a16z votes against proposal to deploy Uniswap V3 on BNB Chain

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The task steadfast utilized its 15 cardinal UNI holding against the deployment utilizing the Wormhole bridge.

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a16z votes against connection    to deploy Uniswap V3 connected  BNB Chain

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Venture superior steadfast Andreessen Horowitz (a16z) voted against a last connection to deploy Uniswap V3 connected the BNB Chain utilizing the Wormhole bridge, shows the Uniswap DAO forum. 

The governance connection to deploy the latest Uniswap iteration connected the BNB Chain was submitted connected Feb. 2 by 0xPlasma Labs connected behalf of the Uniswap Community, aft passing a somesthesia cheque with 20 cardinal (80.28%) votes for yes, and 4.9 cardinal (19.72%) votes for no. The task steadfast utilized its 15 cardinal UNI holding against the move.

At the clip of publication, lone 3% of votes had been cast, oregon 23.4 cardinal votes. Voting play is scheduled to extremity connected Feb. 10.

Uniswap DAO - Proposal to deploy Uniswap V3 connected BNB Chain utilizing the Wormhole bridge

Behind the disagreement is the cross-chain span chosen for the deployment. The connection uses the Wormhole bridge, portion a16z supports the usage of LayerZero arsenic the interoperability protocol.

Partners of the task steadfast expressed their volition to ballot for LayerZero arsenic the deployment span during the somesthesia check. Eddy Lazzarin, caput of Engineering astatine a16z, commented successful the connection treatment connected Jan. 31:

"To beryllium wholly unambiguous, we astatine a16z would person voted 15m tokens toward LayerZero if we were technically capable to. And we volition beryllium capable successful aboriginal Snapshot votes. So, for the purposes of a “temperature check”, delight number america this way."

In the proposal, 0xPlasma Labs notes that stakeholders wrong the Uniswap ecosystem "have expressed a tendency to spot trust-minimized bridges utilized for governance for the caller Uniswap v3 deployment connected BNB Chain."

Based connected method assessments of 4 bridges and "a precise analyzable treatment and voting connected the Snapshot, the assemblage chose the Wormhole span for the Uniswap v3 deployment connected BNB Chain," notes the proposal. The 2nd presumption was held by the LayerZero team, with 17 cardinal votes.

In 2022, the Wormhole protocol suffered 1 of the largest exploits targeting bridges, resulting successful the nonaccomplishment of 120,000 Wrapped Ether (wETH) tokens worthy $321 million. An attacker recovered a vulnerability successful the protocol’s astute declaration and was capable to mint 120,000 wETH connected Solana without collateral earlier swapping it for ETH

LayerZero Labs is portion of a16z venture's portfolio. In March 2022, the protocol dedicated to omnichain decentralized applications raised $135 cardinal successful a backing round led by a16z and Sequoia, among different investors, earning unicorn presumption with a $1 cardinal valuation.

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