A16z Votes Against The Proposal To Implement The Most Recent Uniswap Iteration On The BNB Chain

Key Points:

• A complete governance vote on the Uniswap DAO is bringing the big guns to the plate after a proposal to install the most recent version of the decentralized exchange Uniswap on the BNB Chain passed an early litmus test.
• Andreessen Horowitz’s crypto arm, a16z, backs LayerZero as a bridge, while Jump is invested in Wormhole. A16z could not vote in last week’s temperature check, but partners noted their intention to back LayerZero.

A complete governance vote on the A16z Uniswap DAO is bringing the big guns to the plate after a proposal to install the most recent version of the decentralized exchange Uniswap on the BNB Chain passed an early litmus test.

The idea to implement Uniswap V3 on BNB Chain utilizing the Wormhole bridge was put forth by OxPlasma Labs. A16z voted against it, using its significant UNI holdings. The VC firm and Jump Crypto both have a substantial stake in the outcome of the contest, which pits two of the industry’s most active VCs against one another. The voting will end on February 10.

Andreessen Horowitz’s crypto arm, a16z, backs LayerZero as a bridge, while Jump is invested in Wormhole. A16z could not vote in last week’s temperature check, but partners noted their intention to back LayerZero.

“To be totally unambiguous, we at a16z would have voted 15 million tokens toward LayerZero if we were technically able to. And we will be able in future Snapshot votes,” Eddie Lazzarin, partner at a16z, wrote in a forum post.

Due to the custodial setup of its tokens, the fund was unable to participate in the temperature check.

Cross-chain bridges have been the focus of multiple attacks, including last year’s $325 million attack on Wormhole. However, the fight over these bridges is also partly about security because two sizable VC firms will vote in favor of their own portfolio companies.

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