a16z “Dominates” The Vote To Install Uniswap On BNB Chain With 15 Million UNIs

Key Points:

• The plan to implement Uniswap V3 on BNB Chain was voted “no” by a16z, with the vote totaling to 15 million UNI tokens, fast skewing the balance.
• This conflict includes funds such as a16z and Jump (the backers of LayerZero and Wormhole, respectively).

A Uniswap community poll to validate and select a cross-chain solution for this exchange on BNB Chain initially favored Wormhole. However, the final outcome will be quite uncertain and stated that a16z uses 15 million UNIs to “dominate” the vote.

Because a16z was unable to gather enough votes to support LayerZero at the Temperature Check stage, he made a fresh move in the official Uniswap voting. According to statistics from the on-chain voting platform Tally, a16z voted “opposed” to the request to implement Uniswap V3 on BNB Chain. This quantity of votes accounts for 15 million UNI tokens (the most votes currently cast), and the balance swiftly becomes skewed.

This is the first time in Uniswap history that all 15 million UNI holdings have been utilized to vote, according to The Block researcher Steven. Although some Twitter users were dissatisfied with a16z’s conduct, others said that a16z did nothing illegal because they only utilized their voting rights in accordance with the amount of money invested to create it. Invest in the project in line with the decentralized governance criteria of Uniswap.

As a result, today’s test results are provisional. A final vote will be held to formally approve Wormhole as the supporting bridge between Ethereum and the BNB Chain for the Uniswap exchange. However, with hundreds of millions of dollars of assets under management, the behind-the-scenes fight of hedge funds may shift outcomes in a variety of directions.

This conflict includes funds such as a16z and Jump (the backers of LayerZero and Wormhole, respectively). The research unit with 15 million tokens voted, is unable to participate in the verification procedure – Temperature Check – due to the existing token’s custody format.

In a post, Eddy Lazzazin, an investor at a16z, verified the issue, stating that the company was unable to participate in the Temperature Check procedure. “To be clear, if theoretically viable, we at a16z were able to spend 15 million tokens and vote in support of LayerZero. However, we shall be able to vote in future Snapshot elections. So don’t count us in with this Temperature Check procedure.”

Another source, the Uniswap Foundation, has not said whether or not it would support LayerZero. Wormhole may have won with roughly 11 million votes, according to current estimates. Wormhole anticipates that a16z will support the Temperature Check results, and that if a16z goes against community principles to purposely reverse the process, the source will be shocked. A spokesperson from the firm affirmed the company’s intention to participate in any on-chain vote. Jump has yet to respond to the story.

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