Web3 infrastructure developer ConsenSys, the maker of the popular MetaMask digital wallet, has cast 7.03 million votes in favor of a proposal that would see the Uniswap decentralized exchange protocol v3 implemented on the BNB Chain, according to Tally data. The votes are denominated by the number of underlying UNIs owned by ConsenSys, which has an estimated value of $47.5 million. At the time of writing this report, 77.56% of participants were in favor of the proposal, with 22.07% against. The week-long voting process will close on February 10.
As Cointelegraph previously reported, the venture capital firm Andreessen Horowitz voted against the proposal. A16z, which reportedly owns 55 million UNI tokens, voted 15 million UNI against the move due to its reliance on the Wormhole bridge, and instead supported the use of LayerZero as the interoperability protocol. LayerZero Labs is part of a16z's portfolio and raised $135 million in a funding round in March, at a $1 billion valuation.
In January 2022, Wormhole suffered a major exploit that resulted in the loss of $321 million worth of Wrapped Ether (wETH) tokens. Since then, Wormhole is now protected by 19 validators, has been audited more than 25 times by leading firms, 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 VCs.
how I can $UNI do owners outside of a16z ensure that there are no conditions or other hidden influences on these outside a16z groups or related parties?
Is everyone supposed to take your word for it? pic.twitter.com/4uGLJOsnjK
โ DefiMoon (@DefiMoon) February 7, 2023
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