1 year ago
Andreessen Horowitz (a16z) voted against the deployment of decentralized speech (DEX) Uniswap (UNI) connected the BNB Chain via Wormhole.
The crypto concern steadfast placed its 15 cardinal UNI holdings against the connection — making it the largest voting bloc among the 36 cardinal votes formed arsenic of property time.
A16z defends decision
A16z said it does not judge Wormhole offers the astir unafraid oregon decentralized bridging enactment for the DEX — citing the web vulnerability and breaches it suffered successful 2022.
It added that the Uniswap DAO would beryllium incapable to power the span independently if Wormhole is selected arsenic the supplier — an indispensable origin to consider, according to the firm.
A16z besides mentioned that an autarkic 3rd enactment should formally measure each cross-chain span options.
A spouse astatine the steadfast Eddie Lazzarin antecedently hinted that the steadfast would enactment LayerZero — 1 of its portfolio companies — arsenic Uniswap’s span of deployment. Lazzarin said:
“To beryllium wholly unambiguous, we astatine a16z would person voted 15 cardinal tokens toward LayerZero if we were technically capable to. And we volition beryllium capable successful aboriginal Snapshot votes.”
The Wormhole span is backed by different crypto concern steadfast Jump Capital — which was yet to ballot arsenic of property time. Voting volition extremity connected Feb. 10.
Community questions Uniswap’s decentralization
Meanwhile, a16z’s ballot raised concerns astir Uniswap’s decentralization among the crypto community.
The assemblage was being lied to astir UNI governance due to the fact that a16z could power 41.5 cardinal UNI done 11 wallets — representing much than 4% of the supply, Blockchain analytical steadfast Bubblemaps said. It added that 4% is the required quorum needed to walk immoderate proposal.
The a16z-related wallets tin collectively alteration the result of immoderate governance vote, according to the firm.
Binance CEO Changpeng ‘CZ’ Zhao besides asked a rhetorical question of if “Uniswap [is] controlled by a16z?” CZ added:
“On-chain voting conscionable means the ample whale(s) power the blockchain then. Just similar shareholders.”
The station A16z 15M bloc ballot against Uniswap BNB Chain deployment raises decentralization concerns appeared archetypal connected CryptoSlate.
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