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Venture capital firm Andreessen Horowitz (a16z) voted against a final proposal to deploy Uniswap V3 on the BNB Chain using the Wormhole bridge, shows the Uniswap DAO forum.
The proposed governance to roll out the latest uniswap iteration on the bnb chain was submitted in February. 2 by 0xplasma laboratories in the name of the uniswap community, after going through a temperature check with 20 million (80.28%) votes in favor, and 4.9 million, or 19.72 per cent, voted against it. The venture capital firm used its UA 15 million interest for the relocation.
By the time it was published, only 3% of the vote had been cast, or 23.4 million votes. It is anticipated that the voting period will end in February. 10.
Behind the disagreement is the cross-chain bridge chosen for the deployment. The proposal uses the wormhole bridge, whereas a16z supports the use of layerzero as a protocol for interoperability.
Partners of the venture firm expressed their intention to vote for LayerZero as the deployment bridge during the temperature check. Eddy Lazzarin, Chief Engineering Officer at a16z, spoke to the discussion of the proposal on Jan. 31:
"To be totally unambiguous, we at a16z would have voted 15m tokens toward LayerZero if we were technically able to. And we will be in a position to proceed with further one-off votes. Therefore, for the needs of a "temperature control", please count us in this manner."
In the application, 0xPlasma Labs notes that stakeholders in the Uniswap ecosystem "have expressed the wish to see minimal trust bridges used for the governance of the new Uniswap v3 deployment on BNB Chain."
Based on technical assessments of four bridges and "a very complex discussion and voting on the Snapshot, the community chose the Wormhole bridge for the Uniswap v3 deployment on BNB Chain," notes the proposal. The second post was occupied by the secular zero team, with 17 million votes.
In 2022, the Wormhole protocol suffered one of the largest exploits targeting bridges, resulting in the loss of 120,000 Wrapped Ether (wETH) tokens worth $321 million. An attacker found a vulnerability in the protocol’s smart contract and was able to mint 120,000 wETH on Solana without collateral before swapping it for ETH
LayerZero Labs is part of a16z venture's portfolio. In March 2022, the protocol dedicated to omnichain decentralized applications raised $135 million in a funding round led by a16z and Sequoia, among other investors, earning unicorn status with a $1 billion valuation.
