Venture capital firm Andreessen Horowitz (a16z) voted against a final proposal to deploy Uniswap v3 on the BNB Chain using the Wormhole bridgeas shown by the Uniswap DAO forum.
The government 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 control with 20 million (80.28%) votes in favor, and 4.9 million (19.72%) votes against. On February 5, the company a16z used its 15 million UNI to vote against it.
At press time, only 3% of UNI tokens had voted, which means 23.4 million votes. The voting period will end on February 10.
Behind the disagreement is the cross-chain bridge chosen for the implementation. The proposal uses the Wormhole Bridgewhile a16z supports the use of LayerZero as the interop protocol.
Company partners stated their intention to vote for LayerZero as the implementation bridge during the temperature check. Eddy Lazzarin, head of engineering for a16z, commented in the proposal discussion on January 31:
To be completely unambiguous, at a16z we would have voted 15 million tokens in favor of LayerZero if we had technically been able to. And we will be able to take snapshots in future votes. So for the purposes of a ‘temperature check’ please count us that way.”
In the proposal, 0xPlasma Labs notes that Uniswap ecosystem stakeholders “have expressed their desire to see trust-minimized bridges used for the governance of the new Uniswap v3 implementation on the BNB Chain”.
Based on technical evaluations of four bridges and “a very complex debate and vote on the snapshot, community chose Wormhole Bridge for Uniswap v3 implementation on BNB Chain“, says the proposal. 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 tokens. (wETH), valued at $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 portfolio of a16z venture. In March, decentralized application protocol omnichain raised $135 million in a funding round led by a16z and Sequoia, among other investors, earning unicorn status with a $1 billion valuation.
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