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.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Uniswap nears $3 billion in daily trading volume despite Wells notice and fee hike

Uniswap nears $3 billion in daily trading volume despite Wells notice and fee hike

Uniswap's (UNI) price witnessed a double-fold crash in the past week after it received a Wells notice from the SEC and later due to the general crypto market crash over the weekend. In the past week, UNI has decreased more than 38%.

More Uniswap News

Arbitrum Price Prediction: 10% losses likely for holders ahead of $107 million worth of cliff token unlocks

Arbitrum Price Prediction: 10% losses likely for holders ahead of $107 million worth of cliff token unlocks

Token unlocks are considered bearish catalysts, particularly when recipients are likely to cash in for a quick profit. The event, which adds tokens to the project’s circulating supply without increasing demand, leaves an effective imbalance in favor of supply. 

More Arbitrum News

Ethereum recovers from dip as Hong Kong ETH ETF approval sparks whale buying spree

Ethereum recovers from dip as Hong Kong ETH ETF approval sparks whale buying spree

Ethereum's (ETH) price slightly improved on Monday after Hong Kong approved applications for a spot Bitcoin and Ethereum ETF. Whales have also been accumulating ETH after the market dip over the weekend.

More Ethereum News

Bitcoin price delays pre-halving rally as US and China battle for BTC supremacy ahead of halving

Bitcoin price delays pre-halving rally as US and China battle for BTC supremacy ahead of halving

Bitcoin has failed to showcase an enticing pre-halving rally. As the event remains less than a week out, traders and investors remain at the edge of their seats, with thoughts on whether the impact of the fourth cycle will be different than what has been seen before. 

More Bitcoin News

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established. 

Read full analysis

BTC

ETH

XRP