Venture Capital Firm Votes Against Uniswap Deploying On BNB Smart Chain

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A16z, a venture capital firm that invests in crypto and web3 startups, has voted against Uniswap v3 being deployed on the BNB Smart Chain (BSC).

A16z denies launching Uniswap V3 on BSC

BNB Smart Chain is a smart contracting platform developed by Binance, a leading cryptocurrency exchange in terms of trading volume and client count. BSC competes with Ethereum, the first network where Uniswap launched the first Automated Market Maker (AMM) decentralized exchange in late 2018.

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A16z is leading the line, knocking out Uniswap v3 going live on BSC. is venture capital voted With all 15 million of them being UNI, the governance token of the exchange.

Uniswap price on 6 February
Uniswap price on 6 February. Source: UNIUSDT on KuCoin, TradingView

Sources reveal that the crypto venture capital that is part of Andreessen Horowitz and has invested in Coinbase, OpenSea, Optimism and other dApps and projects could not participate in the first temperature check due to the custodial setup of their tokens.

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Uniswap is the world’s largest DEX by Total Value Locked (TVL). According to DeFiLlama, DeFi protocols currently manage to $3.96 billion and has been deployed across several EVM-compatible blockchains, including Polygon. The exchange has also launched on some of Ethereum’s layer-2 platforms, including Optimism and Arbitrum.

Most Uniswap community members want the DEX to be launched on BSC before its Business Source License (BSL) expires in early April 2023.

If Hayden Adam’s protocol is to be deployed on BSC, it must use a wormhole bridge. However, the primary concern is around the security of crypto bridges.

Wormhole was hacked in 2022 for $325 million and has reduced its maximum bounty program from $10 million to $2.5 million. A16z is Concerned About the security and decentralization of Wormhole Bridge.

DEX must be active

Oxplasma Labs put forward a proposal for the world’s largest DEX to expand to BSc. The temperature test passed with 80% in favor of the deployment, with only 20% against the move.

Users are now voting on the proposal, and with only 3.26% currently participating, most support the idea of ​​launching Uniswap on BSC.

Notable supporters include Robert Leshner, the founder of Compound, who voted for the idea with his 5.76 million UNIs.

Others include GFX Labs, who said the deployment will strengthen the DEX, prevent “another vampire attack” and reduce the likelihood of Uniswap v3 being forked when the trading license expires in early April 2023. GFX Labs insists that the DEX must be “active”. ,

Feature image from Canva, chart from TradingView

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