A16z 15M bloc vote against Uniswap BNB Chain deployment raises decentralization concerns
Andreessen Horowitz (a16z) voted towards the deployment of decentralized change (DEX) Uniswap (UNI) on the BNB Chain through Wormhole.
The crypto funding agency placed its 15 million UNI holdings towards the proposal — making it the biggest voting bloc among the many 36 million votes forged at press time.
A16z defends resolution
A16z said it doesn’t imagine Wormhole provides essentially the most safe or decentralized bridging possibility for the DEX — citing the community vulnerability and breaches it suffered in 2022.
It added that the Uniswap DAO can be unable to regulate the bridge independently if Wormhole is chosen because the supplier — an important issue to think about, in response to the agency.
A16z additionally talked about that an unbiased third celebration ought to formally assess all cross-chain bridge choices.
A associate on the agency Eddie Lazzarin beforehand hinted that the agency would assist LayerZero — one among its portfolio firms — as Uniswap’s bridge of deployment. Lazzarin said:
“To be completely unambiguous, we at a16z would have voted 15 million tokens towards LayerZero if we had been technically in a position to. And we will probably be ready in future Snapshot votes.”
The Wormhole bridge is backed by one other crypto funding agency Bounce Crypto — which was but to vote as of press time. Voting will finish on Feb. 10.
Neighborhood questions Uniswap’s decentralization
In the meantime, a16z’s vote raised considerations about Uniswap’s decentralization among the many crypto neighborhood.
The neighborhood was being lied to about UNI governance as a result of a16z might management 41.5 million UNI by means of 11 wallets — representing greater than 4% of the provision, Blockchain analytical agency Bubblemaps said. It added that 4% is the required quorum wanted to cross any proposal.
The a16z-related wallets can collectively change the end result of any governance vote, in response to the agency.
Binance CEO Changpeng ‘CZ’ Zhao additionally asked a rhetorical query of if “Uniswap [is] managed by a16z?” CZ added:
“On-chain voting simply means the massive whale(s) management the blockchain then. Identical to shareholders.”