a16z Votes Against Deployment of Wormhole Bridge Proposal of Uniswap
- The investment business voted its 15 million UNI stake (against the motion) on February 5.
- The Wormhole protocol had one of the greatest attacks against bridges in 2022.
According to the Uniswap DAO forum, Andreessen Horowitz (a16z), a venture capital company, voted against the final proposal to deploy Uniswap v3 on the BNB Chain through the Wormhole Bridge.
0xPlasma Labs, speaking for the Uniswap Community, presented a governance request on February 2. To deploy the current version of Uniswap on the BNB Chain. After it passed a temperature check with 20 million (80.28%) yes votes and 4.9 million (19.72%) negative votes. The investment business voted its 15 million UNI stake (against the motion) on February 5.
Wormhole Bridge Vs LayerZero
Only 3% of UNI tokens have voted so far, for a total of 23.4 million votes. The deadline for casting ballots is February 10. The deployment of the cross-chain bridge that both sides disagree on is at the root of the problem. While LayerZero is advocated by a16z, it is the Wormhole Bridge that is used in the proposal for interoperability.
During the first temperature check, the venture capital firm’s partners indicated that they planned to cast their votes for LayerZero as the deployment bridge. The proposal indicates that the community selected the Wormhole Bridge for the Uniswap v3 deployment on BNB Chain based on technical analyses of four bridges and a highly difficult debate and vote on the Snapshot. Team LayerZero came in second, with 17M votes.
The Wormhole protocol had one of the greatest attacks against bridges in 2022, leading to the loss of 120,000 Wrapped Ether (wETH) tokens, then valued at $321 million.
A16z Ventures has invested in LayerZero Labs. A $1 billion value was achieved in March when the protocol for omnichain decentralized apps received $135 million in a fundraising round headed by a16z and Sequoia, among other investors.
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Read more: https://thenewscrypto.com/a16z-votes-against-deployment-of-wormhole-bridge-proposal-of-uniswap/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
