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

Web3 infrastructure developer ConsenSys, the maker of the favored MetaMask digital pockets, has cast 7.03 million votes in favor of a proposal that might see decentralized change Uniswap’s v3 protocol deployed on BNB Chain, based on information from Tally. The votes are denominated by the variety of underlying UNI owned by ConsenSys, which is price an estimated $47.5 million. On the time of writing, 77.56% of individuals had been in favor of the proposal, with 22.07% in opposition to it. The week-long voting course of will shut on Feb. 10.

As Cointelegraph beforehand reported, enterprise capital agency Andreessen Horowitz forged a vote in opposition to the proposal. A16z, which reportedly holds 55 million UNI tokens, voted 15 million UNI in opposition to the transfer as a result of its reliance on the Wormhole bridge and as an alternative supported utilizing LayerZero because the interoperability protocol. LayerZero Labs is a part of a16z’s portfolio and raised $135 million in a funding spherical in March, with a $1 billion valuation.

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In January 2022, Wormhole suffered a serious exploit ensuing within the lack of $321 million price of Wrapped Ether (wETH) tokens. Since then, Wormhole is now secured by 19 validators, has been audited 25-plus instances by main companies and has handed all safety assessments.

A16z’s vote was partly controversial inside the crypto neighborhood as a result of a voter turnout of lower than 7% for the continuing proposal, which nonetheless handed the required quorum. Because of this, a16z was capable of disproportionally affect the voting course of with simply 15 million UNI out of 762 million in UNI in circulation. Critics say that such measures disrupt the decentralized nature of Uniswap by concentrating voting energy in VCs.

How can $UNI holders outdoors of a16z be certain there isn’t any situations or different hidden influences on these outdoors teams from a16z or associated events?

Is everybody supposed to only take your phrase for it? pic.twitter.com/4uGLJOsnjK

— DefiMoon (@DefiMoon) February 7, 2023