Andreessen Horowitz (a16z) voted in opposition to the deployment of decentralized alternate (DEX) Uniswap (UNI) on the BNB Chain through Wormhole.
The crypto funding agency positioned its 15 million UNI holdings in opposition to the proposal — making it the biggest voting bloc among the many 36 million votes forged at press time.
A16z defends choice
A16z mentioned it doesn’t consider Wormhole gives essentially the most safe or decentralized bridging possibility for the DEX — citing the community vulnerability and breaches it suffered in 2022.
It added that the Uniswap DAO can be unable to manage the bridge independently if Wormhole is chosen because the supplier — a vital issue to contemplate, based on the agency.
A16z additionally talked about that an unbiased third social gathering ought to formally assess all cross-chain bridge choices.
A associate on the agency Eddie Lazzarin beforehand hinted that the agency would assist LayerZero — certainly one of its portfolio firms — as Uniswap’s bridge of deployment. Lazzarin mentioned:
“To be completely unambiguous, we at a16z would have voted 15 million tokens towards LayerZero if we have been technically capable of. And we will likely be ready in future Snapshot votes.”
The Wormhole bridge is backed by one other crypto funding agency Bounce Capital — which was but to vote as of press time. Voting will finish on Feb. 10.
Group questions Uniswap’s decentralization
In the meantime, a16z’s vote raised considerations about Uniswap’s decentralization among the many crypto group.
The group was being lied to about UNI governance as a result of a16z might management 41.5 million UNI via 11 wallets — representing greater than 4% of the availability, Blockchain analytical agency Bubblemaps mentioned. It added that 4% is the required quorum wanted to go any proposal.
The a16z-related wallets can collectively change the result of any governance vote, based on the agency.
Binance CEO Changpeng ‘CZ’ Zhao additionally requested a rhetorical query of if “Uniswap [is] managed by a16z?” CZ added:
“On-chain voting simply means the big whale(s) management the blockchain then. Identical to shareholders.”
