Consensys adds 7.03 million votes to Uniswap to BNB Chain migration proposal amid VC battle

In keeping with, the developer of Net 3.0 infrastructures ConsenSys, creator of the favored digital pockets, MetaMask, has solid 7.03 million votes in favor of the Ethereum (ETH) Uniswap decentralized trade (DEX) model 3.0 migration protocol to BNB Chain (BNB). Votes are denominated by the variety of underlying Uniswap (UNI) tokens owned by ConsenSys, with an estimated worth of $475 million at press time. 77.84% of the contributors are in favor of the proposal, with 22.15% in opposition to it. The week-long voting course of will shut on February 10.

As we instructed you earlier than on February 5, VC agency Andreessen Horowitz (a16z) voted in opposition to the deployment of Uniswap V3 on the BNB Chain utilizing the Wormhole bridge. a16z, which reportedly owns 55 million UNI tokens, voted 15 million UNI tokens in opposition to the transfer and supported the usage of LayerZero because the interoperability protocol. LayerZero Labs is a part of a16z’s personal funding pockets and raised $135 million in a funding spherical in March at a $1 billion valuation.

In January 2022, Wormhole suffered a serious hack that resulted within the lack of $321 million in Wrapped Ether (wETH) tokens. Since then, Wormhole now has 19 validators, has been audited greater than 25 occasions by main firms, and has handed all safety assessments.

The a16z vote was partly controversial throughout the crypto group as a result of a voter turnout of lower than 7% for the present proposal, which nonetheless exceeded the required quorum. Consequently, a16z was in a position to disproportionately affect the voting course of, with solely 15 million UNI out of 762 million in circulation. Critics say such strikes disrupt Uniswap’s decentralized nature by concentrating voting energy in enterprise capital companies.

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