nearly 7.03 million UNI tokens, which is approximately equivalent to 17.58% of the voting rights, further boosting the proposal to be launched in the BNB chain. At the time of publication, a total of 68.82 million votes had been cast, with only 6.8% of all UNI tokens participating in the voting process. Currently, 77.56% of participants have “yes” to the proposal, 22.07% have expressed disinterest in the proposal and 0.36% have abstained from voting.
Despite almost unanimous support for the proposal to be adopted, the low participation rate leaves room for other stakeholders to influence the outcome in unexpected ways. The votes of heavyweight investors like Paradigm and Polychain have not yet been counted and it remains to be seen if more drama will come out of this. The voting process is expected to be completed on February 10.
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Pratik has been a crypto evangelist since 2016 and has experienced almost everything crypto has to offer. Be it the ICO boom, the bear markets of 2018, Bitcoin’s halving so far – he’s seen it all.
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