A16z 15M Block Vote Against Uniswap BNB Chain Deployment Raises Decentralization Concerns
A16z 15M Block Vote Against Uniswap BNB Chain Deployment Raises Decentralization Concerns
A16z said it does not believe wormholes provide the most secure bridging option for Uniswap, citing its network vulnerabilities.
Cover art/illustration via Cryptooshala
Andreessen Horowitz (a16z) voted against the deployment of decentralized exchange (DEX) Uniswap (UNI) on the BNB chain via wormhole.
crypto investment firm placed Its 15 million UNI holdings against the proposal – making it the largest voting bloc out of the 36 million votes cast at press time.
A16z defends decision
A16z Said It does not believe wormholes provide the most secure or decentralized bridging option for DEXs – citing network vulnerabilities and breaches in 2022.
It added that if Wormhole is chosen as the provider, the Uniswap DAO will be unable to independently control the bridge – an essential factor to consider according to the firm.
A16z also noted that an independent third party should formally evaluate all cross-chain bridge options.
Eddie Lazarin, a partner at the firm, previously indicated that the firm would support LayerZero – one of its portfolio companies – as a bridge to the deployment of Uniswap. lazarin Said,
“To be perfectly clear, if we were technically able, we would vote 15 million tokens on a16z towards LayerZero. And we would be able to do future snapshot votes.
Wormhole Bridge is backed by Jump Crypto, another crypto investment firm – which had yet to vote as of press time. Voting will end on February 10.
The community questions the decentralization of Uniswap
Meanwhile, a16z’s vote raised concerns about Uniswap’s decentralization among the crypto community.
The community was being lied to about UNI governance as a16z could control 41.5 million UNI through 11 wallets – representing over 4% of the supply, blockchain analytical firm BubbleMaps reports. Said, It states that the quorum required to pass any resolution is 4%.
According to the firm, wallets belonging to a16z can collectively change the outcome of any governance vote.
Binance CEO Changpeng ‘CZ’ Zhao also Asked If “Uniswap [is] controlled by a16z?” cz couple,
“On-chain voting means that the big whales control the blockchain. Like shareholders.
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