A proposal to launch the latest version of the decentralized exchange platform Uniswap (UNI) on Binance’s BNB Chain has been rejected by major investment firm Andreessen Horowitz (a16z).
UNI token holders can vote on these types of proposals through the Uniswap DAO. The big boys showed up throughout this one ballot are not open to this at the moment.
Other digital bridge
In the current proposal, it is intended that Uniswap will end up on BNB Chain via the Wormhole Bridge. However, A16z invested in a different digital bridge with LayerZero, so they prefer implementation to take place via that platform. Jump Crypto seems to favor Wormhole again.
As a result, two big boys from the industry are head to head. Jump Crypto has yet to vote on the proposal at the time of writing. At the moment, for technical reasons, it was not yet possible for a16z to vote for LayerZero with all 15 million tokens.
That is possible in a next round of voting and through Eddie Lazzarin, a partner at a16z, let the company know that they will too. Due to the custodial setup of the tokens, a16z was unable to vote on the proposal at this time. The coins were so stuck that they couldn’t do anything with them for a while.
Issue of safety
The debate about these digital bridges is mainly a question of security. The digital bridges have been attacked several times in the past year. For example, how about the $325 million attack on Wormhole last year.
Of course, the fact that two large VC firms vote in favor of their portfolio also weighs heavily. However, supporters of Wormhole hoped that a16z would not vote against the proposal.
“If a16z opposes the community and tries to drown the project, I would be shocked. That would be terrible, but I don’t think they will go that far,” said one person involved
