Uniswap BNB deployment passes with 66% yes votes despite a16z rejection Uniswap BNB deployment passes with 66% yes votes despite a16z rejection
The proposal to deploy UniswapV3 to BNB Chain was accepted with 66% on Feb. 10, even though Andreessen Horowitz used 15M votes to oppose it.
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Updated: Feb. 10, 2023 at 7:41 pm UTC
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The proposal to deploy Uniswap V3 (UNI) to BNB Chain (BNB) was accepted by 65.89% yes votes on Feb. 10, even though Andreessen Horowitz (a16z) used 15 million votes to oppose it on Feb. 6.
The results show that 65.89% agreed with the deployment, 33.57% voted against it, and another 0.53% abstained. ConsenSys, Compound Finance CEO Robert Leshner, and GFX Labs were amongst the most influential yes voters, with 7.03 million, 5.76 million, and 4.92 million UNI tokens, respectively.
The proposal
The deployment was 0xPlasma Labs CEO Ilia’s idea. Illia argued deploying Uniswap V3 to BNB Chain could bring an additional one to two million users as well as around $1 billion in Total Value Locked (TVL). He suggested leveraging wormholes to increase adoption for the Uniswap platform.
0xPlasma Labs submitted a proposal on Dec. 12, 2022, which secured an initial governance approval on Jan. 23, with over 80% of the participants voting yes.
a16z disagrees
0xPlasma Labs submitted another proposal on Feb.3 for final approval. On Feb. 6, a16z used all its 15 million UNI tokens to vote against the proposal. The company said it didn’t believe that the wormhole technology would offer the most secure bridging option, citing breaches and security failures.
16z’s voting bloc sparked questions about Uniswap’s decentralization. With the 41.5 million UNI tokens held in 11 different wallets, a16z represented more than 4% of the supply, which gave it an obvious advantage in governance proposals.
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Zeynep Geylan
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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Consensys
Consensys is a venture production studio and custom software development consultancy building decentralized applications (DApps), enterprise solutions and developer tools for blockchain ecosystems, focused primarily on Ethereum..
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Compound is an open-source, autonomous protocol built for developers, to unlock a universe of new financial applications.
a16z
Andreessen Horowitz (known as “a16z”) is a venture capital firm in Silicon Valley specializing in investing in seed, start-ups, early, mid-stage, growth, and late stage.
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Robert Leshner is the founder and CEO of Compound, an open-source, autonomous protocol built for developers, to unlock a universe of new financial applications.