According to Tally.xyz, the developer of Web 3.0 infrastructures ConsenSys, creator of the popular digital wallet, MetaMask, has cast 7.03 million votes in favor of the Ethereum (ETH) Uniswap decentralized exchange (DEX) version 3.0 migration protocol to BNB Chain (BNB). Votes are denominated by the number of underlying Uniswap (UNI) tokens owned by ConsenSys, with an estimated value of $475 million at press time. 77.84% of the participants are in favor of the proposal, with 22.15% against it. The week-long voting process will close on February 10.
As we told you before on February 5, VC firm Andreessen Horowitz (a16z) voted against the deployment of Uniswap V3 on the BNB Chain using the Wormhole bridge. a16z, which reportedly owns 55 million UNI tokens, voted 15 million UNI tokens against the move and supported the use of LayerZero as the interoperability protocol. LayerZero Labs is part of a16z’s own investment wallet and raised $135 million in a funding round in March at a $1 billion valuation.
In January 2022, Wormhole suffered a major hack that resulted in the loss of $321 million in Wrapped Ether (wETH) tokens. Since then, Wormhole now has 19 validators, has been audited more than 25 times by leading companies, and has passed all security assessments.
The a16z vote was partly controversial within the crypto community due to a voter turnout of less than 7% for the current proposal, which still exceeded the required quorum. As a result, a16z was able to disproportionately influence the voting process, with only 15 million UNI out of 762 million in circulation. Critics say such moves disrupt Uniswap’s decentralized nature by concentrating voting power in venture capital firms.
how can $UNI holders outside of a16z be sure there’s no conditions or other hidden influences on these outside groups from a16z or related parties?
Is everyone supposed to just take your word for it? pic.twitter.com/4uGLJOsnjK
— DefiMoon (@DefiMoon) February 7, 2023
How can UNI holders outside of a16z be sure that there are no conditions or other hidden influences on these external groups by a16z or related parties?
Is everyone supposed to take your word for it?
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