Andreessen Horowitz (a16z) Votes Against Proposal to Deploy Uniswap v3 on BNB Chain
Venture capital firm Andreessen Horowitz (a16z) has voted against the final proposal to deploy the latest iteration of Uniswap, Uniswap v3, on the Binance Smart Chain (BNB) using the Wormhole bridge.
The governance proposal was submitted by 0xPlasma Labs on behalf of the Uniswap community and had passed a temperature check with 80.2% votes in favor and 19.7% votes against it.
a16z is against the move
However, Andreessen Horowitz, which holds 15 million UNI tokens, used its holdings to vote against the move.
The disagreement lies in the cross-chain bridge to be used for the deployment. The proposal suggests using the Wormhole bridge, while Andreessen Horowitz supports using LayerZero as the interoperability protocol.
Eddy Lazzarin, head of engineering at a16z, stated that they would have voted 15 million tokens toward LayerZero if they were technically able to and would do so in future Snapshot votes.
After technical assessments and a complex discussion and voting on Snapshot, the community chose the Wormhole bridge with 24.4 million votes at the time of publication (with only 3.9% of UNI tokens having cast their vote and the voting period ending on Feb. 10).
0xPlasma Labs noted in the proposal that stakeholders within the Uniswap ecosystem have expressed a desire for trust-minimized bridges to be used for governance for the new Uniswap v3 deployment on the Binance Smart Chain. The Wormhole bridge received the most votes, and the LayerZero team received 17 million votes, coming in second.
It’s worth mentioning that in 2022, the Wormhole protocol suffered a major exploit resulting in the loss of 120,000 Wrapped Ether (wETH) tokens. This was possible due to a vulnerability in the protocol’s smart contract, which enabled the attacker to mint wETH on Solana without collateral before swapping it for ETH.
LayerZero Labs is part of Andreessen Horowitz’s portfolio. In March, the protocol dedicated to omnichain decentralized applications raised $135 million in a funding round led by Andreessen Horowitz and Sequoia, among other investors, earning unicorn status with a $1 billion valuation.
What is Andreessen Horowitz?
Andreessen Horowitz, also known as a16z, is a venture capital firm based in Menlo Park, California.
It was founded in 2009 by Marc Andreessen and Ben Horowitz. The firm focuses on investments in technology companies, including startups in the software, mobile, internet, and biotech industries.
Andreessen Horowitz manages over $16 billion in assets and invests in companies at all stages of development, from seed funding to growth equity. The firm is known for its technical expertise, focus on product development, and commitment to long-term partnerships with its portfolio companies. The firm takes a hands-on approach to its investments, providing support and resources to help portfolio companies succeed.
They are early investors in successful companies such as Facebook, Airbnb, and Twitter.
Image source: a16z