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

Web3 infrastructure developer ConsenSys, maker of the popular MetaMask digital wallet, throw According to Tally, 7.03 million votes for a proposal that would deploy the Uniswap v3 decentralized exchange protocol on the BNB chain. The votes are denominated by the number of underlying UNIs owned by ConsenSys, which are valued at $47.5 million. At the time of writing, 77.56% of participants were in favor of the proposal, while 22.07% were against. The weekly voting process will end on February 10th.

As Cryptooshala previously reported, venture capital firm Andreessen Horowitz voted against the proposal. A16z, which reportedly owns 55 million UNI tokens, voted 15 million UNI against the move due to its reliance on the wormhole bridge and instead supported using LayerZero as the interworking protocol. LayerZero Labs is part of the a16z portfolio and raised $135 million in a March funding round at a $1 billion valuation.

In January 2022, Wormhole suffered a major vulnerability that resulted in the loss of $321 million worth of Wrapped Ether (wETH) tokens. Since then, Wormhole is now protected by 19 validators, has been verified by top firms over 25 times, and has passed all security assessments.

The A16z vote was partly contentious in the crypto community due to the fact that the voter turnout was less than 7% for the current proposal, which still passed the required quorum. As a result, a16z was able to disproportionately influence the voting process with only 15 million UNIs in circulation out of 762 million UNIs. Critics say such measures violate the decentralized nature of Uniswap by concentrating voting power in venture capitalists.

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