A16z Thumbs Down on Uniswap Deployment on BNB Chain

California-headquartered venture capital firm Andreessen Horowitz popularly referred to as a16z has given a thumbs down to the plan to deploy the most recent version of the decentralized exchange Uniswap on the BNB Chain. The venture capital heavyweight voted against the proposal which was submitted a few days ago by OxPlasma Labs on behalf of the Uniswap community.

The final proposal intended that Uniswap V3 be deployed on the BNB Chain using the Wormhole bridge. It had successfully gone through a temperature check which it passed with no hassle. The figures were 20 million votes for YES (80.28%) and 4.9 million votes for NO (19.72%). However, its full governance vote on the Uniswap Decentralized Autonomous Organization (DAO) is currently not looking good.

Andreessen Horowitz used its 15 million UNI holdings to vote against the idea on Sunday. At the time of this writing, the governance vote had received 21.2 million votes (58.45%) in favor of the proposal and another 15.06 million votes (41.54%) against the proposal of which a16z has the highest stake. The voting is scheduled to continue running until Friday, February 10th. 

Partners Frown at Wormhole Bridge for Proposal Deployment

While the proposal cited that this is the best time for the Uniswap V3 to be deployed on BNB Chain citing license expiration as one of the reasons, those who voted against the proposal have a problem with the cross-chain bridge intended for the deployment. For a16z, LayerZero would have been a better interoperability protocol option than Wormhole bridge.

Many other partners including Eddy Lazzarin, Head of Engineering at a16z discussed their plans to vote LayerZero during the temperature check. Although, they were not able to vote during the temperature check owing to the custodial set-up of its tokens. 

“To be totally unambiguous, we at a16z would have voted 15m tokens toward LayerZero if we were technically able to. And we will be able to in future Snapshot votes. So, for the purposes of a “temperature check”, please count us this way,” Lazzarin explained.

Noteworthy, cross-chain bridges were one of the most frequent victims of cyber attacks in 2022. The Wormhole bridge also suffered an attack that led to the loss of $325 million out of which $155 million worth of Ether (ETH) was recently transferred by the hacker.