Andreessen Horowitz (a16z) voted in opposition to the deployment of decentralized alternate (DEX) Uniswap (UNI) on the BNB Chain through Wormhole.
The crypto funding agency positioned its 15 million UNI holdings in opposition to the proposal — making it the biggest voting bloc among the many 36 million votes forged at press time.
A16z defends choice
A16z mentioned it doesn’t imagine Wormhole provides essentially the most safe or decentralized bridging possibility for the DEX — citing the community vulnerability and breaches it suffered in 2022.
It added that the Uniswap DAO could be unable to manage the bridge independently if Wormhole is chosen because the supplier — an important issue to think about, in accordance with the agency.
A16z additionally talked about that an impartial third get together ought to formally assess all cross-chain bridge choices.
A companion on the agency Eddie Lazzarin beforehand hinted that the agency would assist LayerZero — one among its portfolio firms — as Uniswap’s bridge of deployment. Lazzarin mentioned:
“To be completely unambiguous, we at a16z would have voted 15 million tokens towards LayerZero if we had been technically in a position to. And we might be ready in future Snapshot votes.”
The Wormhole bridge is backed by one other crypto funding agency Soar Capital — which was but to vote as of press time. Voting will finish on Feb. 10.
Neighborhood questions Uniswap’s decentralization
In the meantime, a16z’s vote raised considerations about Uniswap’s decentralization among the many crypto neighborhood.
The neighborhood was being lied to about UNI governance as a result of a16z may management 41.5 million UNI via 11 wallets — representing greater than 4% of the provision, Blockchain analytical agency Bubblemaps said. It added that 4% is the required quorum wanted to move any proposal.
The a16z-related wallets can collectively change the result of any governance vote, in accordance with the agency.
Binance CEO Changpeng ‘CZ’ Zhao additionally asked a rhetorical query of if “Uniswap [is] managed by a16z?” CZ added:
“On-chain voting simply means the big whale(s) management the blockchain then. Similar to shareholders.”
