BLOCKCHAIN

ConsenSys adds 7.03M votes to Uniswap BNB Chain migration proposal amid VC battle

Web3 facilities designer ConsenSys, the maker of the popular MetaMask digital wallet, has actually cast 7.03 million votes in favor of a proposal that would see decentralized exchange Uniswap’s v3 procedure released on BNB Chain, according to information from Tally. The votes are denominated by the variety of underlying UNI owned by ConsenSys, which deserves an approximated $47.5 million. At the time of composing, 77.56% of individuals favored the proposal, with 22.07% versus it. The week-long ballot procedure will close on Feb. 10.

As Cointelegraph formerly reported, equity capital company Andreessen Horowitz cast a vote versus the proposal. A16z, which supposedly holds 55 million UNI tokens, voted 15 million UNI versus the relocation due to its dependence on the Wormhole bridge and rather supported utilizing LayerZero as the interoperability procedure. LayerZero Labs becomes part of a16z’s portfolio and raised $135 million in a financing round in March, with a $1 billion evaluation.

In January 2022, Wormhole suffered a significant make use of leading to the loss of $321 million worth of Wrapped Ether (wETH) tokens. Since then, Wormhole is now protected by 19 validators, has actually been investigated 25-plus times by leading companies and has actually passed all security evaluations.

A16z’s vote remained in part questionable within the crypto community due to a citizen turnout of less than 7% for the continuous proposal, which still passed the needed quorum. As an outcome, a16z was able to disproportionally affect the ballot procedure with simply 15 million UNI out of 762 million in UNI in flow. Critics state that such procedures interrupt the decentralized nature of Uniswap by focusing ballot power in VCs.

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