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Vote to decide deployment to BNB chain
On the 10th, the community of Uniswap, a major decentralized exchange (DEX), completed a vote in favor of a proposal to deploy Uniswap v3 on the BNB chain. 66% were in favor and 34% were against.
The vote was also attracting attention because a16z (Andreessen Horowitz), a major Silicon Valley venture capital that holds a large amount of UNI tokens, turned against it.
How a16z objected
The reason a16z voted against was the question of what to use as a cross-chain bridge to deploy Uniswap to the BNB chain. The Uniswap community had decided to use the Wormhole bridge in a separate vote, but a16z was unable to participate in the bridge vote due to technical issues.
What is cross chain
It refers to the technology that straddles blockchains with different standards and specifications and connects them.
Cryptocurrency Glossary
As a candidate, there was also a proposal to adopt the LayerZero bridge, but this was rejected. a16z is one of the major investors in LayerZero. a16z is leading LayerZero’s approximately ¥17.7 billion ($135 million) Series A+ funding round in 2022 with Sequoia Capital and others.
connection: LayerZero refutes allegations about smart contract vulnerabilities
In the process leading up to the vote, a discussion about the bridge took place within the community. At the time, a16z official Porter Smith said he didn’t think wormholes were the most secure and decentralized option. Disclosing that a16 is an investor in LayerZero, he claims that LayerZero is the most secure and decentralized.
Mr. Smith mentioned that there was a previous outflow of funds from the wormhole at this time. In 2022, cross-chain bridges were hacked one after another, and Wormhole was one of the projects that suffered.
connection: Token bridge “Wormhole”, about 37 billion yen of Ethereum leaked
Issues surrounding token concentration
a16z used 15 million UNI to vote against the deployment to the BNB chain, but as a result, the votes for it exceeded.
However, in DeFi (decentralized finance) projects, which are considered decentralized, many of the governance tokens are concentrated in the initial investors, which again highlights the possibility of concentration of power.
On the other hand, a16z outsources many of its UNI tokens to third parties. It is in the form of delegating another 40 million UNI belonging to a16z to external organizations such as Blockchain at Michigan and GFX.
Most of our delegates voted differently from us in this week’s proposal, including @labsGFX, @UMichBlockchainand @avantgardefiThey considered what’s best for Uniswap, and came to a different conclusion. And that’s okay — it’s what our delegate program is for. pic.twitter.com/eNhG20WiRV
— Porter Smith (@_portersmith) February 10, 2023
Smith pointed out that Blockchain at Michigan, GFX and Avantgarde DeFi, which have been entrusted with the a16z token, had voted in favor. He commented:
In the poll, many of the a16z UNI token entrusted voted differently than we did. They came to different conclusions about what was best for Uniswap. And that’s fine. That’s what our delegation program is for.
Mr. Smith emphasized a16z’s stance of promoting decentralized governance.
to the sixth network
PancakeSwap is the main decentralized exchange on the BNB chain provided by Binance, a major crypto asset (virtual currency) exchange. However, after Uniswap expands to the BNB chain, it is being pointed out that it may take market share from PancakeSwap.
BNB Chain will be the 6th network to support Uniswap. Uniswap v3 is already rolling out on Ethereum (ETH), Polygon (MATIC), Arbitrum, Optimism (OP) and Cero (CELO), handling 499 billion yen ($3.8 billion) worth as of January. ing.
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