ConsenSys adds 7.03M votes to Uniswap BNB Chain migration proposal amid VC battle

Web3 infrastructure developer ConsenSys, the shaper of the fashionable MetaMask integer wallet, has cast 7.03 cardinal votes successful favour of a connection that would spot decentralized speech Uniswap’s v3 protocol deployed connected BNB Chain, according to information from Tally. The votes are denominated by the fig of underlying UNI owned by ConsenSys, which is worthy an estimated $47.5 million. At the clip of writing, 77.56% of participants were successful favour of the proposal, with 22.07% against it. The week-long voting process volition adjacent connected Feb. 10.

As Cointelegraph antecedently reported, task superior steadfast Andreessen Horowitz formed a ballot against the proposal. A16z, which reportedly holds 55 cardinal UNI tokens, voted 15 cardinal UNI against the determination owed to its reliance connected the Wormhole span and alternatively supported utilizing LayerZero arsenic the interoperability protocol. LayerZero Labs is portion of a16z’s portfolio and raised $135 cardinal successful a backing circular successful March, with a $1 cardinal valuation.

In January 2022, Wormhole suffered a large exploit resulting successful the nonaccomplishment of $321 cardinal worthy of Wrapped Ether (wETH) tokens. Since then, Wormhole is present secured by 19 validators, has been audited 25-plus times by starring firms and has passed each information assessments.

A16z’s ballot was successful portion arguable wrong the crypto assemblage owed to a elector turnout of little than 7% for the ongoing proposal, which inactive passed the indispensable quorum. As a result, a16z was capable to disproportionally power the voting process with conscionable 15 cardinal UNI retired of 762 cardinal successful UNI successful circulation. Critics accidental that specified measures disrupt the decentralized quality of Uniswap by concentrating voting powerfulness successful VCs.