a16z Vote Against Deploying Uniswap V3 on BNB Chain

Crypto venture firm a16z has used its 15 million UNI token voting block to vote against a proposal that would use the Wormhole bridge for Uniswap V3 deployment on BNB Chain.

The Uniswap DAO forum revealed that venture capital firm Andreessen Horowitz (a16z) voted against the final proposal to deploy Uniswap v3 on the BNB chain using a wormhole bridge. The governance proposal to deploy the latest iteration of Uniswap on the BNB chain was submitted by OxPlasma Labs on behalf of the Uniswap community on February 2nd after passing the temperature check with 20 million (80.28%) yes votes and 4.9 million (19.72%) vote against.

On February 5, the venture capital firm used its 15 million UNI shares to vote against the move. At the time of publication, only over 3% of UNI tokens have been voted, garnering 23.4 million votes. The voting period is expected to end on February 10th.

Behind the disagreement is the cross-chain bridge chosen for the deployment. The proposal uses a wormhole bridge, while a16z supports using LayerZero as an interoperability protocol. Partners from venture capital firms say they intend to vote for LayerZero as a bridge to use in temperature testing.

In the proposal, 0xPlasma Labs notes that stakeholders within the Uniswap ecosystem “have expressed a desire to see trust-minimized bridges used for governance for 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 position was held by the LayerZero team, with 17 million votes.

The move angered the crypto community, demanding responses from a protocol that claims to be decentralized.