A16z voted to against proposal for using Wormhole Bridge to implement Uniswap v3 on the BNB chain
The venture capital firm Andreessen Horowitz (a16z) voted against the decision to use the Wormhole bridge to implement Uniswap v3 on the BNB Chain.
After passing a temperature check with 20 million (80.28%) yes votes and 4.9 million (19.72%) no votes, 0xPlasma Labs on behalf of the Uniswap Community submitted the governance proposal to deploy the most recent Uniswap iteration on the BNB Chain on February 2. The venture capital group voted against the proposal on February 5 using its 15 million UNI ownership.
The voting period will end on February 10 as planned. The deployment of the cross-chain bridge, which is the source of the conflict. The proposed interoperability protocol is LayerZero, while a16z supports the use of the Wormhole bridge.
During the temperature check, partners of the venture firm stated that LayerZero would be their choice for the deployment bridge. In the proposal discussion on January 31, a16z’s head of engineering, Eddy Lazzarin, said the following:
To be completely clear, we at a16z would have given LayerZero 15 million tokens if we had been able to do so. They shall be able to do so in subsequent Snapshot votes. Please count us in this way if you’re doing a “temperature check” on us. Stakeholders in the Uniswap ecosystem “have voiced a wish to see trust-minimized bridges used for governance for the future Uniswap v3 deployment on BNB Chain,” according to 0xPlasma Labs, in the proposal.
The community selected the Wormhole bridge for the Uniswap v3 deployment on BNB Chain based on technical evaluations of four bridges and “a very difficult discussion and voting on the Snapshot,” according to the proposal. With 17 million votes, the LayerZero team took second place.
One of the biggest bridge-targeting vulnerabilities ever recorded happened to the Wormhole protocol in 2022, costing 120,000 Wrapped Ether ($wETH) tokens, which were then worth $321 million. An attacker was able to create 120,000 $wETH on Solana without any kind of security deposit before exchanging it for ETH after discovering a flaw in the protocol’s smart contract.
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