Venture capital firm Andreessen Horowitz (a16z) voted against a final proposal to implement Uniswap V3 on the BNB chain using the Wormhole bridge, shows the Uniswap DAO forum.
The governance 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 check with 20 million (80.28%) votes. in favor and 4.9 million (19.72%). %) votes for no. The venture firm used its UNI 15 million stake against the move.
At press time, only 3% of the votes, or 23.4 million votes, had been cast. The voting period is scheduled to end on February 10.
Behind the disagreement is the cross-chain bridge chosen for deployment. The proposal uses the Wormhole bridge, while a16z supports the use of LayerZero as the interop protocol.
Venture Firm Partners voiced your intention to vote for LayerZero as a deployment bridge during the temperature check. Eddy Lazzarin, head of engineering for a16z, commented in the discussion of the proposal on January 31:
โTo be totally unambiguous, at a16z we would have voted 15 million tokens for LayerZero if we could have technically been able to. And we will do so in future snapshot voting. So for the purposes of a โtemperature checkโ, please count us this way ."
In the proposal, 0xPlasma Labs notes that stakeholders within the Uniswap ecosystem "have expressed a desire to see trust-minimized bridges used for governance for the new Uniswap v3 implementation on the BNB Chain."
Based on technical evaluations of four bridges and โvery complex discussion and voting on the snapshot, the community chose the Wormhole Bridge for the Uniswap v3 implementation on the BNB Chain,โ the proposal notes. The second position was occupied by the LayerZero team, with 17 million votes.
In 2022, the Wormhole protocol suffered one of the greatest exploits guidance bridges, resulting in the loss of 120,000 Wrapped Ether (wETH) tokens worth $321 million. 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 a16z portfolio of companies. In March 2022, the protocol dedicated to omnichain decentralized applications raised $135 million in a funding round led by a16z and Sequoia, among other investors, earning unicorn status with a billion dollar valuation.
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