Enterprise capital agency Andreessen Horowitz (a16z) voted towards a closing proposal to deploy Uniswap V3 on the BNB Chain utilizing the Wormhole bridge, reveals the Uniswap DAO discussion board.
The governance proposal to deploy the newest Uniswap iteration on the BNB Chain was submitted on Feb. 2 by 0xPlasma Labs on behalf of the Uniswap Group, after passing a temperature verify with 20 million (80.28%) votes for sure, and 4.9 million (19.72%) votes for no. The enterprise agency used its 15 million UNI holding towards the transfer.
On the time of publication, solely 3% of votes had been forged, or 23.4 million votes. Voting interval is scheduled to finish on Feb. 10.
Behind the disagreement is the cross-chain bridge chosen for the deployment. The proposal makes use of the Wormhole bridge, whereas a16z helps using LayerZero because the interoperability protocol.
Companions of the enterprise agency expressed their intention to vote for LayerZero because the deployment bridge in the course of the temperature verify. Eddy Lazzarin, head of Engineering at a16z, commented within the proposal dialogue on Jan. 31:
“To be completely unambiguous, we at a16z would have voted 15m tokens towards LayerZero if we have been technically in a position to. And we will likely be in a position in future Snapshot votes. So, for the needs of a “temperature verify”, please depend us this manner.”
Within the proposal, 0xPlasma Labs notes that stakeholders inside the Uniswap ecosystem “have expressed a need to see trust-minimized bridges used for governance for the brand new Uniswap v3 deployment on BNB Chain.”
Based mostly on technical assessments of 4 bridges and “a really complicated dialogue and voting on the Snapshot, the neighborhood selected the Wormhole bridge for the Uniswap v3 deployment on BNB Chain,” notes the proposal. The second place was held by the LayerZero crew, with 17 million votes.
In 2022, the Wormhole protocol suffered one of many largest exploits concentrating on bridges, ensuing within the lack of 120,000 Wrapped Ether (wETH) tokens value $321 million. An attacker discovered a vulnerability within the protocol’s good contract and was in a position to mint 120,000 wETH on Solana with out collateral earlier than swapping it for ETH
LayerZero Labs is a part of a16z enterprise’s portfolio. In March 2022, the protocol devoted to omnichain decentralized functions raised $135 million in a funding spherical led by a16z and Sequoia, amongst different traders, incomes unicorn standing with a $1 billion valuation.
