Rumor: a16z Controls 41.5 Million UNI Instead Of 15 Million As Originally Presented

Key Points:

• a16z can control 41.5 million UNIs via 11 addresses, accounting for more than 4% (4.15%) of the UNI supply required to pass any proposal quantity.
• a16z just utilized its full voting power to defeat a UNI proposal to launch the Uniswap protocol on the BNB chain via Wormhole bridge.

Recently, crypto-conscious people have been concerned about the story of a16z dominating the vote to install Uniswap on the BNB chain. Initially, it was revealed that a16z uses 15 million UNIs to “dominate” the vote, but the crypto community has updated that a16z controls 41.5 Million UNI through 11 wallets which accounted for 4% of the total supply.

The story started on February 5 with a tweet from Chris Blec, saying that a16z just utilized its full voting power to defeat a UNI proposal to launch the Uniswap protocol on the BNB chain via Wormhole bridge, which led to the founder of Binance exchange question whether Uniswap controlled by a16z.

On chain voting just means the large whale(s) control the blockchain then. Just like shareholders. We were just discussing this at the conference yesterday. Vote by the people VS vote by money are quite different.

CZ tweeted

However, the story seems to open on a new page with the reveal from Buublemaps. According to the blockchain data business Bubblemaps, a16z can control 41.5 million UNIs via 11 addresses, accounting for more than 4% (4.15%) of the UNI supply required to pass any proposal quantity. Nine of these wallets hold 0.25% of the supply (2.5 million UNI), the bare minimum for submitting a Uniswap governance proposal.

According to Bubblemaps, a wallet seen as 0xb04 sent UNI to 10 wallets, including a16z. 9 wallets ended up with 0.25%, which equals 2.5 Million UNI of the supply each, and 0.25% is required to submit a proposal to the governance of Uniswap.

Following the thread, Bubblemaps indicated a paragraph in UNI governance which they find as one of the reasons behind the rumor of voting domination in UNI.

Decisions are not made by the community, but instead by a handful of power brokers. Centralization often results in nepotism: is this governance theater to extract liquidity from the treasury?

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Thana

Coincu News